Rapid Medical Diagnostic Kits Market value is set to grow by USD 26.5 Billion from 2022 to 2030

The Global Rapid Medical Diagnostic Kits Market Size accounted for USD 19.9 Billion in 2021 and is estimated to garner a market size of USD 26.5 Billion by 2030 rising at a CAGR of 3.3% from 2022 to 2030.

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Rapid Medical Diagnostic Kits Market Dynamics

A large pool of local industry players coupled with intense competition among market players has a strong influence on the buying behavior of the consumers. Rising prevalence of chronic diseases results in increasing the need for rapid disease diagnosis. This has a positive influence that impacts the buying behavior process of rapid medical supplies for diagnostic applications.

Some of the Key Observations Regarding Rapid Medical Diagnostic Kits Industry Include

• Abbott announced in March 2020 that the US Food and Drug Administration (USFDA) had granted emergency use authorization (EUA) for the quickest available point-of-care test for the detection of novel corona virus (COVID-19). It produces positive results in as little as 5 minutes and negative results in as little as thirteen minutes. Furthermore, the test will be run on the company's ID NOWTM platform, which provides quick results in a variety of healthcare settings such as physician's offices, hospital emergency departments, and urgent care clinics.

• In March 2020, The USFDA has granted bioMérieux SA a new emergency use authorization (EUA) for "BioFire Defense." The new product is focused on COVID-19 testing and is used in CLIA moderate and advanced complexity clinical laboratories for SARS-CoV-2 detection. From a nasopharyngeal swab in transport media, the new product provides COVID-19 testing results in approximately 45 minutes. The test is easy to use and runs in completely automated FILMARRAY TORCH and FILMARRAY 2.0 platforms, requiring minimal training and molecular biology skills.

• In February 2021, Becton, Dickinson and Company announced a collaboration to develop an at-home COVID-19 rapid test using a BD antigen test and the Scanwell Health mobile app. As part of the collaboration, BD intends to develop a lateral flow antigen test that will be compatible with the Scanwell Health mobile app. The app is expected to provide step-by-step instructions for collecting and transferring a nasal swab sample, as well as using the mobile device camera to analyse and interpret results.

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Rapid Medical Diagnostic Kits Market Segmentation

The rapid medical diagnostic kits market is divided into product, technology, application, and end-user segments. The market is divided into two categories based on product: over-the-counter (OTC) kits and professional kits. The market is divided into technologies such as agglutination, lateral flow, solid phase, and others. The market is further divided into applications such as cardio metabolic testing, blood glucose testing, infectious disease testing, pregnancy and fertility testing, faecal occult blood testing, coagulation testing, toxicology testing, and lipid profile testing, among others. In addition, the end-user segment is divided into home care, hospitals and clinics, and diagnostic laboratories.

The OTC kits segment holds the bulk of the market share and is expected to maintain its dominance throughout the forecast period. The lateral flow segment will have a significant revenue share in the global rapid medical diagnostic kits market based on technology. Furthermore, based on application, infectious disease testing will contribute significantly to the growth of the global rapid medical diagnostic kits market during the forecast period.

According to end-user, the hospital segment dominates the market and will continue to do so in the coming years. Regulatory bodies frequently collaborate with hospitals for disease surveillance because hospitals maintain and collect data on disease prevalence. This is regarded as one of the most important factors contributing to the global rapid medical diagnostic kits market growth.

Rapid Medical Diagnostic Kits Market Regional Outlook

The global rapid medical diagnostic kits industry is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa (MEA). North America has the largest market share in the global market for rapid medical diagnostic kits. Favorable reimbursement policies, established healthcare infrastructure, and easily available rapid medical diagnostic kits are the factors driving regional market growth. These factors increase the demand for rapid medical diagnostic kits in the North American market.

Asia-Pacific, on the other hand, is expected to have the highest CAGR in the rapid medical diagnostic kits market. The presence of prominent players, as well as the increasing penetration of medical test kits by key players, drives the rapid medical diagnostic kits market in APAC.

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Rapid Medical Diagnostic Kits Market Players

Some of the leading rapid medical diagnostic kits companies operating in the industry include ACON Laboratories, Inc., Abbott, 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. and F. Hoffmann-La Roche AG.

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