Rapid Medical Diagnostic Devices Market NextGen Technological Advancements, Professional Survey and Future Industry Trends 2018-2026 With Players Like Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche Ltd., Becton

The global rapid medical diagnostic devices market was valued at US$ 17,078.1 million in 2016 and is expected to witness a robust CAGR of 8.2% over the forecast period (2017–2025).

Prevalence of chronic diseases such as cancer, diabetes, cardiovascular, and infectious diseases (tuberculosis, HIV, malaria, and sexually transmitted diseases) is rising globally, and is expected to lead to high demand for rapid diagnostic techniques and devices. Diseases such as Chikungunya virus infection, neglected infectious diseases (Chagas diseases, Dengue, Leprosy, Schistosomiasis, and others) create extensive unmet needs for rapid diagnostic tests.

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Though rapid diagnostic tests are available for these diseases such as rapid CHIKV IgM for Chikungunya, the accuracy of these tests is not known. Severe conditions such as multidrug-resistant tuberculosis (MDR-TB) has high prevalence in emerging economies such as India, which requires rapid diagnostic devices. For instance, according to Lancet 2017, by 2040, the percentage of MDR-TB will make up of 12.4% of the TB cases in India. Leading manufacturers with established research and development capacities could aim towards development of rapid diagnostics for such diseases and gain first mover advantage in a potential market.

Market Dynamics

Demand for decentralized testing is rising, owing to factors such as less time consuming, independence from centralized laboratories as the testing can be done on the spot without the need of laboratory facilities, and cost effectiveness, which is expected to create a conducive environment for growth of rapid medical diagnostic devices market. The market is expected to exhibit significant growth, owing to further developments in point-of-care diagnostics aimed towards impacting medical outcomes, increased adoption of rapid medical diagnostic devices, and rising prevalence of chronic diseases such as HIV, infectious diseases, and diabetes. Development of innovative rapid medical diagnostic, and wide number of applications of these ranging from cancer diagnosis to metabolic diseases is expected to fuel growth of the market.

Key Companies

Some major players operating in the rapid medical diagnostic devices market include Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche AG, Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc, and Siemens Healthineers.

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Increasing prevalence of chronic diseases is expected to boost the demand for rapid diagnostic devices

Incidence of chronic diseases such as cancer, diabetes, HIV, tuberculosis, and cardiovascular conditions is increasing, which is expected to positively impact growth of the rapid medical diagnostic devices market. For instance, according to American Diabetes Association (ADA) around 30.3 million population in U.S. was suffering from diabetes in 2015 and around 1.5 million people are diagnosed with the disease every year. Moreover, according to the World Health Organization (WHO), an estimated 36.7 million people were suffering from HIV globally, in 2016. According to the World Health Organization (WHO), in 2015, an estimated 32,000 deaths from tuberculosis and around 3, 23,000 new cases of TB cases were reported in the European region.

According to Centers for Disease Control and Prevention, 2016, the number of deaths due to heart disease increased from 596,577 in 2011 to 614,348 in 2014, i.e. 3.0% between 2011 and 2014. Moreover, death due to cancer increased by 2.6% during the same time period. Early diagnosis can play a vital role in preventing or curtailing this increasing number of death due to chronic diseases such as heart disease, and cancer. As rapid diagnostic devices are primarily used for early diagnosis, the market for rapid diagnostic devices is expected to witness rapid growth rate over the forecast period.

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This release was published on openPR.