Rapid Medical Diagnostic Kits Market Huge Growth in Future Scope 2021-2028 | Abaxis, Inc., Abbott Laboratories, Inc., Becton, Dickinson & Company

Rapid Medical Diagnostic Kits Market

Overview:

Rapid medical diagnostic kits include antibody tests and rapid antigen tests. Detection of HIV and rapid plasma regain are performed using rapid antibody tests and rapid antigen tests have various used including rapid influenza diagnostic test, rapid strep test, rapid urea test and rapid malaria antigen detection test. Rise in the number of infectious disease and frequent launch of novel tests is likely to drive growth of the global rapid medical diagnostic kits market.

The global rapid medical diagnostic kits market was valued at US$ 25,765.5 Mn in 2019 and is forecast to reach a value of US$ 38,173.9 Mn by 2027 at a CAGR of A.B% between 2020 and 2027.

Drivers:

Frequent approvals and launches of novel tests is expected to boost growth of the global rapid medical diagnostic kits market during the estimate period. For instance, in February 2019, Abbott Laboratories’ Determine HBsAg 2 test was grated CE mark. The Determine HBsAg 2 test is a rapid diagnostic test to detect surface antigen of hepatitis B.

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Opportunities:

Growing awareness among people regarding hepatitis is expected to open up significant opportunities for key players active in the global rapid medical diagnostic kits market. For instance, in May 2020, Echosens, a provider of non-invasive diagnostic products and services for liver diagnosis, advised raised cautions about liver health during May 2020 Hepatitis Awareness Month.

Restraints:

Incapability of RDTs to deliver accurate results is expected to hamper growth of the global rapid medical diagnostic kits market. For instance, in May 2020, a team of scientists at New York University discovered that a rapid diagnostic of COVID-19 developed by Abbott Laboratories had 48% of inaccuracy to detect positive results.

Key Takeaways:

The global rapid medical diagnostic kits market is estimated to account for US$ 38,173.9 Mn in terms of value by the end of 2027.

Among segments, Lateral flow segment witnessed a robust growth in the global rapid medical diagnostic kits market in 2019, with 43.8% share in terms of value

Trends:

Increasing research and development of novel diagnostic methods is expected to support growth of the global rapid medical diagnostic kits market. For instance, September 2019, scientists at University of Helsinki, Finland, response generated by Puumala orthohantavirus in antibody is measurable at a high sensitivity and specificity with a new rapid assay, LFRET for anti-tissue transglutaminase antibody detection.

Key players active in the global market of rapid medical diagnostic kits are focusing on development of diagnostic solution for Covid-19. For instance, in March 2020, Quest Diagnostics launched a test service for COVID-19 that supports the probable detection of nucleic acid in respiratory samples of patients with COVID-19.

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Market taxonomy:
• By Type:
o Lateral flow
o Agglutination assays
o Flow-through
o Solid-phase (“dipstick” assays)

• By Application:
o Clinical testing
o Infectious disease testing
o Cholesterol monitoring
o Substance abuse testing
o Fertility & Pregnancy testing
o Blood Glucose testing

o Home-use
o Blood glucose monitoring
o Fertility & pregnancy testing
o Cholesterol monitoring
o Infectious disease
o Substance abuse testing
o Veterinary

• By Region:
o North America
o Latin America
o Europe
o Asia Pacific
o Middle East
o Africa

Key players:

key players functioning in the global rapid medical diagnostic kits market comprise, Abbott Laboratories, Inc., Dickinson & Company, Danaher Corporation (Beckman Coulter), MegaCor Diagnostik GmbH, Trinity Biotech plc., Abaxis, Inc., Becton, Bio-Rad Laboratories, Inc., LabCorp, and F. Hoffmann-La Roche Ltd.

Key Developments:

Research institutes are adopting strategies such as collaborations to strengthen their product portfolio. For instance, in January 2020, LabCorp, along with its subsidiary Covance Inc., collaborated with GENFIT, a biopharmaceutical company focused on R&D in liver diseases, to make non-alcoholic steatohepatitis liver diagnostic test available for the clinical research market.

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