Increasing Incidence of Multidrug-Resistant Bacterial Infections is Augmenting the Demand for Rapid Medical Diagnostics Kits: Fact.MR

Rising occurrence of infectious diseases increasing the sales of rapid medical diagnostic kits

The global rapid medical diagnostic kits market is expected to surge on the back of increasing infectious diseases and decreasing immune strength of people. As per a study by Fact.MR, the rapid medical diagnostic kits market is estimated to surpass over 4% CAGR over the forecast period between 2021 and 2031.

According to World Health Organization (WHO), more than 422 million people are suffering from diabetes. Besides this, around 1.5 million deaths were reported due to diabetes in 2019. Due to the high prevalence of diabetes in low- and middle-income regions, the demand for blood glucose testing will boost the growth of the rapid medical diagnostic kits market.

As per a study by the Agency for Healthcare Research and Quality (AHQR), more than a hundred million people are suffering from chronic conditions in the U.S alone, and over 50 million had multiple chronic conditions. Thus, the rising incidences will provide a lucrative growth opportunity for the market growth.

Thanks to increasing government initiatives and ongoing technological advancement in medical diagnostics, the rapid medical diagnostic kits market are expected to soar. According to Fact.MR, North America is projected to dominate the rapid diagnostic test kits market due to the rising prevalence of chronic diseases.

“The uninterrupted focus on advance healthcare systems for developing efficient point-of-care tests for COVID-19 management offered enormous market potential,” says Fact.MR analyst.

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Key Takeaways

  • The U.S. was dominating the rapid medical diagnostic kits market in 2020, with a market share exceeding 30.0%.
  • In Europe, Germany is leading the market driven by highly developed healthcare infrastructure and the availability of skilled professionals.
  • India is expected to project significant market growth owing to rapid technological development and increasing investments in healthcare infrastructure.
  • Due to the presence of some prominent players and developed healthcare infrastructure, Japan has demonstrated rapid strides in the medical diagnostic kits market.
  • China is one of the fastest-growing markets in the region on the back of the rising prevalence of diabetes and chronic diseases.

Key Drivers

  • Rising prevalence of chronic viral and infectious diseases will fuel the demand for rapid medical diagnostic kits.
  • Increasing government initiatives and technological advancement in diagnostics healthcare will drive market growth.
  • The outbreak of COVID-19 and rising cases of coronavirus are propelling the demand for rapid medical diagnostic kits.

Key Restraints

  • Lack of accuracy is restraining the demand for rapid medical diagnostic kits.
  • High cost of rapid medical diagnostic kits might hamper the market growth.

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Competitive Landscape

Key players operating in the rapid medical diagnostic kits market are ACON Laboratories, Inc., Abbott Laboratories, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton, Dickinson, and Company, BTNX, Inc., bioMérieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., Danaher Corporation, Creative Diagnostics, Meridian Bioscience, Inc., F. Hoffmann-La Roche AG, McKesson Medical-Surgical, Inc., Sight Diagnostics Ltd., Trinity Biotech, and Zoetis. To maintain their lead, the market players are focusing on launching novel products and receiving approval for healthcare institutes. For instance,

  • Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Denka Company Limited received approval from Ministry of Health, Labour and Welfare for the usage of Quick Navi ™ -Flu2, a rapid diagnostic kit for the detection of influenza virus antigen.
  • In 2020, Quidel Corporation received Emergency Use Authorization (EUA) from the FDA for novel Sofia 2 SARS Antigen FIA for rapid diagnosis of COVID-19.

More Insights on the Rapid Medical Diagnostic Kits Market

Fact.MR offers unbiased analysis of the rapid medical diagnostic kits market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of test (cholesterol monitoring, infectious diseases testing, substance abuse testing, fertility & pregnancy testing, blood glucose testing, and other tests), and application (hospitals & clinics, homecare settings, and veterinary), across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).

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