Rapid Diagnostic Test Kits Market Size to Reach US$ 39.2 Billion by 2030, Driven by Increasing Demand for Point-of-Care Testing and Disease Detection – Says RationalStat Market Report

The global rapid diagnostic test kits market is expected to approach US$ 39.2 billion by 2030, with an annual growth rate of more than 12.1%

| Source: Rationalstat LLC Rationalstat LLC

Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Global Rapid Diagnostic Test Kits Market was valued at US$ 17.6 billion in 2023 and is expected to grow at a significant CAGR of over 12.1% over the forecast period of 2023-2030, according to the published market report by RationalStat


Market Definition, Market Scope, and Report Overview

Rapid diagnostic test kits, often referred to as rapid tests or rapid diagnostic tests (RDTs), are medical devices designed for quick and straightforward detection of specific diseases, infections, or conditions. They are characterized by their ability to provide results rapidly, usually within minutes, making them valuable tools for immediate medical diagnosis, screening, and surveillance. Rapid diagnostic test kits are commonly used in healthcare settings, including clinics, hospitals, laboratories, and field applications, and in resource-limited or remote areas where access to traditional laboratory facilities may be limited.

The aging population in many countries is driving the demand for diagnostics related to age-related conditions, and other conditions. Moreover, the increasing global prevalence of chronic diseases, such as diabetes and cardiovascular conditions, has led to a growing demand for RDTs for monitoring and management.

  • According to a deep-dive market assessment by RationalStat, the global rapid diagnostic test kits market has been analyzed on the basis of market segments, including technology, product, end user and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
  • Market intelligence for the global rapid diagnostic test kits market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
  • In addition, the long-term sector and products/services 10-year outlook and its implications on the global rapid diagnostic test kits market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global Rapid Diagnostic Test Kits Market: Segmental and Market Share Analysis

  • On the basis of technology, lateral flow is anticipated to take up a relatively larger portion of the rapid diagnostic test kits market, principally owing to the low cost of lateral flow assays, and their ability to deliver accurate results within a few minutes.

Report Synopsis

Report Metrics Details
Base Year 2022
Forecast Period 2023-2030
Base Year Market Size US$ 17.6 billion
Market Size Forecast US$ 39.2 billion
Growth Rate 12.1%
Key Market Drivers
  • Rising health consciousness
  • Rising chronic diseases
  • Ageing population
Companies Profiled
  • Abbott Laboratories
  • Artron Laboratories
  • ACON Laboratories
  • Alfa Scientific Designs
  • BD
  • BTNX
  • Cardinal Health
  • Meridian Bioscience
  • Sight Diagnostic
  • Trinity Biotech

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Competition Analysis and Market Structure

Some of the prominent players and suppliers operating and contributing significantly to the global rapid diagnostic test kits market growth include Abbott Laboratories, Artron Laboratories, ACON Laboratories, Alfa Scientific Designs, BD, BTNX, Cardinal Health, Meridian Bioscience, Sight Diagnostic, and Trinity Biotech, among others.

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RationalStat has segmented the global rapid diagnostic test kits market based on technology, product, end user and region

  • Global Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Technology
    • Solid Phase
    • Lateral Flow
    • Others
  • Global Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Product
    • OTC
    • Professional Kits
  • Global Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User
    • Hospitals & Clinics
    • Individuals
    • Diagnostic Laboratories
  • Global Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
    • North America Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • US
      • Canada
    • Latin America Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Brazil
      • Mexico
      • Rest of Latin America
    • Western Europe Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Russia
      • Poland
      • Hungary
      • Other CIS Countries
      • Rest of Eastern Europe
    • Asia Pacific Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • ASEAN
        • Indonesia
        • Thailand
        • Philippines
        • Vietnam
        • Malaysia
        • Rest of ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa Rapid Diagnostic Test Kits Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • GCC
        • Saudi Arabia (KSA)
        • United Arab Emirates (UAE)
        • Rest of the GCC
      • South Africa
      • Nigeria
      • Turkey
      • Rest of the Middle East & Africa

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Key Questions Answered in the Rapid Diagnostic Test Kits Report:

  • What will be the market value of the global rapid diagnostic test kits market by 2030?
  • What is the market size of the global rapid diagnostic test kits market?
  • What are the market drivers of the global rapid diagnostic test kits market?
  • What are the key trends in the global rapid diagnostic test kits market?
  • Which is the leading region in the global rapid diagnostic test kits market?
  • What are the major companies operating in the global rapid diagnostic test kits market?
  • What are the market shares by key segments in the global rapid diagnostic test kits market?  

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

  • Defining the problem by understanding the type of market and data required by the client.
  • Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
  • Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
  • Evaluating and analyzing the data by referring to data sources utilized and leveraged.
  • Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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About RationalStat LLC                    

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.

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