Who are the key vendors in the Global Rapid Diagnostics Market?

The rapid diagnostics market is highly competitive and somewhat fragmented. Major industry participants continually implement various growth strategies such as innovations, mergers, acquisitions, collaborations, and partnerships to maintain a competitive edge. Major market players include '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'.

What is the key driver of Global Rapid Diagnostics Market?

The energy policies of both developed and developing nations are being updated to include a significant share of power generation sourced from renewable energy sources like wind and solar. Investments in renewable energy are increasing due to financial incentives from governments, which is further anticipated to propel market growth. Modernizing and enhancing electricity grids require renewable energy, and the costs of renewable sources like geothermal, hydropower, biomass, and onshore wind are becoming comparable to traditional power plants. These factors are expected to aid in the expansion of the advanced energy storage systems industry in the long run.

Which region accounted for the largest share in Global Rapid Diagnostics Market?

North America accounted for the largest share in the global rapid diagnostics market, generating USD 14.48 billion in sales in 2021. The region's point-of-care diagnostics market is projected to grow due to the widespread use of sophisticated point-of-care diagnostics for identifying various infectious and chronic diseases, as well as attractive reimbursement policies.

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

Q: What is the key market trend for Global Rapid Diagnostics Market?

Major market participants are increasingly implementing cutting-edge technologies like artificial intelligence to create effective point-of-care diagnostics. Lab-on-a-chip platforms, wearable technology, and breakthroughs in smartphone-based technologies have led to significant improvements in point-of-care testing devices. Deep learning systems built on the cloud have paved the way for future advancements. Novel biosensors, microfluidics, and chip technology miniaturization have advanced the design of new diagnostic systems. Lab-on-a-chip technology, particularly in the detection of infectious diseases, is one of the main drivers of point-of-care testing. Several bioassays, including microbiological culture, enzyme-linked immunosorbent assays (ELISA), and polymerase chain reaction (PCR), can now be performed at the point of care thanks to lab-on-a-chip technology. Therefore, new technologies for manufacturing point-of-care testing kits are expected to boost the global market growth during the forecast period.

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.

Rapid Diagnostics Market Report Snapshots

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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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Rapid Diagnostics Market Insights

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Which region accounted for the largest share in Rapid Diagnostics Market?

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