The global Rapid Medical Diagnostic Kits market size is expected to be worth around US$ 19.02 billion by 2030, according to a new report by Vision Research Reports.
The global Rapid Medical Diagnostic Kits market size was valued at US$ 13.10 billion in 2020 and is anticipated to grow at a CAGR of 3.6% during forecast period 2021 to 2030.
Rapid medical diagnostic kits enhance the speed of etiologic diagnosis of patients affected with chronic ailments. Moreover, speedy diagnosis is of paramount importance in individuals affected with infectious diseases. Thus, an increase in the number of manufacturers keen on exploring this space is driving the revenue in the market.
Key players are focusing on introducing novel medical supplies that require limited operational training, offer convenient usage, and ensure effective analysis. This is expected to propel the demand for rapid medical care among the industry’s target audience, which is inclusive of a general population affected with chronic diseases, coupled with the healthcare professionals determined to recommend an appropriate rapid medical evaluation.
The gradual shift toward point of care (POC) testing is also an important factor boosting the adoption of these test kits. Moreover, the recent pandemic outbreak of COVID-19 has piqued the interest of healthcare professionals in this industry space. High demand for portable testing kits in COVID-19 diagnostics is expected to make a significantly positive impact on the market expansion during the forecast period.
Novel rapid diagnostic tests are being developed that are expected to facilitate the prevention of infections along with antimicrobial stewardship. Newly developed tests are combined with Antimicrobial Stewardship (ASP) to optimize antimicrobial utilization as well as patient outcomes. Moreover, test kits with a broad scope of diagnosis and swift turnaround time are entering the space, offering lucrative opportunities for revenue growth.
Over the counter (OTC) kits dominated the market in 2020 with a share of 54.3%. This is attributed to the fact that these tests are easy to use in the “near-patient setting” and are a cost-effective alternative to expensive laboratory testing. These tests are typically used in home care settings, providing an easy and cost-effective alternative to laboratory testing. Rapid Diagnostic Tests (RDTs) commonly make use of saliva, urine, and blood to diagnose diseases.
According to the Consumer Healthcare Products Association, clinical cost savings amounted to over USD 77 billion owing to the low pricing of OTC diagnostic products. These tests also aid in the detection of various infectious and chronic diseases with limited or no symptoms, facilitating early treatment and reducing other complications associated with the disease. While these tests are most often used in home care settings, these tests are also used in hospitals, clinics, and diagnostic laboratories.
Professional rapid diagnostic test kits accounted for a significant revenue share in 2020. These tests most often make use of techniques, such as PCR and molecular diagnostics, providing higher test sensitivity and specificity. Professional laboratory tests are typically performed after a positive RDT has been obtained to confirm disease diagnosis. As RDTs have low sensitivity, they often provide false negatives, thus the use of professional tests is considered to be the gold standard in diagnostic settings.
The lateral flow technology segment accounted for the largest revenue share of 35.1% in 2020. The low development cost and easy manufacturing of lateral flow assays have led to the expansion of these tests into several rapid testing applications. Lateral flow assays are commonly adopted across qualitative and quantitative identification of specific antigens, gene amplification products, and antibodies in hospitals, clinics, and diagnostic laboratories, thus further contributing to the segment growth.
Expanding application of lateral flow tests in the early detection of COVID-19 has been witnessed recently. For instance, in March 2020, Ozo Life announced the launch of its OZO COVID-19 Rapid Test Kits-a latex-enhanced lateral flow immunoassay, which ensures testing of the SARS-CoV-2 infection with enhanced sensitivity. Moreover, an increase in the public and private partnerships for the development of novel lateral flow tests targeted toward COVID-19 diagnosis is set to propel the segment growth.
The solid-phase technology segment accounted for a significant revenue share in 2020. These are used to detect multiple targets in a single test, maximizing the use of the patient sample. The presence of a broad spectrum of , pathogens, and environmental contaminants is detected by lateral flow testing, resulting in the increasing demand for these products.
The infectious disease testing segment held the largest revenue share of nearly 42.0% in 2020. The outbreak of the novel coronavirus (COVID-19) has created an urgent demand for its rapid diagnostic solutions as it is a cornerstone of the management of the COVID-19 pandemic. As of January 2021, more than 99 million COVID-19 patients have been reported across the globe, contributing to the segment’s revenue generation capacity.
