Rapid Medical Diagnostic Kits Market In 2021 : Trends, Outlook, Share, Size, Growth, Opportunity and Forecast to 2028 with Countries Data

Rapid Medical Diagnostic Kits Market Outlook 2028

The global rapid medical diagnostic kits market was valued at US$ 14.25 Bn in 2020

It is estimated to expand at a CAGR of 5.3% from 2021 to 2028

The global rapid medical diagnostic kits market is expected to reach the value of US$ 21.78 Bn by the end of 2028

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Impact of COVID-19 on Rapid Medical Diagnostic Kits Market

The coronavirus pandemic has caused disruption in supply chain management and logistics distribution by affecting majority of businesses across the globe. Forced lockdown, shutdown of production, and manufacturing activities have hampered the global rapid medical diagnostic kits market. Market players from the global rapid medical diagnostic kits market are recovering from the losses and focusing on re-establishing their businesses by using strategic approaches. Manufacturers are focusing on increasing the production of innovative diagnostic kits products to attract consumers across the globe. The increasing awareness about health and fitness after the threatening coronavirus pandemic can be attributed to the rapid expansion of global rapid medical diagnostic kits market.

In addition, relatively lesser cost of medical diagnostic kits and growing knowledge about the available technologies for diagnosis of infectious diseases is also boosting the market.

Increase in Home Use Application to Drive Global Market

The global rapid medical diagnostic kits can be widely used in various applications such as clinical testing, home use, and veterinary. Clinical testing and home use applications are creating lucrative revenue opportunities for product manufacturers. Three is an increasing demand for such kits to perform blood glucose testing, fertility & pregnancy testing, substance abuse testing, cholesterol monitoring, infectious diseases testing, etc. The home use application segment is expected to account for a major share of the market during the forecast period. The ease of using technology has boosted the demand for the segment in the global rapid medical diagnostic kits market. Malaria and pregnancy test at home has proved quick turnaround for the global market and is anticipated to rise in the upcoming years.

Surge in Demand for Rapid Medical Diagnostics Kits

The rise in occurrence of infectious diseases in the past decade has been alarmingly increasing the demand for rapid medical diagnostic kits globally. The need for detecting new pathogens that are causing infections is boosting the global market. There is also a noticeable decrease in the immune system of various people due to sedentary and unhealthy lifestyle, which make them vulnerable to infections, thus, supplementing the global rapid medical diagnostic kits market.

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The rise in geriatric population worldwide is also anticipated to fuel the demand for rapid medical diagnostic kits in the market. The low cost of rapid medical diagnostic kits is fueling the market rapidly. Emerging economies are also adopting rapid medical diagnostic kits due to increase in technological advancements taking place in these regions. However, due to disposable income, developed economies have already adopted the rapid medical diagnostic kits in the market. These factors are potentially increasing the demand for the global rapid medical diagnostic kits market.

North America to Offer Profitable Opportunities to Rapid Medical Diagnostic Kits Market Players

North America is expected to hold the leading position in a global rapid medical diagnostic kits market during the forecast period. This region is witnessing rapid rise in growth due to increasing number of healthcare institutes adopting these diagnostic kits to detect various infectious diseases caused by bacteria and viruses. The demand in this region is followed by Europe, as it is the second-largest consumer of the rapid medical diagnostic kits market.

The Asia Pacific rapid medical diagnostic kits market is anticipated to witness high growth due to growing awareness among healthcare professionals and people about the rapid medical diagnostic tools. The market is also experiencing rise in demand due to increasing number of infectious diseases spreading across many countries.

Moreover, rise in infectious diseases in developing countries, such as African countries, is also boosting the global market.

Rapid Medical Diagnostic Kits Market: Overview

According to Transparency Market Research's latest report on the global rapid medical diagnostics kits market for the historical period 2017-2028 and forecast period 2021-2028, widespread availability, aging population, and shift in technological & commercial environment are projected to drive the global rapid medical diagnostics kits market during the forecast period

Rapid medical diagnostics are tools for detection of various infectious diseases caused by virus and bacteria. Prevalence of infectious diseases has increased across the globe in the last decade and morbidity rate is rapidly rising.

Increase in detection of new pathogens-causing infections and rapid weakening of immune system due to aging are major factors driving the global rapid medical diagnostic kits market

Other factors propelling the global market are low cost of rapid medical diagnostic kits and increase in awareness about available technologies for diagnosis of infectious diseases

Rise in Aging Population: Major Driver

Aging population is one of the major factors responsible for the rise in prevalence of cardiovascular diseases, orthopedic diseases, infectious disease, neurological disorders, and endocrine diseases. This is likely to drive the demand for rapid and real-time diagnostic devices enabling continuous monitoring and instant diagnosis in the elderly population.

Aging is a debilitating factor, weakening the immune system and increasing the need of early and rapid diagnosis of unhealthy conditions. Surge in the geriatric population is projected to drive the demand for RDT kits during the forecast period.

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Technological and Commercial Environment to Drive Global Market

Changes in rapid diagnostic methodology such as improvement in accuracy, ease of use, and more inclusive documentation features and quality assurance will play a vital role in propelling the demand for rapid diagnostic kits across the globe

Clinical factors such as need of hospital infrastructure for rapid patient turnaround is likely to increase the demand for rapid diagnostic kits. Hence, test results need to be obtained rapidly not only to save costs, but also to ease patient backlog in outpatient settings and emergency departments.

Rapid diagnostics are used at various sites such as sporting events, schools, camps, resorts, and other locations as these are quite portable

Rapid Medical Diagnostic Kits Market: Competition Landscape

This report profiles major players in the global rapid medical diagnostic kits market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments

Key players in the global rapid medical diagnostic kits market include

Abbott Laboratories

Abaxis, Inc.

Alere, Inc.

Becton

Dickinson & Company

BioRad Laboratories

F. Hoffmann La Roche

MegaCor

Trinity Biotech

Zoetis, Inc.

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