According to Meticulous Research® global rapid diagnostics market is projected to reach USD 26.4 billion by 2029 at a CAGR of 1.4% from 2022 to 2029. The growth of this market is mainly driven by the growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the increasing geriatric population, the growing prevalence of infectious diseases, the increasing need for rapid decision-making, and technological innovations in the diagnostics space.
Point-of-care (POC) diagnostics involve the use of rapid analytical devices-based technologies that quickly provide clinical information that can be directly accessed on-site. Rapid diagnostics are an indispensable tool for immediate decision-making. Professional healthcare providers consider these devices a crucial part of standard clinical medical practice as they facilitate the development of evidence-based control strategies for the diagnosis and management of various health conditions. Presently, POC devices are used in various locations, such as:
- Critical care settings—for the rapid screening of acute disease progression and management of therapeutic interventions
- Doctors’ offices—for enhanced interaction with primary care systems to enable the identification and initiation of treatment in a single visit
- Patients’ homes—to allow patients to perform tests for the effective management of chronic and infectious diseases
Traditional laboratory technologies require sophisticated infrastructure, expensive reagents, stable electrical power, long assay times, and skilled & trained staff. In developed countries, hospitals and large clinics have the necessary infrastructure and purchasing power to meet these requirements. However, in developing or low-to middle-income countries, performing sophisticated laboratory testing is difficult due to insufficient resources and infrastructure. Also, laboratory or medical testing facilities are often limited and inaccessible to patients in many parts of developing countries. Most key players are focused on creating awareness about rapid diagnostic testing and promoting their products to treat and prevent infectious diseases in developing countries.
In addition, the lack of skilled laboratory professionals required to operate technologically advanced products is also increasing the demand for rapid diagnostic modalities both in developed and developing countries. For instance, according to the U.S. Bureau of Labor Statistics, the employment of medical laboratory technologists and technicians in the U.S. was estimated to grow by 13% (from 330,600 in 2010 to 373,500 in 2020). However, the programs preparing laboratory professionals train only about one-third of what is needed, i.e., fewer than 5,000 individuals graduate from accredited training programs each year. Thus, there is a wide gap between the actual requirement and availability of lab technicians. Thus, the deployment of easy-to-use rapid tests in developing countries can enhance on-site disease diagnosis—both at physicians’ offices and home care facilities—without the requirement for trained healthcare professionals.
As point-of-care diagnostics continue to advance, the demand for rapid diagnostics at the physician’s offices will continue to rise and decrease patient turnover times. For instance, according to the 9th Annual Vitals Wait Time Report published in March 2018, the approximate patient wait time in the U.S. declined for the fourth straight year, from 20 minutes to 15–18 minutes, consequently decreasing the number of patients walking out due to long waiting times. Therefore, the growing demand for POC diagnostics is a key driving factor for the growth of this market.
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Mr. Khushal Bombe
Meticulous Market Research Inc.
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