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Rapid Medical Diagnostic Kits Market Global Industry Analysis And Forecast 2021-2028

Rapid Medical Diagnostic Kits Market: Introduction
According 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.
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.
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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.
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.
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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.
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.
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.
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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.
Global Rapid Medical Diagnostic Kits Market: Segmentation
Rapid Medical Diagnostic Kits Market, by Application
• Clinical Testing
o Infectious Disease Testing
o Cholesterol Monitoring
o Substance Abuse Testing
o Fertility & Pregnancy Testing
o Blood Glucose Testing
• Home Use
o Infectious Disease Testing
o Cholesterol Monitoring
o Substance Abuse Testing
o Fertility & Pregnancy Testing
o Blood Glucose Testing
• Veterinary
Rapid Medical Diagnostic Kits Market, by Technology
• Lateral Flow
• Flow-through
• Solid-phase
• Agglutination Assays
About Healthcare Industry at Transparency Market Research
TMR’s business intelligence reports on the healthcare sector study the dynamic ecosystems that healthcare institutions today operate in. The need to integrate next-gen technologies at every step of health services that stakeholders in the healthcare sector are subject to are deeply covered in our reports.
Our groundbreaking research covers the intricacies of managed healthcare and patient-centric solutions that make them insightful for business leaders in the healthcare sector.
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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