New York, USA, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The Global Rapid Diagnostic Kits Market to Show Growth at an Exiguous CAGR of 3.55% During the Study Period (2019–2027) | DelveInsight
The stellar growth observed in the rapid diagnostic kits market is primarily due to the rising prevalence of diabetes globally, the increasing prevalence of COVID-19, the increasing incidence of Human Immunodeficiency Virus (HIV) infection, the increased regulatory approval of rapid diagnostics kits in the market, and the increase in demand for point-of-care immunodiagnostic tests are some of the factors propelling the market for rapid diagnostic kits during the forecast period.
DelveInsight’s Rapid Diagnostic Kits Market Insights report provides the current and forecast market analysis, individual leading rapid diagnostic kits companies’ market shares, challenges, rapid diagnostic kits market drivers, barriers, and trends, and key rapid diagnostic kits companies in the market.
Key Takeaways from the Rapid Diagnostic Kits Market Report
- As per DelveInsight estimates, North America is anticipated to dominate the global rapid diagnostic kits market during the forecast period.
- Notable rapid diagnostic kits companies such as Advin Health Care, ACON Laboratories Inc, Abbott, Artron Laboratories Inc, Alfa Scientific Designs Inc, BD, BTNX Inc, bioMérieux SA, Cardinal Health, Lab-Care Diagnostics (India) Pvt. Ltd., Creative Diagnostics, Meridian Bioscience Inc, F. Hoffmann-La Roche Ltd, Trinity Biotech, WERFEN, Elabscience Biotechnology Inc, Innova Medical Group Inc, CTK Biotech Inc, Atlas Medical GmbH, Wondfo, and several others are currently operating in the rapid diagnostic kits market.
- On August 18, 2022, SD Biosensor Inc., South Korea's leading in-vitro diagnostics company, signed an agreement with the Japanese government to supply its COVID-19 self-test kits and other devices that simultaneously diagnose COVID-19 and influenza.
- On August 02, 2022, LordsMed, the pharmaceutical division of Lords Mark Industries, formed an exclusive partnership with Singapore-based diagnostics kit manufacturer Sensing Self to bring the world’s first COVID-19 saliva-based rapid antigen test kit to India.
- In February 2022, Kenya's Ministry of Health launched malaria and COVID-19 PCR diagnostic kits in a bid to increase the timely detection and treatment of both infections.
- In June 2021, MyLab Discovery Solutions announced the commercial launch of their COVID-19 self-test kit, CoviSelf, in India after getting approval from the Indian Council for Medical Research (ICMR). It can detect the virus within 15 minutes. It is the first test kit for Covid-19 that can be self-administered by citizens at home.
- Thus, owing to such developments in the market, rapid growth will be observed in the rapid diagnostic kits market during the forecast period.
To read more about the latest highlights related to the rapid diagnostic kits market, get a snapshot of the key highlights entailed in the Global Rapid Diagnostic Kits Market Report
Rapid Diagnostic Kits Overview
Rapid Diagnostic Kits are designated for rapidly delivering diagnostic results so that quick and accurate information can be provided to the patient regarding the disease diagnosis and treatment by the physician. Rapid diagnostic kits assist in the easy detection of different diseases such as COVID-19, HIV, and others without the risk of disease spread.
Rapid Diagnostic Kits Market Insights
The global rapid diagnostic kits market is studied geographically in North America, Europe, Asia-Pacific, and the Rest of the World. North America currently leads the global rapid diagnostic kits market in terms of revenue share and is expected to maintain this position throughout the study period. This dominance is due to the region’s increasing HIV infection rate.
Furthermore, as pregnancy and birth rates have increased in the United States, regulatory approval of pregnancy diagnostics kits has increased, accelerating the rapid diagnostics kits market. Thus, an increase in the targeted patient population and various business activities among key companies to strengthen their product portfolio is expected to boost the region’s rapid diagnostic kits market.
