Rapid Medical Diagnostic Kits Market Growing at a CAGR of 4.7% During the Forecast Period 2021-2026
Increasing Innovation and Development in Rapid Medical Diagnostic Kits Across the Globe Is Driving the Market Growth of Rapid Medical Diagnostic Kits.
Hyderabad, India – July 2, 2021 /MarketersMedia/ —
Rapid Medical Diagnostic Kits Market size in 2020 was valued at $12.9 billion, growing at a CAGR of 4.7% during the forecast period 2021-2026. Rapid medical diagnostic kits are quick and easy to perform and it can be performed at home. Rapid Medical Diagnostic Kits are membrane-based, disposable assay and it is cost effective. In cases where accurate microscopic diagnosis is not available, RDTs may be used as an alternative to microscopy. Rapid medical diagnostic kits have various applications such as blood glucose testing, coagulation testing, medical screening, point-of-care testing. Increasing prevalence of infectious diseases such as influenza (flu), HIV and others coupled with rising number of geriatric population that suffer from chronic diseases are major factors driving the growth of the market. Moreover, growing awareness about early diagnosis among the people further enhance the overall market demand for Rapid Medical Diagnostic Kits during the aforesaid period.
Rapid Medical Diagnostic Kits Market Segment Analysis – By Application
Based on the application, Rapid Medical Diagnostic Kits Market is segmented into Hospitals and Clinical Testing, Home Testing, Veterinary Testing. The hospitals and clinical testing segment is estimated to dominate the market during the period 2021-2026. This is attributed to rising demand for blood glucose testing, coagulation testing, medical screening, at hospitals and clinics. Furthermore, it is more effective and safe as well as gives more rapid decisions with accurate results in the process of diagnosis. The home testing, segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.2% during the period 2021-2026. This is mainly owing to use of kits in home healthcare testing and no special skills are required for this kits usage.
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Professional Diagnostics Market Segment Analysis – By End User
Based on the end-user, Rapid Medical Diagnostic Kits Market is segmented into Hospital & Clinics, Diagnostic Laboratories, others. In 2020, Hospital & Clinics is estimated to hold major share in the market. This is largely owing to an increase in the number of hospitals and clinics, which has resulted in a decrease in patient wait times and thanks to the use of rapid POC tests.
Furthermore, rising government efforts to provide better care to hospital patients are leading to this segment’s dominance. Also, Diagnostic Laboratories is projected to grow with a CAGR of 4.9% over the period 2021-2026. This is owing to diagnostic laboratories provides rapid diagnosis with accurate results and care.
Rapid Medical Diagnostic Kits Market Segment Analysis- By Geography
North America dominated the Rapid Medical Diagnostic Kits market share accounting for 34.9% in 2020. This is mainly due to increasing prevalence of chronic diseases such as heart diseases, diabetes, obesity and others among geriatric population which leads to early detection and management of chronic diseases is important. According to, Centres for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States. However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to rising expenditure on healthcare coupled with rising advancement in diagnostic kits.
Rapid Medical Diagnostic Kits Market Drivers
Increasing Prevalence of Infectious Diseases
Increasing prevalence of infectious diseases such as Influenza, HIV, corona and others across the globe is driving the growth of Rapid Medical Diagnostic Kits market. According to, Centres for Disease Control and Prevention (CDC), in U.S. influenza causes around 22,000 deaths in 2019-2020. Moreover, growing number of geriatric population is also set to increase the market growth.
Rising Technological Advancement
Increase in research and development of advanced technology for rapid medical diagnostic kits is also driving the market. New product development and innovation in formulations of diagnostics test. Rapid Medical Diagnostic Kits Market is also estimated to expand owing to growing government initiatives for diagnostic kit research and development.
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Rapid Medical Diagnostic Kits Market Challenges
Lack of awareness among the people about technologically advance rapid diagnostic kits is challenging the market. Along with this failure to eliminate the need for microscopy diagnosis as certain infections with a lower number of parasites circulating in the sample are missed by RDT are also further challenging the growth of the market.
Covid-19 Impact
Moreover, the outbreak of COVID-19 around the world has impacted all industries including healthcare industry. Covid- 19 affects the Rapid Medical Diagnostic Kits market including drastic reduction demand owing to lack of visits to healthcare facilities such as hospitals and clinics. Also owing to widespread of coronavirus it affects workforce and staffing issues, procedural prioritisation. These affects Rapid Medical Diagnostic Kits market by cancellation of scheduled visit for primary care at hospitals and reflecting patients concern about infection.
Rapid Medical Diagnostic Kits Market Industry Outlook
Product launches, Merger & Acquisitions, Joint Ventures and R&D activities are key strategies adopted by players in the Rapid Medical Diagnostic Kits Market. Rapid Medical Diagnostic Kits top 10 companies are Abbott Laboratories, Becton, Dickinson and Company, Meridian Bioscience Inc., BioMerieux, Zoetis Inc., F. Hoffmann-La Roche Ltd., Meridian Bioscience Inc., Bio-Rad Laboratories, Inc., Danaher Corporation and BTNX Inc.
Development:
In March 2020, Thermo Fisher Scientific acquired QIAGEN N.V. to expand specialty diagnostics portfolio including infectious disease testing.
Key Takeaways
In 2020, North America dominated the Rapid Medical Diagnostic Kits Market owing to rising incidence of infectious diseases.
Increasing innovation and development in Rapid Medical Diagnostic Kits across the globe is driving the market growth of Rapid Medical Diagnostic Kits.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Rapid Medical Diagnostic Kits Market report.
Lack of awareness among the people about technologically advance rapid diagnostic kits and failure to eliminate the need for microscopy diagnosis are challenging the growth of the market.
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