Fact.MR – A Market Research and Competitive Intelligence Provider: As per a comprehensive survey by Fact.MR, the global rapid medical diagnostic kits market is projected to top US$ 23.1 Bn in 2031.
Blood Glucose Testing Application to Create New Growth Frontiers for Rapid Medical Diagnostic Kits Market through 2031
In its latest study on the rapid medical diagnostic kits market, Fact.MR provides compelling insights into factors propelling the demand across key segments on the basis of test and application. The report also sheds light on critical trends and opportunities elevating growth prospects for the rapid medical diagnostic kits market for the forthcoming decade
Fact.MR – A Market Research and Competitive Intelligence Provider: As per a comprehensive survey by Fact.MR, the global rapid medical diagnostic kits market is projected to top US$ 23.1 Bn in 2031. Surging application in substance abuse testing, homecare settings, fertility & pregnancy testing, and veterinary settings is anticipated to facilitate the growth over the assessment period.
Rising prevalence of infectious diseases such as influenza, COVID-19, and others has fuelled the demand for rapid medical diagnostic kits across the world. According to y the World Health Organization (WHO), around 229,858,719 cases of COVID-19 were reported in September 2021, causing nearly 4,713,543 fatalities worldwide.
In response to this, the demand for effective testing devices with faster turnaround time has risen. This is expected to create growth opportunities for the market over the coming years. As per Fact.MR, the market is estimated to surge at a CAGR of 4% over the forecast period 2021-2031.
The market is expected to gain traction as an increasing number companies are focusing on receiving approvals to commercially launch their products. For instance, Otsuka Pharmaceutical Co., Ltd., announced receiving a grant from Japan’s Ministry of Health, Labour and Welfare for its influenza virus antigen rapid diagnostic kit, Quick Navi ™ -Flu2 in Oct 2020. A slew of such developments are expected to increase the sales in the market by 1.5x through 2031.
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As per Fact.MR, the blood glucose testing segment is projected to register growth by 2x through 2031. Growing diabetic population and rising demand for self-testing devices for monitoring glucose levels at home are key factors driving the segment growth.
“Successive outbreak of novel contagious viruses such as Hantavirus, Ebola, and others along with mutations in COVID-19 and other pathological genes are expected to increase the demand for point-of-care diagnostic solutions. This is expected to augment the growth in the market,” says a Fact.MR analyst.
Key Takeaways from the Rapid Medical Diagnostic Kits Market Study
- The U.S. is anticipated to remain a dominant market in North America, accounting for nearly 30% of overall sales over the assessment period.
- China is estimated to witness the fastest growth in the global market, expanding at a CAGR of 7% between 2021 and 2031.
- Japan is forecast to account for a substantial revenue share in the East Asia market, projecting sales growth at a CAGR of 5% through 2031.
- Based on test, infectious diseases testing is expected to remain a highly remunerative segment, accounting for more than 40% of total sales by the 2031-end.
- In terms of application, homecare settings are projected to hold nearly 30% of the total revenue by 2021-end.
Key Drivers
- Increasing research and development activities for developing novel therapeutics for the treatment of various infectious diseases across the U.S., China, Japan, and India is expected to propel the demand for rapid medical diagnostic kits.
- Burgeoning adoption of diagnostics kits for testing pregnancies and rising awareness regarding unwanted pregnancies is spurring the sales of rapid medical diagnostic kits across the fertility & pregnancy testing segment
Key Restraints
- Low sensitivity and less accuracy of rapid medical diagnostic kits are hampering the growth in the market.
- Stringent regulatory approval policies for launching novel medical diagnostic kits are restraining the market growth.
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Competitive Landscape
Key companies are emphasizing on launching novel products and receiving product approvals to expand their product portfolio. Besides this, some of the leading players are aiming at engaging into strategic collaboration, merger, partnership, agreement, and acquisition to strengthen its global presence. For instance,
- In June 2021, Hoffmann-La Roche, a Swiss multinational healthcare company, announced obtaining the Conformité Européenne (CE) mark for its new SARS-CoV-2 Antigen Self Nasal diagnosis kit for home settings. The product launch will assist the company to extend its outreach across several countries through pharmacies in packs of five.
- In May 2020, Quidel Corporation, an American diagnostic healthcare company announced receiving Emergency Use Authorization (EUA) for its new Sofia 2 SARS Antigen FIA from the Food and Drug Administration (FDA) for rapid diagnosis of COVID-19.
Some of the leading players in the market profiled by Fact.MR 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
- Zoetis
- Others
More Valuable Insights on Rapid Medical Diagnostic Kits Market
A recent report published by Fact.MR, offers an in-depth analysis on the global rapid medical diagnostic kits market, providing vital insights favoring the market growth for the assessment period 2021-2031. The study uncovers growth projections in rapid medical diagnostic kits market with detailed segmentation:
- By Test
- Cholesterol Monitoring
- Infectious Diseases Testing
- By Application
- Hospitals & Clinics
- Homecare Settings
- Veterinary Settings
- Fertility & Pregnancy Testing
- Blood Glucose Testing
- Substance Abuse Testing
- Other Tests
Key Questions Covered in the Rapid Medical Diagnostic Kits Market Report
- The market survey also highlights projected sales growth of the rapid medical diagnostic kits market between 2021 and 2031
- The report offers insight into rapid medical diagnostic kits demand outlook for 2021-2031
- Rapid medical diagnostic kits market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Rapid medical diagnostic kits market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Explore Fact.MR’s Coverage on the Healthcare Domain –
Blood Glucose Testing Devices Market- The rising prevalence of diabetes worldwide is driving demand for blood glucose testing devices, and one of the primary drivers driving the blood glucose device testing market is the growing acceptance of minimally invasive and non-invasive healthcare modalities. The global blood glucose testing devices market is predicted to increase due to the increasing acceptance of blood glucose testing devices among a large diabetes patient population. Along with blood glucose testing devices, customized apps that give individualized advice and alerts, allowing a patient to control his or her condition independently, are boosting market expansion.
Paper Based Diagnostic Test Kits Market- It has been discovered that there is a considerable demand from medical practices at home, ambulatory surgery clinics, and diagnostic centers due to its speedy results, reasonable accuracy, and lower pricing. Unplanned pregnancy has a big impact on the market. As a result, paper-based test kits are increasingly being employed in hospitals and clinics for diagnosis, resulting in significant market growth. As the Covid-19 virus has become more prevalent, producers have developed rapid Covid-19 diagnostic tests. As a result, businesses had to reinvent themselves in order to resist the pandemic's effects.
In Vitro Diagnostics Test Kit Market- The expanding geriatric population in both developed and developing countries would benefit the IVD market. As the world's old population grows fast, the prevalence of age-related illnesses is expected to climb considerably. Furthermore, because biomarkers can aid in illness screening, diagnosis, and therapy, they have a lot of clinical importance and interest in the medical industry. Integration of biomarkers and availability of biomolecular tools are expected to aid in the development of a new range of condition-specific tests, resulting in new IVD market opportunities.
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