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Rapid Medical Diagnostic Kits Market

Rapid Medical Diagnostic Kits Market

Rapid Medical Diagnostic Kits Market, Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2021 to 2031

Rapid Medical Diagnostic Kits Market
FACT5584MR
  • Mar-2021
  • List of Tables : 24
  • List of Figures : 128
  • 170 Pages
  • Healthcare

About the Report

Occurrence of infectious diseases over the past decades has been alarmingly rising, increasing demand for rapid medical diagnostic kits, globally. Need for detecting new pathogens that are causing infections is boosting market growth.

There is also noticeable decrease in the immune strength of people across regions due to sedentary and unhealthy lifestyles, which makes them vulnerable to various infections.

The cheap cost of rapid medical diagnostic kits is fueling market expansion rapidly. Demand for blood glucose testing is high, and has been increasing the fastest among all types of tests across geographies.

In its new study, ESOMAR-certified market research and consulting firm Fact.MR offers insights about key factors driving demand for rapid medical diagnostic kits. The report tracks global sales in 20+ high-growth markets, where major traction is being witnessed in North America, followed by Europe.

How Does Historic and Future Outlook Match Up?

Numerous studies point towards the increasing prevalence of multidrug-resistant bacterial infections, such as the one done by the Active Bacterial Core Surveillance Program of the Emerging Infections Program Network, which is heightening demand for rapid medical testing.

Additionally, the COVID-19 outbreak has created significant opportunity for manufacturers to develop rapid diagnostic testing kits to contain the spread of the virus. Growing population, genetic variation in hosts and pathogens, and environmental changes are some of the other factors contributing to increased demand for rapid medical testing, thereby aiding market expansion.

Advancements in technology and strategic collaborations undertaken by leading market players have paved the way for innovations in rapid medical diagnostic kits.

For instance, as early as May 2020, Quidel Corporation, an American diagnostic healthcare company, received Emergency Use Authorization (EUA) from the FDA for its new Sofia 2 SARS Antigen FIA for rapid diagnosis of COVID-19. Demand is the highest in North America for rapid medical diagnostics kits, followed by the region of Europe.

Asia Pacific countries are also expected to register a steady cumulative growth rate of more than 5% from 2021 to 2031. Japan and China, both generated robust revenues in 2020, and are expected to continue to do so over the next 10 years. Overall, the global rapid medical diagnostic kits market is projected to expand at a CAGR of more than 4% over the next ten years.

Know More Details About the Report

What are the Key Factors Driving Demand for Rapid Medical Diagnostic Kits?

Rising incidence of multidrug-resistant bacterial infections is heightening the need for rapid medical evaluation tests. Moreover, the outbreak of COVID-19 has created significant opportunity for manufacturers to develop rapid diagnostic test supplies so as to track and contain the spread of COVID-19.

Expanding population, genetic variation in hosts and pathogens, and environmental changes are some other aspects contributing to increased demand for rapid medical supplies.

Growing prevalence of chronic diseases is leading to an increase in the need for rapid disease diagnosis, which is further positively impacting the buying behavior related to rapid medical supplies for diagnostic applications.

As per a survey sponsored by the Agency for Healthcare Research and Quality (AHQR), in the U.S. itself, more than a hundred million Americans suffer from chronic conditions, and over 50 million had multiple chronic conditions. This represents a large portion of the country’s population, and the situation is similar across regions. It also stated that the number of people with chronic diseases will keep rising steadily across the world over the coming years.

rapid medical diagnostic kits market

Country-wise Insights

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 30.0%, and is expected to maintain its supremacy from 2021 to 2031. As of 2020, the U.S. generated maximum revenue in the rapid medical diagnostic kits market.

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.

What Makes Germany a Leading Country in Europe?

Germany is one of the leading countries in Europe that exhibits high demand for rapid medical diagnostic kits, and is expected to expand at approximately 3% CAGR through 2031.

The presence of highly developed healthcare infrastructure with the availability of skilled labour is driving prospects within the country. The country showcases increasing investment towards research and development activities on biopharmaceuticals, aimed at developing cures for rare diseases.

Germany has the presence of some of the leading biopharmaceutical companies, and has a high rate of approval and commercialization for rapid medical diagnostic kits.

Pharmact AG, a company that specializes in the development and production of rapid diagnostic tests in Germany, recently developed the CoV-2 Rapid Test for coronavirus.

