A rapid diagnostic test (RDT) is a medical diagnostic test intended to provide diagnostic results efficiently and immediately (within 1 hour). RDT kits are widely used in hospitals, clinics, and diagnostic laboratories for the qualitative and quantitative detection of specific antigens, antibodies, and genetic material or proteins associated with a specific health condition or disease.
Meticulous Research®, in its latest publication on the Rapid Diagnostic Market, states that the global rapid diagnostics market will increase at a CAGR of 8.9% from 2022–2029 to reach $18.2 billion by 2029.
The growth of this market is driven by factors, such as the growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the increasing aging population, the growing necessity for rapid decision making in emergency departments, and emerging technological innovations.
To provide efficient analysis, Meticulous Research® has segmented this market based on Product (Kits and Test Readers/Analyzers), Platform (Immunoassays, Molecular Detection, and Other Platforms), Application (Blood Glucose Testing, Cardiac Metabolism Testing, Infectious Diseases Testing, Coagulation Testing, Pregnancy and Fertility Testing, Fecal Occult Testing, Hematology Testing, Tumor/Cancer Markers Testing, Drugs of Abuse Testing, Urinalysis, and Cholesterol Testing), End User (Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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Based on geography, North America is estimated to account for the largest share of the rapid diagnostics market in 2022. The large market share is mainly attributed to the high number of laboratory tests performed annually in North America, the rising prevalence of chronic diseases coupled with the increasing aging population, and the rising number of inpatient hospitalizations. For instance, the U.S. Department of Health and Human Services reported that the number of patients with HIV is growing with a CAGR of 2.5% in the country. It is assumed that 40% of new HIV infections in the U.S. are transmitted by people living with undiagnosed HIV; this boosts the demand for related rapid testing products throughout the country.
In terms of product, the kits segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the growing awareness regarding the importance of early diagnosis of diseases and the growing adoption of rapid diagnostic kits in low and middle-income countries (LMICs). Poorly resourced laboratory infrastructure, with a lack of skilled workers, are the major challenges many LMICs face; therefore, point-of-care rapid tests could help address such issues as these tests provide effective diagnostic services in settings with limited laboratory facilities. Thus, cheap and easy-to-use rapid diagnostic kits have a massive growth potential in LMICs.
In terms of platform, the immunoassays segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the capability of immunoassay kits to provide fast and accurate results with high sensitivity in point-of-care diagnostics. Countries worldwide require rapid and accurate SARS-CoV-19 testing kits to tackle the COVID-19 pandemic; thus, companies have started developing immunoassay kits that provide results with higher sensitivity, accuracy, and speed. For instance, in May 2021, Stream Bio (U.K.) and Chelsea Technologies (U.K.) formed a joint venture, Brightline Diagnostics (DX), and created a unique platform known as Claritas that couples fluorescent lateral flow test with a highly sensitive handheld reader, delivering significant advantages over existing assays.
In terms of application, the infectious disease testing segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the rising prevalence of infectious diseases. For instance, in the U.S., the number of estimated new hepatitis A virus (HAV) infections increased by nearly three folds in 2017 compared to 2014.
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In 2019, the number of estimated new hepatitis A virus (HAV) infections rose by approximately 51% compared to the previous year due to the significant increase in the homeless population and the population involved in drug abuse. Similarly, there is a large prevalence of infectious diseases in China. According to China’s Centre for Disease Control (CCDC), the country accounts for 3% of new HIV infections every year and reported over 850,000 people living with HIV.
In terms of end user, the hospitals & clinics segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the increasing demand for point-of-care diagnostics and the increasing healthcare expenditure worldwide. For instance, according to Invest India (National Investment Promotion and Facilitation Agency), the hospital and healthcare industry in India forecasts tremendous growth due to the significant increase in coverage and healthcare spending. In addition, the government announced plans to spend over $200 billion on medical infrastructure by 2024, which will support the establishment of new hospitals & clinics.
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The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players in this market, including Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), ACON Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), BioMérieux S.A. (France), Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland).
Author:
Mr. Khushal Bombe
Meticulous Market Research Inc.
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