Who Are The Key Companies/Players In The Rapid Medical Diagnostic Kits Market By 2028?

Rapid Medical Diagnostic Kits Industry Overview

The global rapid medical diagnostic kits market size was valued at USD 13.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028. The market for rapid medical diagnostic kits is set to gain momentum in the coming years owing to the rising need and awareness regarding the rapid medical evaluation of chronic diseases, growing demand for point of care (POC) diagnostics, a high influx of portable rapid testing devices in the market, rise in the number of infectious disease cases, and expanding geriatric population base. The European Centre for Disease Prevention and Control, the WHO, and the CDC are actively engaged in mapping data on the incidence and prevalence of infectious diseases to control the disease systematically. Collaborative efforts of the government bodies with local authorities to achieve overall control of treatment and management of infectious diseases are expected to supplement the adoption of rapid tests.

A vast pool of local industry participants and intense competition among players impact the buying behavior of consumers. The growing prevalence of chronic diseases is leading to an increase in the need for rapid disease diagnosis, which is further positively impacting the buying behavior process of rapid medical supplies for diagnostic applications.

Gather more insights about the market drivers, restrains and growth of the Global Rapid Medical Diagnostic Kits market

The increasing prevalence of multidrug-resistant bacterial infections is set to propel the demand for rapid medical evaluation. Moreover, the outbreak of COVID-19 has created a significant opportunity for manufacturers to develop rapid diagnostic test supplies to contain the spread of COVID-19 infection. Expanding population, genetic variation in hosts and pathogens, and environmental change are some of the aspects contributing to the increased demand for rapid medical supplies, thereby boosting the industry expansion.

Contrastingly, with the advent of advanced technologies, such as lab-based PCR and molecular diagnostics, the demand for rapid diagnostic tests is expected to observe a sluggish growth. Although rapid diagnostic tests have high sensitivity and specificity for detecting malaria, PCR and molecular diagnostic technologies have proved to be more sensitive. Thus, infectious disease diagnosis has been revolutionized through advanced molecular techniques, such as PCR, which may emerge as a threat to the market.

 

Browse through Grand View Research's Clinical Diagnostics Industry Research Reports.

• Molecular Diagnostics Market - The global molecular diagnostics market size was valued at USD 37.04 billion in 2021 and is expected to decline at a compound annual growth rate (CAGR) of -1.6% from 2022 to 2030. The shrinking of the market can be attributed to the decline in demand for molecular COVID-19 testing during the forecast period.

 

• Point Of Care Diagnostics & Testing Market - The global point of care diagnostics and testing market size was valued at USD 27.66 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 3.25% from 2021 to 2028. The market is set to gain momentum in the coming years on account of the increase in funding by multiple sources, the rising prevalence of target diseases, and the need to address the recent outbreak of coronavirus.

 

Rapid Medical Diagnostic Kits Market Segmentation

Grand View Research has segmented the global rapid medical diagnostic kits market based on product, technology, application, end-use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2028)
  • Over the Counter (OTC) Kits
  • Professional Kits

 

• Technology Outlook (Revenue, USD Million, 2017 - 2028)
  • Lateral Flow
  • Agglutination
  • Solid Phase
  • Other Technologies

 

• Application Outlook (Revenue, USD Million, 2017 - 2028)
  • Blood Glucose Testing
  • Infectious Disease Testing
  • Cardiometabolic Testing
  • Pregnancy and Fertility Testing
  • Fecal Occult Blood Testing
  • Coagulation Testing
  • Toxicology Testing
  • Lipid Profile Testing
  • Other Applications

 

• End-use Outlook (Revenue, USD Million, 2017 - 2028)
  • Hospitals & Clinics
  • Home Care
  • Diagnostic Laboratories

 

• Regional Outlook (Revenue, USD Million, 2017 - 2028)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

Market Share Insights

• January 2021: Innova Medical Group, Inc., announced the production of INNOVA SARS-CoV-2 Antigen Rapid Qualitative Test Kit for the U.S market, designed to provide 5 million test kit production per day by the end of the month and also expanding to 50 million rapid test kits per day in its expanded Orange County facility
• May 2020: ACON Laboratories launched its new SARS-COV-2 IgG/IgM Rapid Test, a lateral flow immunoassay for the identification of (IgM & IgG) antibodies generated in response to COVID-19.

 

Key Companies profiled:

Some prominent players in the global rapid medical diagnostic kits market include

• ACON Laboratories, Inc.
• Abbott Laboratories
• Artron Laboratories Inc.
• Alfa Scientific Designs, Inc.
• Becton, Dickinson and Company
• BTNX, Inc.
• bioMérieux SA
• Cardinal Health
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• Creative Diagnostics
• Meridian Bioscience, Inc.
• Hoffmann-La Roche AG
• McKesson Medical-Surgical, Inc.
• Sight Diagnostics Ltd.
• Trinity Biotech
• Zoetis

 

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