Rapid Medical Diagnostic Kits Sales Will Likely Reach US$ 23.1 Bn by 2031

Newly released intelligence from Fact.MR estimates that demand for rapid medical diagnostic kits will be propelled at a CAGR of 4%, reaching US$ 23.1 Bn by the end of the 2021-2031 forecast period. As of 2021, the market is poised to be valued at US$ 15.6 Bn, mostly on the back of unceasing demand for instant COVID-19 testing.
From 2016 to 2020, sales of rapid medical diagnostic kits registered a CAGR of 3%. Throughout 2020, demand remained elevated, with a significant proportion of the global population opting for test results with faster turnaround times. Furthermore, preference for home based rapid medical diagnostic kits to detect COVID-19 presence remained especially high.
With several countries still reeling under the impact of high COVID-19 infection burdens, demand for rapid medical diagnostic kits is not expected to wane anytime soon. As per W.H.O, there are still over 240 million active cases globally, necessitating increased rapid testing frequencies. Moreover, it is expected that 366 million people will suffer from diabetes by 2030, thus requiring patients to undergo rapid diagnostic testing to ascertain blood sugar levels and accordingly seek treatment.

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Key Takeaways from the Market Study

• Blood glucose testing to usher in 2x growth of the rapid medical diagnostic kits market
• Testing for infectious diseases to remain prominent, accounting for over 40% market revenue
• Rapid medical testing kits for homecare settings to account for 3 out of 10 sales
• U.S to be an opportunistic market, yielding 30% revenue and surging at 5% CAGR
• Japan to register a CAGR of 5% with regard to rapid medical diagnostic kits demand
• China to be the fastest expanding market, registering a CAGR worth 7% from 2021-2031
"Rising mutations in pathological genes is leading to increased outbreaks of infectious diseases. Furthermore, high sedentary lifestyle frequencies are augmenting diabetes incidences. Both trends will collectively accelerate the need for rapid medical diagnostic kits," says an analyst at Fact.MR

Key Segments Covered
Test
• Rapid Medical Diagnostic Kits for Cholesterol Monitoring
• Rapid Medical Diagnostic Kits for Infectious Diseases Testing
Application
• Rapid Medical Diagnostic Kits for Hospitals & Clinics
• Rapid Medical Diagnostic Kits for Homecare Settings
• Rapid Medical Diagnostic Kits for Veterinary Settings
• Rapid Medical Diagnostic Kits for Fertility & Pregnancy Testing
• Rapid Medical Diagnostic Kits for Blood Glucose Testing
• Rapid Medical Diagnostic Kits for Other Tests
• Rapid Medical Diagnostic Kits for Substance Abuse Testing

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Competitive Landscape
Manufacturers benefit from strategic collaborations by increasing production and meeting consumer demand. With the help of the latest products on the market, end-users will be able to take advantage of some of these technologies that are fully integrated with the latest products to monitor their health.
In September 2021, Diagnostics firm LumiraDx, completed a merger with CAHC worth US$ 3 billion. The company offers five tests under the LumiraDx Platform, including the COVID-19 test solutions. Moreover, the company has ten testing products that are scheduled for regulatory approval or submission by the end of 2022, including tests for troponin, flu, and congestive heart failure.
In June 2021, Healthtech Unicorn Ro purchased Kit as it expanded into at-home diagnostics. With this acquisition, Kit will continue to operate independently of Ro, while the firm still serves its existing B2B clients such as insurance firms and other digital health companies.

Key Market Players:
• ACON Laboratories Inc.
• Abbott Laboratories
• Artron Laboratories Inc.
• Alfa Scientific Designs, Inc.
• Becton, Dickinson, and Company
• BTNX, Inc.
• bioMérieux SA
• Cardinal Health
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• Creative Diagnostics
• Meridian Bioscience, Inc.
• F. Hoffmann-La Roche AG
• McKesson Medical-Surgical, Inc.
• Sight Diagnostics Ltd.
• Trinity Biotech
• Zoetis
How big is the Opportunity in the U.S. for Rapid Medical Diagnostic Kits?
The market for rapid medical diagnostic kits in the U.S. is estimated to grow at a fast pace in the year 2021. The U.S. was the leading country in 2020, with a share of above 30%, and is expected to maintain its supremacy from 2021 to 2031.
After the world was hit by the COVID-19 pandemic, cases of people suffering from chronic diseases have increased, which has raised the demand for effective rapid medical diagnostic kits in the country. Several companies got involved in the development of rapid diagnostic tests for novel coronavirus, and are aiming to gain approval from the FDA to launch these tests in the U.S.
For example, in May 2020, an American diagnostic healthcare company named Quidel Corporation received Emergency Use Authorization (EUA) from the FDA for its new Sofia 2 SARS Antigen FIA for rapid diagnosis of COVID-19.

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Key Points Addressed in Rapid Medical Diagnostic Kits Industry Analysis
• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Rapid Medical Diagnostic Kits and How to Navigate
• Recommendation on Key Winning Strategies

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This release was published on openPR.