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Rapid Medical Diagnostic Kits Market to Garner US$ 21.78 Bn by 2028 at 5.3% CAGR | Finds TMR
Rapid Medical Diagnostic Kits Market: IntroductionAccording to the report, the global rapid medical diagnostic kits market is projected to reach US$ 21.78 Bn by 2028, expanding at a CAGR of 5.3% from 2021 to 2028. Rapid diagnostic tests are inexpensive, membrane-based, and disposable assays that offer visible proof of the presence of liquid analyte sample. Rapid diagnostic tests are available as either freestanding dipsticks or plastic housing devices, and take less than two hours to deliver diagnostic results.
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Clinical rapid assays use samples such as urine, serum, blood, saliva, or other fluids, whereas the non-clinical tests use samples such as dust, food, soil, and others. Rapid diagnostic tests do not generally require instrumentation and can be performed by inexperienced personnel.
The advent of new technologies providing better accuracy and rapid results is anticipated to boost the growth of the global rapid medical diagnostic kits. Moreover, increase in availability of these kits would attract end-users in order to contain the rising incidence of infectious diseases.
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Rise in demand for quick tests in hospitals, clinical laboratories, and home care fuels the growth of the global market. Increase in geriatric population, high-unmet medical needs, and surge in incidence of infectious diseases are the other factors likely to augment the global market.
Clinical Testing Segment to Drive Global Market
In terms of application, the global rapid medical diagnostic kits market has been classified into clinical testing, home use, and veterinary. The home use segment dominated the global rapid medical diagnostic kits market, accounting for 77.7% share in 2020. The trend is projected to continue during the forecast period. Presence of untapped patient population and rise in adoption of rapid diagnostic test kits in developing countries such as India, China, Bhutan, Myanmar, Brazil, and Nigeria are anticipated to drive the home use segment. However, clinical testing is expected to be the fastest growing segment from 2021 to 2028 due to rise in demand for rapid point-of-care diagnostics and effective testing.
The rapid diagnostic test kits are used for infectious disease testing, cholesterol monitoring, substance abuse testing, pregnancy & fertility testing, and blood glucose testing. This is likely to augment the clinical testing segment over the next few years.
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Lateral Flow Segment to Dominate Global Market
Based on technology, the global rapid medical diagnostic kits market has been categorized into lateral flow, flow-through, solid-phase, and agglutination assays. The lateral flow segment dominated the global market in 2020 due to benefits such as ease of use, rapid testing technology, and multiple sample testing. The lateral flow technology is used primarily in malarial and home pregnancy testing. The segment is expected to dominate the global market during the forecast period.
However, solid-phase is likely to be the fastest growing segment from 2021 to 2028. Solid-phase RDT kits provide quick results, with a single strip able to test multiple parameters.
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North America to Lead Global Market
North America dominated the global market in 2020 and the trend is projected to continue during the forecast period. However, the market in Asia Pacific is anticipated to grow at a rapid pace from 2021 to 2028. The market in Europe is expected to be driven by constantly improving regulatory framework, economic conditions in the region, and rise in investments in healthcare infrastructure.
Competition Landscape
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, and Zoetis, Inc.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
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