Rapid Diagnostic Kits Market Analysis | 2023-2028

Market Insights

The rapid diagnostic kits market was estimated at USD 14.7 billion in 2022 and is likely to grow at a CAGR of 3.66% during 2023-2028 to reach USD 18.3 billion in 2028.

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Market Dynamics

Introduction

The healthcare industry recently focused on expediting 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.

Market Drivers

The major factors driving the growth of the rapid diagnostic kits market are:

• Growing need and awareness regarding the rapid medical evaluation of chronic disease.
• 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.
• Rising geriatric population across the globe.

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.

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Key Players

The key players operating in the rapid diagnostic kits market are:

• 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).

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

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.

Regional Insights

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.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects rapid diagnostic kits market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The rapid diagnostic kits market is segmented into the following categories:

By Product Type

• Over The Counter (OTC) Kits
• Professional Kits

By Technology Type

• Lateral Flow
• Agglutination
• Solid Phase
• Others

By Application Type

• Blood Glucose Testing, Infectious Disease Testing
• Cardiometabolic Testing
• Pregnancy, and Fertility Testing
• Fecal Occult Blood Testing
• Coagulation Testing
• Toxicology Testing
• Lipid Profile Testing
• Others

By End-Use Type

• Hospitals & Clinics
• Home Care
• Diagnostic Laboratories

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the end-use types by product type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].