To know more about why North America is leading the market growth in the rapid diagnostic kits market, get a snapshot of the Rapid Diagnostic Kits Market Outlook
Rapid Diagnostic Kits Market Dynamics
The global rapid diagnostic kits market is expected to grow significantly due to the rising prevalence of diabetes worldwide, the rising prevalence of COVID-19, the rising incidence of human immunodeficiency virus (HIV) infection, and the increased regulatory approval of rapid diagnostics kits in the market, among other factors.
However, the low sensitivity and accuracy of rapid diagnostic kits and stringent regulatory approval policies likely stymie the rapid diagnostic kits market growth.
Additionally, the unprecedented outbreak of the COVID-19 pandemic has boosted the growth of the rapid diagnostic kits market. This is because, as the number of COVID-19 cases increased, the demand for rapid diagnostic kits for accurate COVID-19 diagnosis resulted in growth in the rapid diagnostic kits market. Furthermore, during the pandemic situation, demand for at-home self-testing kits, such as those used for glucose monitoring and others, increased due to restricted movement of people outside of homes due to lockdown impositions and fear of disease spread, among other factors. Furthermore, the rapid diagnostics kits market is expected to expand due to factors such as lockdown relaxations and the restart of supply chains, logistics, and manufacturing units, among others.
Get a sneak peek at the rapid diagnostic kits market dynamics @Rapid Diagnostic Kits Market Dynamics Analysis
| Report Metrics | Details |
| Coverage | Global |
| Study Period | 2019–2027 |
| Base Year | 2021 |
| Rapid Diagnostic Kits Market CAGR | 3.55% |
| Projected Rapid Diagnostic Kits Market Size by 2027 | USD 17.38 Billion |
| Key Rapid Diagnostic Kits Companies | Advin Health Care, ACON Laboratories Inc, Abbott, Artron Laboratories Inc, Alfa Scientific Designs Inc, BD, BTNX Inc, bioMérieux SA, Cardinal Health, Lab-Care Diagnostics (India) Pvt. Ltd., Creative Diagnostics, Meridian Bioscience Inc, F. Hoffmann-La Roche Ltd, Trinity Biotech, WERFEN, Elabscience Biotechnology Inc, Innova Medical Group Inc, CTK Biotech Inc, Atlas Medical GmbH, Wondfo, among others |
Rapid Diagnostic Kits Market Assessment
- Rapid Diagnostic Kits Market Segmentation
- Market Segmentation By Technology: Lateral Flow Tests, Immunoassay, Agglutination, and Solid Phase
- Market Segmentation By Application: Infectious Diseases, Fertility Tests, Glucose Monitoring, Cholestrol Monitoring and Others
- Market Segmentation By End User: Hospitals, Clinics, Home Care, and Diagnostic Centers
- Market Segmentation By Geography: North America, Europe, Asia-Pacific, and Rest of World
- Porter’s Five Forces Analysis, Product Profiles, Case Studies, KOL’s Views, Analyst’s View
Which MedTech key players in the rapid diagnostic kits market are set to emerge as the trendsetter explore @Rapid Diagnostic Kits Companies
Table of Contents
| 1 | Report Introduction |
| 2 | Executive summary |
| 3 | Regulatory and Patent Analysis |
| 4 | Key Factors Analysis |
| 5 | Porter’s Five Forces Analysis |
| 6 | COVID-19 Impact Analysis on Rapid Diagnostic Kits Market |
| 7 | Rapid Diagnostic Kits Market Layout |
| 8 | Global Company Share Analysis – Key 3-5 Companies |
| 9 | Rapid Diagnostic Kits Market Company and Product Profiles |
| 10 | Project Approach |
| 11 | About DelveInsight |
Interested in knowing the rapid diagnostic kits market by 2027? Click to get a snapshot of the Rapid Diagnostic Kits Market Trends
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DelveInsight is a leading Business Consultant, and Market Research firm focused exclusively on life sciences. It supports pharma companies by providing comprehensive end-to-end solutions to improve their performance.
