Meticulous Research®—a leading global market research company published a research report titled “Rapid Diagnostics Market by Product (Kits [OTC, Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User (Hospitals, Diagnostic Labs, Home Care) — Global Forecasts to 2029.”
According to this latest publication from Meticulous Research®, the global rapid diagnostics market is expected to grow at a CAGR of 1.4% from 2022–2029 to reach $26.40 billion by 2029. The growth in the rapid diagnostics market is mainly attributed to the growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the increasing aging population, the increasing need for rapid decision making in emergency departments, and emerging technological innovations. However, the occurrence of variances in test results is expected to hinder the growth of this market.
The global rapid diagnostics market is segmented based on Product (Kits and Test Readers/Analyzers), Platform (Immunoassays, Molecular Detection, and Other Platforms), Application (Blood Glucose Testing, Cardiac Metabolism Testing, Infectious Diseases Testing, Coagulation Testing, Pregnancy & Fertility Testing, Fecal Occult Testing, Hematology Testing, Tumor/Cancer Markers Testing, Drugs Of Abuse Testing, Urinalysis, and Cholesterol Testing), End User (Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users) and Geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on product, the kits segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is attributed to the rising adoption and repetitive kits usage. In addition, the growing portfolio of disease-specific kits for the early diagnosis of chronic diseases and the increasing technological advancements are other factors supporting the growth of this segment.
Based on platform, the immunoassays segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is attributed to the capability of immunoassay kits to provide fast and accurate results with high sensitivity in point-of-care diagnostics. Countries worldwide require rapid and accurate SARS-CoV-19 testing kits to tackle the COVID-19 pandemic. Thus, companies have started developing immunoassay kits that provide results with higher sensitivity, accuracy, and speed. For instance, in May 2021, Stream Bio (U.K.) and Chelsea Technologies (U.K.) formed a joint venture, Brightline Diagnostics (DX), and created a unique platform known as Claritas that couples fluorescent lateral flow test with a highly sensitive handheld reader, delivering significant advantages over existing assays.
Based on application, the infectious disease testing segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the rising prevalence of infectious diseases and the growing demand for affordable infectious disease testing in emerging markets. For instance, in the U.S., the number of estimated new hepatitis A virus (HAV) infections increased by nearly three folds in 2017 compared to 2014.
In 2019, the number of estimated new hepatitis A virus (HAV) infections rose by approximately 51% compared to the previous year due to the significant increase in the homeless population and the population involved in drug abuse. Similarly, there is a large prevalence of infectious diseases in China. According to China’s Centre for Disease Control (CCDC), the country accounts for 3% of new HIV infections every year and reported over 850,000 people living with HIV.
Based on end user, the hospitals & clinics segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the increasing demand for point-of-care diagnostics and the rising healthcare expenditure worldwide. For instance, according to Invest India (National Investment Promotion and Facilitation Agency), the hospital and healthcare industry in India forecasts tremendous growth due to the significant increase in coverage and healthcare spending. In addition, the government announced plans to spend over $200 billion on medical infrastructure by 2024, which will support the establishment of new hospitals & clinics.
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This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
Key companies operating in the global rapid diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), ACON Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), BioMérieux S.A. (France), Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland).
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