A research report on the Rapid Diagnostic Kits Market has recently been published by Stratview Research, which addresses the significant changes in the Rapid Diagnostic Kits Market. The study's purpose is to recognize recent market sizes for various segments and countries, as well as forecast values for the coming years. This research gives an analytical review of the market’s present trend and future estimates in order to find additional opportunities. The report is meant to provide both qualitative and quantitative aspects of the market in each of the areas and countries studied.
Market Insights
The rapid diagnostic kits market is projected to grow from USD 14.7 billion in 2022 to USD 18.3 billion by 2028 at a CAGR of 3.66% during the forecast period.
What are rapid diagnostic kits?
The healthcare industry recently is focusing to expedite disease diagnosis through testing. Consequently, rapid diagnostic test kits have been developed to offer instant access to diagnose patients with various types of diseases and decide the kind of required treatment. These rapid diagnostic kits offer quick results and are cost-effective and easily available.
COVID-19 IMPACT
The outbreak of the COVID-19 virus has positively influenced the rapid diagnostic kits industry. Numerous diagnostics companies are involved in the development of novel COVID-19 rapid diagnostic tests and are aiming to gain approval from the FDA to launch these tests in the US. The ongoing COVID-19 pandemic has created immense growth opportunities for the market players to develop rapid diagnostic test supplies to prevent the spread of COVID-19 infection.
Profiling Key Companies –
- Acon Laboratories, Inc. (The U.S),
- Alfa Scientific Designs Inc. (The U.S),
- Abbott Laboratories (The U.S),
- Artron Laboratories Inc. (Canada),
- Becton, Dickinson And Company (The U.S),
- BTNX Inc (Canada),
- bioMérieux SA (France),
- Bio-Rad Laboratories, Inc. (The U.S),
- Cardinal Health (The U.S), and
- Danaher Corporation (The U.S).
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- Assessment of the market
- Competitive Landscape
- COVID Impact Analysis
- Value Chain Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
- Future Business Scope & Opportunities Forecast
Market Dynamics
Growing need and awareness regarding the rapid medical evaluation of chronic diseases, high influx of portable rapid testing devices in the market, increasing demand for point-of-care diagnostics, the surge in the number of infectious disease cases, and rising geriatric population across the globe are some of the key factors augmenting the market growth. The collaborative efforts of the government bodies with local authorities to achieve overall control of the management and treatment of infectious diseases are further expected to bolster the product demand.
Segment Analysis
By product, the rapid diagnostic kits market has been segmented into over-the-counter kits and professional kits. Under these, the over-the-counter kits segment garnered the highest market share of more than 50% in 2022 and is likely to register a substantial CAGR during the review period. This is mainly attributed to ease to use in the “near-patient setting” as well as being a cost-effective alternative to high-cost laboratory testing.
By region, the North American market witnessed the highest market share in 2022 and is estimated to grow at a substantial CAGR during the assessment period. This is mainly ascribed to the rise in consumption of rapid diagnostic kits, the upsurge in demand for over-the-counter drugs, easier availability, and strong healthcare facilities. Moreover, growing healthcare expenditure and rising funds and grants for R&D activities further boost regional growth.
Custom Research:
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Critical Questions Answered in the Report
- What are the key trends in the Rapid Diagnostic Kits Market?
- How the market (and its various sub-segments) has grown in the last five years and what growth trajectory will it follow in the next five years?
- On what scale has COVID-19 impacted the Rapid Diagnostic Kits Market?
- What are some key strategies adopted by the market leaders in the Rapid Diagnostic Kits Market?
- How much share of the Rapid Diagnostic Kits Market do the top players own?
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