It is a simple and easy rapid test that detects if a person is exposed to the virus. In 20 minutes, with just two drops of blood taken from the fingertip of the patient, the test determines the presence of immunoglobulins IgM and IgG, which are found in the blood sample of people exposed to the virus.

How Attractive is the Indian Market for Rapid Medical Diagnostic Kits?

There has been significant rise in the number of domestic pharmaceutical manufacturing players in the past few years in India. The Indian pharmaceutical industry is said to hold a high rank globally in terms of volume of biopharma products manufactured.

The Indian market for rapid medical diagnostics is set to exhibit a great boost in terms of CAGR over the forecast period. Some of the leading players operating in the area are attracted towards investing or setting up a manufacturing plant in India due to lower labour cost and high manufacturing capacities.

In the past decade, India has been witnessing increasing investments in healthcare infrastructure. Besides this, increased number of COVID-19 cases in the country, growing number of testing centers, and increasing treatment adoption rate are expected to fuel demand for rapid medical diagnostic kits in the country.

Will Japan’s Advanced Healthcare Sector Drive Demand for Rapid Medical Diagnostics Kits?

Japan is the world’s third-largest economy, with a great standard of living. Healthcare facilities in Japan are provided free of cost to its citizens. In October 2020, Japan’s Ministry of Health, Labour and Welfare granted the usage of Quick Navi ™ -Flu2, which is a rapid diagnostic kit for the detection of influenza virus antigen, manufactured and marketed by Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Denka Company Limited.

It also announced that a change in manufacturing and marketing approval for influenza virus antigen rapid diagnostic kits was granted by the Ministry of Health, Labour and Welfare in Japan.

Japan has taken rapid strides as far as rapid medical diagnostic kits are concerned, with high revenue in the year 2020, which is expected to remain the same through 2031.

Japan is expected to register growth of over 5% from 2021-2031, which would be the highest cumulative growth as per the Centers for Disease Control and Prevention (CDC).

What are the Trends in China for Rapid Medical Diagnostic Kits?

Rapid medical diagnostic kits involve many players in China as it is considered as one of the fastest-growing areas in the country. The Chinese government is also expanding the types of kits that can be used for the diagnosis of several diseases, rapidly and accurately.

China has made advances in several major areas, including multiplexing, which is used for simultaneous determination of multiple analytes. Profile test kits are being used for differential monitoring and diagnosis of patients.

These advances have made China one of the leading countries in rapid medical diagnostic kits, and it is expected to maintain this trend over the next 10 years. China, which is the second-largest economy in the world, is estimated to progress at an impressive CAGR of around 7% through 2031.

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Category-wise Insights

Which test is expected to register the fastest growth over the coming years?

Blood glucose testing is expected to register highest growth over the forecast period from 2021-2031. Diabetes is one of the most prevalent diseases across the world, and people nowadays prefer testing at home itself, which helps in boosting demand for rapid blood glucose tests.

As per WHO, around 422 million people across the world suffer from diabetes, which is more prevalent in low- and middle-income regions. Besides, high adoption of these tests for immediate measurement of elevated blood sugar levels across assisted home care, living centers, clinics, and laboratories is also expected to complement growth of this segment.

However, infectious disease testing acquired the largest share of revenue, which accounted for nearly 42% in 2020. The outbreak of COVID-19 created urgent demand for rapid diagnostic solutions, as it was the need of the hour to detect the virus to combat its spread. Early detection helped in breaking the chain of the virus. This helped in contributing to the segment’s high revenue generation capacity in 2020.

Who is the leading end user of rapid medical diagnostic kits?

Hospitals and clinics occupied the largest share of 46.5% in the year 2020. These institutions serve as primary units for the diagnosis and treatment of any kind of disease. Rapidly rising COVID-19 cases boosted demand from hospitals and clinics even further. Constant improvements in the healthcare industry have led to more hospitals offering enhanced diagnostic services.

Also, there is continuous rise in global healthcare expenditure, as per OECD, which has significantly contributed to the growth of this segment. As hospitals collect samples and maintain data on the outbreak of diseases and their effect, including symptoms, causes, and cures, regulatory bodies often indulge in disease surveillance by collaborating with them.

Competitive Landscape

Companies in this space are catering to the management of COVID-19. For example, in May 2020, ACON Laboratories rolled out its new SARS-COV-2 IgG/IgM Rapid Test for the identification of (IgM & IgG) antibodies related to COVID-19.

