Rapid Medical Diagnostic Kits Market, By Product (Over-The-Counter (OTC) Kits, Professional Kits), By Technology (Lateral Flow, Solid Phase), By Application (Hospitals & Clinics, Homecare Settings, Fertility & Pregnancy Testing, Blood Glucose Testing, Substance Abuse Testing), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032

Report Code: PMI502722 | Publish Date: January 2023 | No. of Pages: 170

Rapid Medical Diagnostic Kits Market Overview

A rapid diagnostic test is essentially used in primary or emergency medical screening with medical facilities with limited resources. Rapid diagnostic kits are widely used in hospitals and clinical laboratories for the qualitative and quantitative detection of specific antigens, antibodies, and generic materials or proteins associated with a specific health condition or disease, helping to reveal the underlying mechanisms of disease and enabling physicians and healthcare providers. Workers make important medical decisions. A diagnostic kit is a product containing the reagents and other items necessary to perform a test to detect or measure the presence of a given biomarker in a patient sample. Diagnostic tests can be antigen-based, which detect protein markers outside the virus, or they can be molecular-based (including PCR, LAMP, CRISPR), which detect viral genomic material specific to SARS-CoV-2. A diagnostic kit is an in vitro diagnostic product for which a pre-market regulates such products in another market. The analytical and clinical validity of a diagnostic kit is reviewed prior to marketing the test system and, therefore, prior to use of the test system on patient samples in a clinical diagnostic/therapeutic context (clinical validity refers to the accuracy with which the diagnostic kit detects, measures, or predicts the presence or absence of a clinical condition or predisposition in a patient). Rapid diagnostic tests detect parasite-specific antigens in a drop of fresh blood by lateral flow immunochromatography. Rapid antigen tests are most accurate when used in people with signs or symptoms of COVID-19, especially in the first week of illness. Rapid Medical Diagnostics is proud to be part of the commercialization and rollout of urine based Bilharzia (Schistosoma) diagnostic test strips, the production of rapid test strips is the culmination of years of research and hard work by many people and organizations. Increasing need and awareness of rapid medical assessment of chronic diseases, growing demand for point of care diagnostics, increasing influx of portable rapid testing devices will drive the rapid medical diagnostic kits market in the coming years, increasing number of infectious disease cases and growing support geriatric population. Furthermore, increasing demand for bedside diagnostic testing will provide lucrative opportunities for rapid diagnostics market growth.

Attributes

Details

Rapid Medical Diagnostic Kits Market Value (2022)

US$ 20.4 Bn

Rapid Medical Diagnostic Kits Market Projected  Value(2032)

US$ 31.0 Bn

Rapid Medical Diagnostic Kits Market CAGR (2022-2032)

5.8%

Rapid Medical Diagnostic Kits Market Drivers & Restraints



The major factors driving the market growth are increasing demand for rapid diagnostic tests in decentralized settings and increasing awareness of early diagnosis among people and growing bedside diagnostic testing will provide lucrative opportunities for rapid diagnostic market growth. Additionally, relatively low cost of medical diagnostic kits and increasing knowledge about available technologies for diagnosis of infectious diseases are also driving the market. However, lack of awareness about the new rapid diagnostic tests available in the market restrains the growth of the rapid diagnostic market. Rising demand for point-of-care diagnostics, rise in infectious disease cases, and growing geriatric population across the globe are some of the key factors fueling the market growth. Growing needs and rapid medical assessment of chronic diseases, increasing market demand is expected to drive the rapid medical diagnostic kits market in the coming years. The coronavirus pandemic has affected most businesses around the world, disrupting supply chain management and logistics delivery. Forced lockdown, shutdown of production and manufacturing activities has hindered the rapid medical diagnostic kit market.

Technological advancement

Increasing demand for technologically advanced medical diagnostic kits is expected to drive the global market, creating potential revenue opportunities for market players. Conversely, with the advent of advanced technologies such as lab-based PCR and molecular diagnostics, demand for rapid diagnostic tests is expected to slow. Manufactures involved in Rapid Medical Diagnostic Kits Market are developing advanced versions of their products due to new age technological advancements. Key players of Rapid Medical Diagnostic Kits are investing more in power systems and creating more modern, timesaving, cost-effective technology that has a positive impact on the Rapid Medical Diagnostic Kits Market. In December 2022, IMMY, a medical technology manufacturer, has been awarded a 3-year, $1.5 million National Institute of Allergy and Infectious Diseases contract to develop and validate a Taleromyces point-of-care test. Talaromycosis diagnosis currently relies on culture and histopathological evaluation, which requires expertise and laboratory capabilities that do not exist outside of major hospitals in the region.

