New York, USA, May 15, 2023 (GLOBE NEWSWIRE) -- Rapid Diagnostics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Rapid Diagnostics Market Information By Product, Application, And Region - Forecast till 2032", the market is projected to grow from USD 37.84 Billion in 2023 to USD 177.37 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 21.3% during the forecast period (2023 - 2032).
Market Scope
The rise in the frequency of chronic diseases, increasing government initiatives, and growing awareness regarding rapid diagnostic test kits for fast and easy diagnosis are key market drivers propelling the rapid diagnostics market forward. Rapid diagnostic testing (RDT) is primarily used in initial or emergency medical screening and healthcare facilities with constrained resources. RDTs' quick and simple operations make testing at the point of care in primary care possible. Numerous traditional diagnostic tests incorporate rapid diagnostics, including rapid antibody tests (which involve the rapid HIV test), rapid plasma recovery, and rapid antigen tests such as the rapid influenza diagnostic test and the rapid malaria antigen detection test, which are all types of rapid diagnostics. Many local industry subjects and the fierce competition among players influence consumers' buying habits. Rapid disease diagnosis is becoming more important due to the rising incidence of chronic diseases, which also positively affects consumer behavior when purchasing quick medical equipment for diagnostic purposes.
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RDT kits are frequently used in hospitals as well as clinical labs for both quantitative and qualitative identification of antigens, antibodies, genetic material, or proteins related to a particular illness or disease, assisting in the discovery of underlying disease mechanisms and empowering physicians and healthcare professionals to make critical medical decisions. In contrast, consumer demand for rapid diagnostic tests is predicted to grow slowly with the introduction of cutting-edge technologies like lab-based PCR and molecular diagnostics. Although PCR and molecular diagnostic technologies are more sensitive, the diagnostic test for malaria still has a high sensitivity and specificity for detecting malaria. Advanced molecular techniques, like PCR, have thus revolutionized the diagnosis of infectious diseases and may threaten the market.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 177.37 Billion |
| CAGR | 21.3% |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Products and Applications |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Emerging technological advancements and innovations in rapid diagnostic testing |
| The increasing prevalence of infectious diseases and the rising demand for point-of-care testing. |
Rapid Diagnostics Market Competitive Landscape:
The important companies in the rapid diagnostics market are:
- Abaxis
- Becton
- ACON Laboratories Inc
- Hologic Inc
- Dickinson & Company
- Bio-Rad Laboratories
- Accriva Diagnostics
- Abbott Laboratories
- Roche Diagnostics
- Bayer HealthCare Pharmaceuticals LLC
- Cepheid Inc
Rapid Diagnostics Market Trends:
Market Drivers
Rapid diagnostic procedures are widely used for screening, epidemiology, patient management, and diagnosis. Increased demand for quick test results in decentralized environments and rising public awareness of the benefits of early diagnosis are the main drivers of market expansion. The need for quick medical evaluation is expected to increase as multidrug-resistant bacterial infections become more common. Additionally, the COVID-19 outbreak has allowed manufacturers to create rapid diagnostic test materials to stop the infection from spreading. Population growth, variation in hosts and infectious agents, and changes in the environment are a few factors influencing the rise in demand for quick medical supplies, supporting industry growth.
The key factors influencing the growth of the international rapid diagnostics market are the rising demand for POC diagnostics, increasing rates of chronic diseases accompanied by an aging population, the rising desire for rapid decision-making in emergency rooms, and new technological developments. Additionally, the market is expected to grow due to the growing demand for accurate diagnostic testing at affordable prices. A rise in requests for point of care (POC) testing, an abundance of mobile rapid testing devices on the market, an expanding geriatric population base, and an increase in the number of transmissible illness cases are all factors driving the growth of the marketplace for rapid medical diagnostic kits in the upcoming years.
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Restraints
The rapid diagnostics market's growth is constrained by consumers' ignorance of updated rapid diagnostic tests that are on the market.
COVID 19 Analysis
The COVID-19 pandemic had a favorable effect on the revenue of that rapid diagnostics market, but it had a detrimental effect on the sales of routine testing kits, which are primarily used to screen for cancer, blood sugar, cardiac indicators, cholesterol, lipid profile, and various infectious diseases. Numerous rapid diagnostics goods were introduced to meet the need for COVID-19 infection diagnosis for both symptomatic and asymptomatic individuals, despite the supply and logistics issues brought on by the COVID-19 pandemic. Due to restrictions and lockdowns imposed by various governments around the world, the COVID-19 pandemic resulted in fewer diagnostic tests being performed overall, which further translated into fewer instrument installations and decreased sales of reagents and consumables; nevertheless, the decline in sales of routine testing kits was made up for by increased sales of more specialized testing kits.
Rapid Diagnostics Market Segmentation:
By application, the market includes blood glucose testing, coagulation testing, cardiometabolic testing, pregnancy & fertility testing, fecal occult blood testing, infectious disease testing, and toxicology testing. By product, the market includes over-the-counter (OTC) kits and professional kits.
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Rapid Diagnostics Market Regional Insights
Due to the rising geriatric population, the prevalence of infectious and chronic diseases, and different government efforts to promote health awareness, Asia-Pacific is anticipated to have the fastest growth rate in the region. Due to a sizable untapped market, the region also presents important possibilities for market players. In addition, the Indian rapid diagnostics business had the fastest growth rate in the Asia-Pacific region and held the greatest market share. The main revenue-generating segment was revealed to be the U.S. Many diagnostics businesses are developing novel COVID-19 rapid diagnostic tests and are vying for FDA approval to introduce these tests in the United States.
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