An Adaptive Approach to Modern-day Research Needs

Scope of Report

Attributes

Details

Forecast Period

2021-2031

Historical Data Available

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA

Key Countries Covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Spain
  • Italy
  • Russia
  • Japan
  • China
  • India
  • South Korea
  • Australia
  • Singapore
  • Brazil
  • Mexico
  • Argentina
  • South Africa
  • Saudi Arabia
  • UAE

Key Segments Covered

  • Test, Application
  • Region

Key Companies profiled

  • 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

Report Coverage

  • Revenue Forecasts
  • Company Ranking
  • Competitive Landscape
  • Growth Factors
  • Trends

Key Segments Covered

  • Test

    • Cholesterol Monitoring
    • Infectious Diseases Testing
    • Substance Abuse Testing
    • Fertility & Pregnancy Testing
    • Blood Glucose Testing
    • Other Tests
  • Application

    • Hospitals & Clinics
    • Homecare Settings
    • Veterinary
  • Region

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • Middle East and Africa (MEA)

Rapid Medical Diagnostic Kits Market: Report Scope

Rapid medical diagnostic kits are used to find out specific genetic diseases within embryos. This testing is gaining a lot of traction due to increased risk of various diseases owing to changing lifestyles. Various healthcare institutes, healthcare providers, and researchers are continuously researching to find new methods to eliminate various risks involved in related diagnosis.

Meanwhile, new technologies are also being developed to find all possible genetic diseases and disorders. This Fact.MR report analyzes the expansion of the global rapid medical diagnostic kits market to date, and provides key insights on the growth of the market for the forecast period of 2021-2031.

The scope of the report is to analyze the market for the forecast period and provide readers an unbiased and accurate analysis. Medical device manufacturers, research institutes, and raw material suppliers can benefit from the analysis offered in this report.

This report offers a comprehensive analysis, which can be of interest to leading trade magazines and medical.

Report Summary

The report commences with brief information on the rapid medical diagnostic kits market. This executive summary sets the tone for the rest of the report, providing users the scope of the report. The executive summary includes important facts and statistics on the market.

The next section offers an overview of the global rapid medical diagnostic kits market. This comprises an introduction to the market, along with a standard definition of the product. In this section, market value and year-over-year growth are offered to the readers. Year-over-year growth provides readers with a broader view of the growth patterns over the forecast period.

The report’s succeeding section focuses on drivers, restraints, and key trends from macroeconomic, demand, and supply perspectives. Impact analysis of weighted average model-based growth drivers is provided in the report for better decision-making insights to clients.

In order to offer readers with up-to-date information about the latest advancements in the global rapid medical diagnostic kits market, the report provides updates about market opportunities, which can benefit leading providers.

With continuous evolution of the healthcare sector, keeping a record of the latest developments and trends is fundamental for rapid medical diagnostic kit providers to formulate key business strategies. Detailed insights about raw material sourcing, supply chain, regulatory approvals, pricing analysis, list of distributors, and cost structure are provided in this section.

The report’s last section comprises the competitive landscape, to provide readers with a dashboard view of company analysis and market players. This competitive intelligence is based on providers’ categories across the value chain, and their presence in the global market.

Research Methodology

Fact.MR is committed to offering unbiased and independent market research solutions to its clients. Each market report of Fact.MR is compiled after months of exhaustive research.

We bank on a mix of tried-and-tested and innovative research methodologies to offer the most comprehensive and accurate information. Our main sources of research include,

  • Primary research
  • Secondary research
  • Trade research
  • Focused interviews
  • Social media analysis

- FAQs -

The global rapid medical diagnostic kits market size was estimated at US$ 13.8 billion in 2020, and is expected to reach US$ 15.6 billion in 2021.

North America is expected to hold the leading position till the end of the forecast period. This region is experiencing rapid rise with high adoption of diagnostic kits to detect various infectious diseases caused by bacteria and viruses.

Some of the key players operating in the market include ACON Laboratories, Inc.; Abbott Laboratories; Artron Laboratories Inc.; Alfa Scientific Designs, Inc.; Becton, Dickinson and Company; BTNX, Inc.; bioMérieux SA; Cardinal Health; Bio-Rad Lab

Key factors that are driving market growth include rise in the prevalence of chronic viral and infectious diseases, increased government initiatives, and growing awareness about rapid diagnostic test kits for fast and easy diagnosis.

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.