USD 29.26 billion
Report ID: SQMIG35A2152 | Region: Global | Published Date: March, 2024 | Pages: 219 | Tables: 121 | Figures: 70
Global Rapid Diagnostics Market size was valued at USD 29.26 billion in 2022 and is poised to grow from USD 35.39 billion in 2023 to USD 162.08 billion by 2031, at a CAGR of 20.95% during the forecast period (2024-2031).
Rapid diagnostic tests (RDT) are mostly used in preliminarily or urgently screening for medical issues in medical facilities with limited resources. Point-of-care testing in primary care is made possible by RDTS through simple, rapid operations. Numerous traditional diagnostic procedures, including quick antibody tests (including the rapid HIV test), rapid plasma regain, and rapid antigen tests (including the rapid influenza diagnostic test and the rapid malaria antigen) detection assays, all incorporate rapid diagnostics. Rapid diagnostic tests are widely used for screening, epidemiology, patient management, and diagnosis. Increased demand for quick diagnostic tests in decentralised settings and increased public awareness of the benefits of early diagnosis are the main drivers of market expansion.
Additionally, the market is expected to rise due to the growing demand for accurate diagnostic tests at affordable prices. Quick diagnostics market growth is hampered by consumers' ignorance of newer rapid diagnostic tests that are on the market. In addition, the market for quick diagnostics will benefit from the growing demand for bedside diagnostic testing.
The point of care rapid diagnostics market consists of a variety of testing tools, such as glucose monitoring kits, pregnancy and fertility testing kits, infectious disease testing kits, urinalysis testing kits, haematological testing kits, cardiometabolic monitoring kits, and other similar testing tools. Hospitals, professional clinics, and private residences all employ these kinds of tests. The point of care and rapid diagnostics market Market growth is mainly driven by the high prevalence of infectious diseases, supportive government policies and rising number of CLIA-waived POC tests.
US Rapid Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 29.26 billion
Largest Segment
Kits
Fastest Growth
Equipment
Growth Rate
20.95% CAGR
To get more reports on the above market click here to Buy The Report
Rapid diagnostics market is segmented based on the product, platform, end use, application, and region. Based on product, the market is segmented into kits and equipment. Based on platform, the Rapid Diagnostics Market is segmented into Immunoassays, Molecular Detection and other platforms. Based on end use, the Rapid Diagnostics Market is segmented into Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users. Based on application, the Rapid Diagnostics Market is segmented into Infectious Diseases Testing, Pregnancy & Fertility Testing, Cardiac Metabolism Testing, Cholesterol Testing, Tumour/Cancer Markers Testing, Blood Glucose Testing, Urinalysis, Hematology Testing, Other Tests. Based on Region Rapid Diagnostics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Rapid Diagnostics Market Analysis by Product
Based on product, in 2022, the kits segment is anticipated to hold the greatest market share for fast diagnostics. The high adoption rate and frequent use of kits might be blamed for the significant market share. Other reasons promoting the expansion of this sector are the expanding selection of disease-specific kits for the early identification of chronic diseases and the rapid advancement of technology.
Rapid Diagnostics Market Analysis by Platform
Based on platform, in terms of market share for quick diagnostics, immunoassays are anticipated to dominate in 2022. The substantial proportion of this market is primarily explained by the rising elderly population, which is also accompanied by the high prevalence of chronic diseases, technical advancements, and the rising demand for kits for lateral flow assays that can be performed at home.
To get detailed analysis on other segments, Request For Sample Report
North America, which brought in USD 14.48 billion in sales in 2021, is anticipated to rule the market during the forecast period. The region's point of care diagnostics market is projected to grow as a result of the widespread use of sophisticated point-of-care diagnostics to identify a variety of infectious and chronic diseases as well as the availability of attractive reimbursement policies.
During the forecast period, Europe is expected to develop at a substantial CAGR, dominating the global market share. The introduction of quick diagnostic tools for the timely diagnosis of infectious diseases is the focus of major players in Europe. Additionally, the government has made R&D investments to support the diagnostics industry with regard to the most cutting-edge point-of-care diagnostic testing. These elements contribute to the market expansion in the area. Additionally, the Asia Pacific region is anticipated to grow at a sizable CAGR during the forecast period. The adoption of this kind of diagnostics is likely to be accelerated by the rising incidence of infectious and chronic illnesses throughout the Asia-Pacific.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Rapid Diagnostics Market Drivers
Rising Need to Assess Chronic Illnesses Will Bolster Demand for Rapid Diagnostics
Rapid Diagnostics Market Restraints
In-Accuracy Reading to Hinder Market Growth
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
the rapid diagnostics market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Rapid Diagnostics Market Top Player's Company Profiles
Rapid Diagnostics Market Recent Developments
In February 2024, researchers worldwide will assemble from March 14-16, 2024, for the Global Alliance for Rapid Diagnostics (GARD): Bridging Technologies and Market Needs. This occasion will focus on subjects like antimicrobial resistance in respiratory disease among immunocompromised populations, aquaculture diseases, supportable well-being in human and food production, available and reasonable demonstrative technologies, and pandemic preparedness and surveillance.
In September 2023, an NIH grant was awarded to launch a Center for Diagnostics to improve worldwide well-being results.
In July 2023, EMPE Diagnostics presented the mfloDx MDR-TB rapid test kit.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our rapid diagnostics market analysis, in terms of product, the kits segment held a larger market share owing to rise in adoption. And in terms of platform, the immunoassays segment contributes to the market growth due to increasing geriatric population. Moreover, increasing Incidence of Chronic and Infectious Diseases across the Globe drives the Demand for Paint of Care Diagnostics. Whereas, Lack of Accuracy of POC Diagnostics can hamper the market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 29.26 billion |
Market size value in 2031 | USD 162.08 billion |
Growth Rate | 20.95% |
Base year | 2022 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Rapid Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Rapid Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Rapid Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Rapid Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
SPEAK TO AN ANALYSTGet lifetime access to our reports
Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG35A2152