Rapid Diagnostics Market Worth $26.4 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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May 13, 2022, 08:30 ET

REDDING, Calif., May 13, 2022 /PRNewswire/ -- According to a new market research report titled, "Rapid Diagnostics Market by Product [Kits (OTC, Professional), Equipment], Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy), End User (Hospitals, Diagnostic Labs, Home Care) - Forecast to 2029," published by Meticulous Research^®, the rapid diagnostics market is expected to grow at a CAGR of 1.4% from 2022 to 2029 to reach $26.4 billion by 2029.

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A rapid diagnostic test (RDT) is a medical test that provides diagnostic results expeditiously (within 1 hour). RDT kits are widely used in hospitals, clinics, and diagnostic laboratories for the qualitative and quantitative detection of specific antigens, antibodies, and markers of proteins associated with a specific health condition or disease in human health applications.

The growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the aging population, increasing demand for rapid decision-making in emergency departments, and emerging technological innovations are some of the major factors driving the growth of the rapid diagnostics market. However, variances in test results is expected to hinder the growth of this market. The results can vary due to the design and intended use of the rapid testing kits differing from laboratory analysis. In addition, less stringent performance criteria allowed for rapid testing kits, cross-reaction with other pathogens or similar analytes, and errors in sample collection are also responsible for variances in test results. Thus, companies operating in the market are constantly developing new products with higher accuracy to overcome this hindrance.

According to data released by the Centers for Disease Control and Prevention (CDC), in the U.S, out of the total population aged 65 years and above, 27.2% of the population visited an emergency department in 2019. This share has constantly been rising for the last ten years at a CAGR of 1.4%. Thus, the constant rise in the number of emergency admissions and people visiting the emergency department increases the need for rapid decision-making, which drives the demand for rapid diagnostic kits.

The global rapid diagnostics market is segmented on the basis of product (kits and equipment), platform (immunoassays, molecular detection, and other platforms), application (blood glucose testing, cardiac metabolism testing, infectious diseases testing, coagulation testing, pregnancy and 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 share at global and regional levels.

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Based on product, the kits segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share can be attributed to the rising adoption and repetitive usage of kits. Apart from this, the growing portfolio of disease-specific kits for early diagnosis of chronic diseases and technological advancements are some of the other factors supporting the growth of this segment.

Companies have been developing immunoassay kits with higher sensitivity, accuracy, and speed in terms of result generation. 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 Claritas that couples fluorescent lateral flow tests with a highly sensitive handheld reader, delivering significant advantages over existing assays.

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 mainly attributed to the ability of immunoassay kits to provide fast and accurate results with high sensitivity in point-of-care diagnostics. Currently, countries worldwide require rapid and accurate coronavirus testing kits to tackle the COVID-19 pandemic.

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.

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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 increasing demand for point-of-care diagnostics and increasing healthcare expenditure across the world. For instance, according to Invest India (National Investment Promotion and Facilitation Agency), the hospital and healthcare industry in India foresees tremendous growth owing to increasing coverage and healthcare spending. Also, the government announced plans to spend over USD 200 billion on medical infrastructure by 2024, which will support the establishment of new hospitals & clinics.

Based on geography, in 2022, North America is expected to account for the largest share of the rapid diagnostics market. The high number of laboratory tests performed annually in the region, the rising prevalence of chronic diseases coupled with growth in the aging population, and the rising number of inpatient hospitalizations drive the growth of the rapid diagnostics market in North America.

Some of the prominent players operating in the rapid diagnostics market include 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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213 – Tables
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Scope of the Report

Rapid Diagnostics Market, by Product

Kits

OTC Kits
Professional Kits

Equipment

Rapid Diagnostics Market, by Platform

Immunoassays

Lateral Flow Assays
Serological Assays
Other Immunoassays

Molecular Detection
Other Platforms

(Note – Other immunoassays include flow through immunoassays and agglutination assays; and Other platforms mainly include coagulation tests, glucose monitoring systems, dipsticks, and other rapid diagnostic platforms)

Rapid Diagnostics Market, by Application

Infectious Diseases Testing

COVID-19 Testing
Healthcare-associated Infections (HAI) Testing
Hepatitis Testing

Hepatitis B
Hepatitis C

Tropical Diseases Testing
HIV Testing
Respiratory Diseases Testing (other than Influenza and COVID-19)
Influenza Testing
Sexually Transmitted Diseases (STD) Testing
Other Infectious Diseases Testing

Pregnancy & Fertility Testing
Cardiac Metabolism Testing
Cholesterol Testing
Tumor/Cancer Markers Testing
Blood Glucose Testing
Urinalysis
Hematology Testing
Other Tests

(Note – Other tests include drugs of abuse, fecal occult, and coagulation tests; Other infectious disease testing include meningitis, norovirus ("stomach flu"), hand, foot and mouth disease (HFMD), and pertussis)

Rapid Diagnostics Market, by End User

Hospitals & Clinics
Diagnostic Laboratories
Home Care/Self Testing
Other End Users

Rapid Diagnostics Market, by Geography

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Rest of Europe (RoE)

Asia-Pacific (APAC)
China
Japan
India
Rest of APAC (RoAPAC)

Latin America
Middle East & Africa

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