The global rapid diagnostics market was valued at US$ 33.4 Bn in 2022 and is forecast to reach a value of US$ 70.27 Bn by 2030 at a CAGR of 9.8% between 2023 and 2030. Rapid diagnostics are medical diagnostic tests that provide quick and accurate results in a short amount of time. Rapid diagnostic test (RDT) is essentially utilized in preliminary or emergency medical screening along with medical facilities that have limited resources. They can be performed at point-of-care or in a laboratory setting and are used to detect and diagnose various diseases and conditions, including infectious diseases, cancers, and cardiac disorders. Rapid diagnostic testing (RDT) is mostly used in preliminary or emergency medical screening and medical facilities with limited resources.
Rapid diagnostic tests are widely used in diagnosis, medical care, epidemiology, and screening. The primary drivers of market expansion are increased demand for rapid diagnostic tests in decentralized settings and rising public awareness of the need for early diagnosis. Other factors driving the growth of the global rapid diagnostics market include increasing demand for point-of-care diagnostics, the rising prevalence of chronic diseases coupled with an aging population, the growing need for rapid decision-making in emergency departments, and emerging technological innovations. Rising demand for bedside diagnostic testing will also provide profitable growth opportunities for rapid diagnostics market share.
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The key players profiled in this market are Abbott, Danaher, Quidel, BD, LifeScan, Siemens Healthineers, F. Hoffmann-La Roche, and Ascensia Diabetes Care Holdings, among others.
Market Dynamics
Drivers
The growing concerns for the rapid diagnosis by the various government bodies
The market for rapid diagnostics is set to get a move on in a little while inferable from the rising need and care concerning the rapid clinical evaluation of consistent disorders, creating revenue for point of care (POC) diagnostics, a high combination of helpful rapid testing devices watching out, climb in the number of compelling disease cases, and broadening geriatric people base. The European Center for Disease Prevention and Control, the WHO, and the CDC partook in arranging data on the event and power of overpowering afflictions to control the ailment deliberately. Helpful undertakings of the public power bodies with neighboring experts to achieve general control of treatment and the leading body of irresistible ailments should upgrade the gathering of rapid tests
Restraints
Lack of awareness and high cost of diagnostics techniques
While immunotherapy has shown a critical guarantee in malignant growth treatment, its significant expense has restricted generally persistent access. Doctors could rather find it best to join treatments; this, thusly, could broaden the length of the treatment from five months to the north of three years. For this situation, the more extended the term, the more prominent the cost. Also, the expense of customized immunotherapies is high. The expense of disease immunotherapies can far surpass the expense expected for other treatment choices, like chemotherapy or radiation treatment. In this way, the significant expense of immuno-oncology treatments is supposed to hamper the development of the rapid diagnostics market.
Opportunities
The increasing demand from the developing countries
Developing business sectors like China, India, Brazil, and Mexico are supposed to offer huge learning experiences for players working in the POC diagnostics market. This is essential because of the great and developing pervasiveness of irresistible and way of life illnesses in these nations. Universally, China has the largest number of diabetes patients, with around 114 million individuals experiencing diabetes in the country in 2017. Likewise, in arising nations like Brazil and India, the pervasiveness of diabetes, CVDs, and HIV/AIDS is extremely high. In India, heart illnesses represented 28% of all passings in 2016 or ~2.8 million individuals.
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Market Segmentation
- By Product: Consumables and Instruments/Analysers
- By Prescription: Professional Diagnostics and At-Home/OTC-Based Testing
- By Application: Blood Glucose Testing, Cardiometabolic Testing, Infectious Disease Testing, Blood Coagulation Testing, Hematology Testing, Cancer Testing, Drug of Abuse Testing, and Pregnancy and Fertility/Ovulation Testing
- By End User: Hospitals and Clinics, Laboratories, Individuals/Home Healthcare Settings, and Other.
Table of Contents:
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Product
- Market Snapshot, By Prescription
- Market Snapshot By Application
- Market Snapshot, By End User
- Market Snapshot, By Geography
- Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Rise in prevalence of chronic/infectious disease
- Stringent regulations and rapid diagnostics challenges
- The outbreak of COVID-19 (global pandemic)
- Impact Analysis
- Key Highlights
- Regulatory Scenario
- Product launch/Approvals
- PEST Analysis
- PORTER’s Analysis
- Merger and Acquisition Scenario
- Market Dynamics
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