Rapid Medical Diagnostic Kits Market Size Worth $23.04 Billion By 2027 | CAGR: 4.2%: Polaris Market Research

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Dec 14, 2020, 07:30 ET

NEW YORK, Dec. 14, 2020 /PRNewswire/ -- The global rapid medical diagnostic kits market size is predicted to reach USD 23.04 billion by 2027 according to a new study conducted by Polaris Market Research. The market is anticipated to register a CAGR 4.2% From 2020 – 2027 Increasing cases of infectious diseases, cardiovascular diseases, and chronic diseases are primary factors responsible for the surge in demand for the global rapid medical diagnostic kits market. A rise in awareness among consumers regarding the adoption of such medical kits is anticipated to fuel the growth of the global market. The rising investment by public-private institutions, new product developments, and awareness campaigns by governments are some of the key factors creating new growth avenues for the global rapid medical diagnostic kits market. An increase in the prevalence of COVID-19 and rising funding for R&D of advanced rapid tests are anticipated to propel the growth of the global market.

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Key Highlights of Rapid Medical Diagnostic Kits Market

Lateral flow technology segment dominating the market with the largest revenue share and is projected to continue its dominance during the forecast period. The growth is attributed to key features offered by this technology with cost-effectiveness and portability. Additionally, a rise in initiatives by leading market players for the development of lateral flow tests specifically for COVID-19 diagnosis will support the segmental growth.
Over-the-Counter (OTC) kits segment accounted for the major revenue share in the global market, owing to its ease in implementation in the near-patient setting. Its cost-effectiveness over expensive laboratory testing and quick disease diagnosis is a major driving factor for the growth of the segment.
Blood glucose testing emerged as the fastest-growing segment in the market for rapid medical diagnostic kits. This is on account of the increased prevalence of diabetes and growing awareness about the effective management of the diseases at domestic as well as global level.
The hospitals and clinics segment witnessing tremendous growth as they act as primary care points for the treatment of diseases. A rapid increase in the hospitalization rate due to a surge in various infectious diseases, especially a sudden outbreak of the COVID-19 pandemic is fueling the demand for the segment.

Recent developments in the global market include the new test launches such as SARS-CoV-2 rapid antigen test, 2019-nCoV IgG/IgM test kit, On-Call Sure Platform, Afinion HbA1c Dx, TruQuick, etc. The launches are associated with the diagnosis of diseases such as cardiac disorder, diabetes, infectious disease, and others, which further leads to drive the market growth.

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Competitive Insight:

Market participants include Zoetis, ACON Laboratories, Inc.; Trinity Biotech, Abbott Laboratories, McKesson Medical-Surgical, Inc.; Sight Diagnostics Ltd, F. Hoffmann-La Roche AG, Artron Laboratories Inc.; Meridian Bioscience, Inc.; Alfa Scientific Designs, Inc.; Creative Diagnostics, Becton, Danaher Corporation, Dickinson and Company, Bio-Rad Laboratories, Inc.; BTNX, Inc.; Cardinal Health, and bioMérieux SA among others. . A Singapore based firm, Biolidics has launched a rapid test kit for quick detection of COVID-19 that provide results within 10 minutes.

For instance, in March 2020, Thermo Fisher Scientific has acquired a supplier of sample preparation and molecular diagnostics technologies to enhance the company's reach globally and therefore drive the market growth. This acquisition strategy by the market players has appeared to dominate a wide share of the global market.

Regional Outlook & Growth Analysis:

North America is holding a dominating position in the rapid medical diagnostic kits market and is forecasted to keep the same trend in the coming years. The higher rate of patients suffering from chronic diseases and the outbreak of COVID has significantly fueled the huge demand for effective rapid medical diagnostic kits in the region. Major Asian countries with the largest population density such as India and China are projected to grow at the fastest rate on account of increasing penetration of key market players and increasing healthcare expenditure by governments to ensure the safety of public health.

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Polaris Market Research has segmented the Rapid Medical Diagnostic Kits market report on the basis of product, technology, application, end-use, and region

Rapid Medical Diagnostic Kits Market By Product (Revenue – USD Million, 2016 – 2027)

Professional
Over-The-Counter (OTC)

Rapid Medical Diagnostic Kits Market By Technology (Revenue – USD Million, 2016 – 2027)

Agglutination
Solid Phase
Lateral Flow
Other Technologies

Rapid Medical Diagnostic Kits Market By Application (Revenue – USD Million, 2016 – 2027)

Lipid Profile Testing
Blood Glucose Testing
Toxicology Testing
Infectious Disease Testing
Coagulation Testing
Cardiometabolic Testing
Fecal Occult Blood Testing
Pregnancy and Fertility Testing
Other Applications

Rapid Medical Diagnostic Kits Market By End Use (Revenue – USD Million, 2016 – 2027)

Home Care
Hospitals & Clinics
Diagnostic Laboratories

Rapid Medical Diagnostic Kits Market By Regional Outlook (Revenue – USD Million, 2016 – 2027)

North America (U.S., Canada),
Europe (UK, Germany, France, Italy, Spain, Netherlands, Austria),
Asia Pacific (India, Japan, China, Malaysia, South Korea, Indonesia),
Latin America (Brazil, Argentina, Mexico),
Middle East & Africa (Saudi Arabia, Israel, South Africa)

Target Audience

Supply Side: Medical Equipment Manufacturers and Suppliers
Demand Side: Hospitals, Clinics, Research Laboratories, Academic Medical Centers
Regulatory Side: World Health Organization (WHO)
Associations and Industry Bodies: Food and Drug Associate (FDA)

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About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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