Rapid Medical Diagnostic Kits Market Product Estimates & Strategy Framework To 2022 - 2030

The global rapid medical diagnostic kits market size is expected to reach USD 18.0 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028. Rapid medical diagnostic kits enhance the speed of etiologic diagnosis of patients affected with chronic ailments. Moreover, speedy diagnosis is of paramount importance in individuals affected with infectious diseases. Thus, an increase in the number of manufacturers keen on exploring this space is driving the revenue in the market.

Key players are focusing on introducing novel medical supplies that require limited operational training, offer convenient usage, and ensure effective analysis. This is expected to propel the demand for rapid medical care among the industry’s target audience, which is inclusive of a general population affected with chronic diseases, coupled with the healthcare professionals determined to recommend an appropriate rapid medical evaluation.

Rapid Medical Diagnostic Kits Market Segmentation

Grand View Research has segmented the global rapid medical diagnostic kits market on the basis of product, technology, application, end use, and region:

Based on the Product Insights, the market is segmented into Over the Counter (OTC) Kits and Professional Kits.

• Over the counter (OTC) kits dominated the market in 2020 with a share of 54.3%.
• Rapid Diagnostic Tests (RDTs) commonly make use of saliva, urine, and blood to diagnose diseases.
• Professional rapid diagnostic test kits accounted for a significant revenue share in 2020. These tests most often make use of techniques, such as PCR and molecular diagnostics, providing higher test sensitivity and specificity.

Based on the Technology Insights, the market is segmented into Lateral Flow, Agglutination, Solid Phase and Other Technologies.

• The lateral flow technology segment accounted for the largest revenue share of 35.1% in 2020.
• Expanding application of lateral flow tests in the early detection of COVID-19 has been witnessed recently. For instance, in March 2020, Ozo Life announced the launch of its OZO COVID-19 Rapid Test Kits-a latex-enhanced lateral flow immunoassay, which ensures testing of the SARS-CoV-2 infection with enhanced sensitivity.
• The presence of a broad spectrum of biomarkers, pathogens, and environmental contaminants is detected by lateral flow testing, resulting in the increasing demand for these products.

Based on the Application Insights, the market is segmented into Blood Glucose Testing, Infectious Disease Testing, Cardiometabolic Testing, Pregnancy and Fertility Testing, Fecal Occult Blood Testing, Coagulation Testing, Toxicology Testing, Lipid Profile Testing and Other Applications.

• The infectious disease testing segment held the largest revenue share of nearly 42.0% in 2020. The outbreak of the novel coronavirus (COVID-19) has created an urgent demand for its rapid diagnostic solutions as it is a cornerstone of the management of the COVID-19 pandemic.
• To fulfill this growing need, numerous diagnostics companies are focusing on R&D activities for the development of novel COVID-19 rapid medical diagnostic kits and gaining approval from different regulatory bodies.
• Besides, abundant adoption of these tests for the immediate measurement of elevated blood cholesterol levels across assisted living centers, home care, clinics, and laboratories is expected to boost the segment growth.

Based on the End-Use Insights, the market is segmented into Hospitals & Clinics, Home Care and Diagnostic Laboratories.

• In 2020, hospitals and clinics held the largest share of 46.5% as they serve as primary care settings for the diagnosis and treatment of all diseases.
• A rise in healthcare expenditure globally has also significantly contributed to the growth of the market. As hospitals maintain and collect data on disease prevalence, regulatory bodies often collaborate with them for disease surveillance.
• Blood glucose testing strips are also commonly used at home, which are a safe, easy, and affordable way to check diabetes.

Rapid Medical Diagnostic Kits Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The companies are keen on adopting strategic moves targeted toward catering to the needs associated with the management of the COVID-19 pandemic outbreak. For instance, in May 2020, ACON Laboratories launched its new SARS-COV-2 IgG/IgM Rapid Test, a lateral flow immunoassay for the identification of (IgM & IgG) antibodies generated in response to COVID-19. This helped expand the company’s portfolio in the rapid diagnostic tests market.

Some prominent players in the Global Rapid Medical Diagnostic Kits 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 Laboratories, Inc.
• Danaher Corporation
• Creative Diagnostics
• Meridian Bioscience, Inc.
• F. Hoffmann-La Roche AG
• McKesson Medical-Surgical, Inc
• Sight Diagnostics Ltd
• Trinity Biotech
• Zoetis

Order a free sample PDF of the in Rapid Medical Diagnostic Kits Market Intelligence Study, published by Grand View Research.