Global Rapid Diagnostics Market

Rapid Diagnostics Market Size, Share, Growth Analysis, By product(kits and equipment), By platform(Immunoassays, Molecular Detection and other platform), By End use(Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users), By Application(Infectious Diseases Testing, Pregnancy & Fertility Testing, Cardiac Metabolism Testing, Cholesterol Testing), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35A2152 | Region: Global | Published Date: March, 2024
Pages: 219 |Tables: 121 |Figures: 70

Rapid Diagnostics Market Insights

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.

Market Snapshot - 2024-2031

Global Market Size

USD 29.26 billion

Largest Segment

Kits

Fastest Growth

Equipment

Growth Rate

20.95% CAGR

Global Rapid diagnostics market ($ Bn)
Country Share for North America Region (%)

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Rapid Diagnostics Market Segmental Analysis

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.

Global Rapid diagnostics market By product (%), 2022 (%)

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Rapid Diagnostics Market Regional Insights

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.

Global Rapid diagnostics market By Region, 2024-2031
  • Largest
  • Fastest

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Rapid Diagnostics Market Dynamics

Rapid Diagnostics Market Drivers

Rising Need to Assess Chronic Illnesses Will Bolster Demand for Rapid Diagnostics

  • There has been a noticeable rise in the prevalence of chronic illnesses like diabetes, cardiovascular diseases, and numerous infectious diseases. One of the main factors driving the need for point of care diagnostics during the anticipated timeframe is the high prevalence rate of these illnesses. The frequency of diabetes and the other chronic diseases has significantly increased globally, leading to Demand for quick point-of-care diagnostics is expected to increase in order to effectively treat these conditions. favourable global market growth for point-of-care diagnostics.

Rapid Diagnostics Market Restraints

In-Accuracy Reading to Hinder Market Growth

  • The lack of accuracy of rapid point-of-care diagnostic tests around the world and the low number of FDA approvals for rapid testing have both limited the growth of the entire industry due to the high cost involved with the virus clearing technology. The field of point-of-care testing is rife with pre-analytical mistakes. Therefore, such situations might limit the introduction of new products, which would hinder the growth of the market. For example, Siemens Healthcare issued a Class 2 Device Recall for their BGEM Analyze Card In-vitro Diagnostic Device in August 2020. This device is used to quantitatively test non-anticoagulated arterial, venous, or capillary whole blood in a laboratory setting or at the point of care. The conflicting glucose results on card lot 01-20095-10 were the cause of this. This can delay the diagnosis of hyperglycaemia or lead to needless hypoglycaemia treatment. Therefore, during the projected period, the lack of precision in POC testing is anticipated to limit market expansion on a global scale.

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Rapid Diagnostics Market Competitive Landscape

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

  • F. Hoffmann-La Roche Ltd.
  • ACON Laboratories, Inc.
  • Danaher Corporation
  • Thermo Fisher Scientific Inc.
  • BioMérieux S.A.
  • Alfa Scientific Designs, Inc.
  • BTNX Inc.
  • and Trinity Biotech plc

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.

Rapid Diagnostics Key Market Trends

  • Major market participants are putting more effort into implementing cutting-edge technology like artificial intelligence to create effective point-of-care diagnostics. Lab-on-a-chip platforms, wearable technology, and breakthroughs in smartphone-based technologies have all led to significant improvements in POCT devices. Deep learning systems built on the cloud have prepared the way for coming upheavals. Novel biosensors, microfluidics, and chip technology miniaturisation have advanced the design of new diagnostic systems. One of the main forces behind POCT is lab-on-a-chip technology, notably in the detection of infectious diseases. Several bioassays, including microbiological culture, enzyme-linked immunosorbent assays (ELISA), and polymerase chain reaction (PCB), can now be utilised at the point of care thanks to lab-on-a-chip technology. Therefore, new technologies for POC testing kits manufacturing are expected to boost the global market growth during the forecast period.

Rapid Diagnostics Market SkyQuest Analysis

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 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • product
    • kits and equipment
  • platform
    • Immunoassays, Molecular Detection and other platform
  • End use
    • Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users
  • Application
    • Infectious Diseases Testing, Pregnancy & Fertility Testing, Cardiac Metabolism Testing, Cholesterol Testing, Tumour/Cancer Markers Testing, Blood Glucose Testing, Urinalysis, Hematology Testing, Other Tests
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
  • F. Hoffmann-La Roche Ltd.
  • ACON Laboratories, Inc.
  • Danaher Corporation
  • Thermo Fisher Scientific Inc.
  • BioMérieux S.A.
  • Alfa Scientific Designs, Inc.
  • BTNX Inc.
  • and Trinity Biotech plc
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Rapid Diagnostics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Rapid Diagnostics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Rapid Diagnostics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the 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.

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FAQs

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).

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. 'Abbott Laboratories', 'Becton, Dickinson and Company', 'Bio-Rad Laboratories, Inc.', 'F. Hoffmann-La Roche Ltd.', 'ACON Laboratories, Inc.', 'Creative Diagnostics', 'Danaher Corporation', 'Thermo Fisher Scientific Inc.', 'BioMérieux S.A.', 'Alfa Scientific Designs, Inc.', 'BTNX Inc.', 'Meridian Bioscience, Inc.', 'and Trinity Biotech plc'

There has been a noticeable rise in the prevalence of chronic illnesses like diabetes, cardiovascular diseases, and numerous infectious diseases. One of the main factors driving the need for point of care diagnostics during the anticipated timeframe is the high prevalence rate of these illnesses. The frequency of diabetes and the other chronic diseases has significantly increased globally, leading to Demand for quick point-of-care diagnostics is expected to increase in order to effectively treat these conditions. favourable market growth for point-of-care diagnostics.

Major market participants are putting more effort into implementing cutting-edge technology like artificial intelligence to create effective point-of-care diagnostics. Lab-on-a-chip platforms, wearable technology, and breakthroughs in smartphone-based technologies have all led to significant improvements in POCT devices. Deep learning systems built on the cloud have prepared the way for coming upheavals. Novel biosensors, microfluidics, and chip technology miniaturisation have advanced the design of new diagnostic systems. One of the main forces behind POCT is lab-on-a-chip technology, notably in the detection of infectious diseases. Several bioassays, including microbiological culture, enzyme-linked immunosorbent assays (ELISA), and polymerase chain reaction (PCB), can now be utilised at the point of care thanks to lab-on-a-chip technology. Therefore, new technologies for POC testing kits manufacturing are expected to boost the market growth during the forecast period.

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.

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