Countries including the U.S., Brazil, Russia, the U.K., Spain, Italy, India, Germany, Turkey, and Colombia have reported the highest number of COVID-19 cases. Mass testing has increased to manage this pandemic. To fulfill this growing need, numerous diagnostics companies are focusing on R&D activities for the development of novel COVID-19 rapid medical diagnostic kits and gaining approval from different regulatory bodies.
The blood glucose testing segment is anticipated to register the fastest growth rate during the forecast period. The sheer volume of rapid blood glucose tests marketed and currently under usage is the key contributor to the segment growth. Besides, abundant adoption of these tests for the immediate measurement of elevated blood cholesterol levels across assisted living centers, home care, clinics, and laboratories is expected to boost the segment growth.
In 2020, hospitals and clinics held the largest share of 46.5% as they serve as primary care settings for the diagnosis and treatment of all diseases. Furthermore, increasing hospitalization due to the outbreak of COVID-19 is expected to support segment growth. Constant changes in the healthcare industry have led to an increase in the need for hospitals with enhanced diagnostic services.
A rise in healthcare expenditure globally has also significantly contributed to the growth of the market. As hospitals maintain and collect data on disease prevalence, regulatory bodies often collaborate with them for disease surveillance. On the other hand, with the advent of POC diagnostics or at-home diagnosis, there has been a steady rise in the number of rapid diagnostic tests being performed globally.
The home care end-use segment is expected to witness significant growth over the forecast period. Most rapid influenza diagnostic kits that are Clinical Laboratory Improvement Amendments (CLIA) waived are typically used in POC settings. Lateral flow rapid antigen assay that helps detect pregnancy at home is widely used, thus driving the demand for home use kits. Blood glucose testing strips are also commonly used at home, which are a safe, easy, and affordable way to check diabetes. The aforementioned factors are collaboratively set to contribute to the growth of the home care end-use segment.
North America dominated the market in 2020 with a share of more than 30.0% and is expected to maintain its lead from 2021 to 2028. The U.S. emerged as the key revenue-generating segment in 2020. Numerous diagnostics companies are involved in the development of novel COVID-19 rapid diagnostic tests and are striving to gain approval from the FDA to launch these tests in the U.S.
For instance, as early as May 2020, Quidel Corporation, an American diagnostic healthcare company, received Emergency Use Authorization (EUA) from the FDA for its new Sofia 2 SARS Antigen FIA for rapid diagnosis of COVID-19. Asia Pacific countries are expected to register the highest cumulative growth rate of 5.1% from 2021 to 2028. Japan and China both generated robust revenues in 2020 and are expected to maintain this trend in the next 10 years.
ACON Laboratories, Inc.
Artron Laboratories Inc.
Alfa Scientific Designs, Inc.
Becton, Dickinson and Company
Bio-Rad Laboratories, Inc.
Meridian Bioscience, Inc.
F. Hoffmann-La Roche AG
McKesson Medical-Surgical, Inc.
Sight Diagnostics Ltd.
Over the Counter (OTC) Kits
Blood Glucose Testing
Infectious Disease Testing
Pregnancy and Fertility Testing
Fecal Occult Blood Testing
Lipid Profile Testing
Hospitals & Clinics
Middle East Africa (MEA)
The Rapid Medical Diagnostic Kits market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Rapid Medical Diagnostic Kits market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Rapid Medical Diagnostic Kits market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Rapid Medical Diagnostic Kits market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Rapid Medical Diagnostic Kits market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Rapid Medical Diagnostic Kits capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Rapid Medical Diagnostic Kits by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Rapid Medical Diagnostic Kits market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Rapid Medical Diagnostic Kits market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Rapid Medical Diagnostic Kits market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Rapid Medical Diagnostic Kits industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Rapid Medical Diagnostic Kits market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Rapid Medical Diagnostic Kits market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Rapid Medical Diagnostic Kits market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Rapid Medical Diagnostic Kits market. These factors have benefited the growth of the global market for Rapid Medical Diagnostic Kits. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Rapid Medical Diagnostic Kits. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Rapid Medical Diagnostic Kits are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Orthopedic Soft Tissue Repair Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Coagulation Analyzer Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Biological Implants Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Automated Dispensing Machines Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...
Neurodiagnostics Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030Read more...