Rapid Medical Diagnostic Kits Market Segmentations & Regional Insights

The Rapid Medical Diagnostic Kits Market is segmented based on product, technology, Application, End User and region. On the basis of product, the Rapid Medical Diagnostic Kits Market is segmented into Over-The-Counter (OTC) Kits, Professional Kits. On the basis of technology, the target market is classified into Lateral Flow, Solid Phase. On the basis of application, the target market is classified into Fertility & Pregnancy Testing, Blood Glucose Testing, Infectious Disease Testing, Cardiometabolic Testing, Fecal Occult Blood Testing, Coagulation Testing, Toxicology Testing, Lipid Profile Testing, and Other Applications. On the basis of end user, the Rapid Medical Diagnostic Kits Market is segmented into Hospitals & Clinics, Homecare, and Diagnostic Laboratories.

Regional Insights:

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

On region the Rapid Medical Diagnostic Kits Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is expected to hold the leading position in the global rapid medical diagnostic kits market during the forecast period. The region is growing rapidly due to the increasing number of healthcare organizations adopting these diagnostic kits to detect various infectious diseases caused by bacteria and viruses.

Report Scope:

Attribute

Details

Base year for estimation

2022

Forecast period

2022 – 2032

Market representation

Revenue in USD Billion & CAGR from 2022 to 2032

Market Segmentation

By Product - Over-The-Counter (OTC) Kits, Professional Kits

By Technology - Lateral Flow, Solid Phase

By Application - Fertility & Pregnancy Testing, Blood Glucose Testing, Infectious Disease Testing, Cardiometabolic Testing, Fecal Occult Blood Testing, Coagulation Testing, Toxicology Testing, Lipid Profile Testing, Other Applications.

End User - Hospitals & Clinics, Homecare, Diagnostic Laboratories

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2022 to 2032. For the purpose of this study, has segmented the Rapid Medical Diagnostic Kits Market report based on product, technology, application, end user and region:

Rapid Medical Diagnostic Kits Market, By Product:

  • Over-The-Counter (OTC) Kits
  • Professional Kits

Rapid Medical Diagnostic Kits Market, By Technology:

  • Lateral Flow
  • Solid Phase

Rapid Medical Diagnostic Kits Market, By Application:

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

Rapid Medical Diagnostic Kits Market, By End User:

  • Hospitals & Clinics
  • Homecare
  • Diagnostic Laboratories

Rapid Medical Diagnostic Kits Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Rapid Medical Diagnostic Kits Market Competitive Landscape & Key Players

The key players operating the Rapid Medical Diagnostic Kits Market includes, ACON Laboratories Inc., Abbott Laboratories, Becton, Cardinal Health, Danaher Corporation, Meridian Bioscience, Inc., McKesson Medical-Surgical Inc., Sight Diagnostics Ltd, Trinity Biotech, Roche Diagnostics, Accriva Diagnostics.

 

Recent Developments:

  • In March 2022, ACON Laboratories, Inc., manufacturer of the "Flowflex COVID-19 Antigen Home Test", says it has identified US distribution, adulterated and misbranded counterfeit products with the trade name "Flowflex SARS-CoV-2 Antigen Rapid" test".
  • In December 2022, Abbott launched a concussion coalition with the Brain Injury Association of America Rebel Wilson.

Rapid Medical Diagnostic Kits Market Company Profile

  • ACON Laboratories Inc.*
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Abbott Laboratories
  • Becton
  • Cardinal Health
  • Danaher Corporation
  • Meridian Bioscience, Inc.
  • McKesson Medical-Surgical Inc.
  • Sight Diagnostics Ltd
  • Trinity Biotech
  • Roche Diagnostics
  • Accriva Diagnostics

 “*” marked represents similar segmentation in other categories in the respective section

FAQs

Rapid Medical Diagnostic Kits Market is segmented based on product, technology, Application, End User and region.

The major factors driving the market growth are increasing demand for rapid diagnostic tests in decentralized settings and increasing awareness of early diagnosis among people and growing bedside diagnostic testing will provide lucrative opportunities for rapid diagnostic market growth.

North America is expected to hold the leading position in the global rapid medical diagnostic kits market during the forecast period. The region is growing rapidly due to the increasing number of healthcare organizations adopting these diagnostic kits to detect various infectious diseases caused by bacteria and viruses.

The Key players operating in the Rapid Medical Diagnostic Kits Market includes ACON Laboratories Inc., Abbott Laboratories, Becton, Cardinal Health, Danaher Corporation, Meridian Bioscience, Inc., McKesson Medical-Surgical Inc., Sight Diagnostics Ltd, Trinity Biotech, Roche Diagnostics, Accriva Diagnostics.