Rapid Diagnostic Kits - Market Insights, Competitive Landscape, and Market Forecast - 2030

Rapid Diagnostic Kits - Market Insights, Competitive Landscape, and Market Forecast - 2030

Rapid Diagnostic Kits Market By Technology (Lateral Flow Tests, Immunoassay, Agglutination, And Solid Phase), By Application (Infectious Diseases, Fertility Tests, Glucose Monitoring, Cholestrol Monitoring And Others), By End User (Hospitals, Clinics, Home Care, And Diagnostic Centers), and by geography, is expected to grow at a significant CAGR forecast till 2030 owing to the rising prevalence of diabetes globally and the increasing prevalence of covid-19

The global rapid diagnostic kits market was valued at USD 14.12 billion in 2023, growing at a CAGR of 3.55% during the forecast period from 2024 to 2030, to reach USD 17.38 billion by 2030. The stellar growth observed in the rapid diagnostic kits market is primarily owing to the rising prevalence of diabetes globally, the increasing prevalence of COVID-19, the increasing incidence of Human Immunodeficiency Virus (HIV) infection, the increased regulatory approval of rapid diagnostics kits in the market, and the increase in demand of point-of-care immunodiagnostic tests are some of the factors propelling the market for rapid diagnostic kits during the forecast period from 2024 to 2030.

Rapid Diagnostic Kits Market Dynamics:

The rapid diagnostic kits market is witnessing lucrative growth at present owing to various factors such as the rising prevalence of diabetes globally. As per the International Diabetes Federation in 2022, around 537 million adults (20-79 years) were living with diabetes. According to the above mentioned source, by the year 2030, there will be 643 million people who will suffer from diabetics worldwide, and by the year 2045, there will be 783 million people suffering from the disease. Thus, the rapid diagnostics kits which includes the glucometer with strips which are used for the glucose monitoring for quick results. Therefore, this can boost the demand of rapid diagnostics kits, thereby, blostering the growth of rapid diagnostics kits overall market over the forecast period (2024-2030).

Moreover, another key factor that is responsible for the growth of the rapid diagnostics kits market is the increasing prevalence of COVID-19. For instance, according to the WHO June 2022, there have been 540,923,532 confirmed cases of COVID-19 all over the world including 6,325,785 deaths. As per the aforesaid source, the spike in COVID-19 cases in 2019 boosted the demand and production of rapid diagnostics kits. The viral proteins (antigens) associated with the COVID-19 virus can be detected by a rapid diagnostic test (RDT) by taking the sample of a person’s respiratory tract, this assures a quick and accurate diagnosis. Therefore, the increasing prevalence of COVID-19 and deaths related to it can be limited by doing an early diagnosis of the virus with the help of rapid diagnostics kits, this increases the demand for rapid diagnostics kits which surges the rapid diagnostics kit's overall market growth.

Hence, all the aforementioned factors are anticipated to boost the global rapid diagnostic kits market during the forecast period.

However, the low sensitivity & accuracy of rapid diagnostic kits and stringent regulatory approval policies are some of the factors likely to impede the rapid diagnostic kits market growth.

Additionally, the ongoing COVID-19 pandemic has positively impacted the rapid diagnostics kits market. The surge in COVID-19 cases across the globe generated a huge demand for rapid diagnostics kits to detect the presence of disease in an individual. Home self-testing kits demand for COVID-19 increased as well as the severe shortage of rapid diagnostics kits related to glucose monitoring and others was reported. As the masses are vaccinated, relaxation in lockdown restrictions, resumption of supply chains, logistics, and manufacturing units, the rapid diagnostics kits overall market can be expected to further grow during the forecast period (2024-2030).

Rapid Diagnostic Kits Market Segment Analysis:

Rapid Diagnostic Kits Market by Technology (Lateral Flow Tests, Immunoassay, Agglutination, and Solid Phase), Application (Infectious Diseases, Fertility Tests, Glucose Monitoring, Cholestrol Monitoring, and Others), End-User (Hospitals, Clinics, Home Care, and Diagnostic Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the application segment of the rapid diagnostic kits market, the infectious diseases sub-segment is expected to hold the largest market share in the year 2023. This is because of the sudden spike of infectious diseases such as COVID-19 cases in 2019, rapid diagnostics kits helped in the early diagnosis of the virus. It acts as a useful technique for determining the clinical diagnosis of COVID-19 in which antibodies are spotted on nitrocellulose membranes and interact with certain antigens in the patient's sample. Some advantages of rapid diagnostics kits are people have easier access to the test, it allows the implementation of proper infection control measures early, which is critical in a pandemic, and it is an easy-to-use test that yields findings in 20 minutes or less, with little or no additional equipment needed. Thus, the benefits associated with the rapid diagnostics kits, its market demand increases which boosts its overall market growth.

Therefore, the surge in infectious diseases cases worldwide, can increase the demand for rapid diagnostics kits which could drive the growth of the overall rapid diagnostics kits market during the forecast period. However, various technological advanced products are launched in the market which are also expected to drive the market growth. For instance, in January 2022, Roche Diagnostics, the world’s largest biotech company, announced the release of the COVID-19 At-Home Test, their newest diagnostic solution. The ICMR has authorized the over-the-counter test for the identification of SARS CoV-2 infection in those who have symptoms that are similar to COVID-19.

Further, in July 2022, Abbott, a global healthcare leader announced the launch of the Panbio™ COVID-19 Antigen Self-Test for the detection of the SARS-CoV-2 virus in adults and children with or without symptoms.

Hence, all the above-mentioned factors are anticipated to contribute to the growth of the rapid diagnostic kits market during the forecast period.

North America is expected to dominate the overall Rapid Diagnostic Kits Market:

Among all the regions, North America is expected to occupy a major share in the global rapid diagnostic kits market in the year 2023 and continue to do the same during the forecast period from 2024 to 2030. Factors such as the increasing incidence of HIV infections and the increasing regulatory approval of rapid diagnostics kits in the market are expected to increase the demand for rapid diagnostics kits in the North America market.

According to HIV.gov in 2019, in United States, 34,800 new cases of HIV infections were estimated with the rate of 12.6 per 100,000 people. Therefore, rapid diagnostics kits can be used for the diagnosis of the HIV infection, this can uplift the demand of rapid diagnostics kits, which could boost the rapid diagnostics kits overall market.

Furthermore, pregnancy test kits are utilized to detect the pregnancy in the women. Thus, due to surge in pregnancy and birth rates, regulatory approval of pregnancy diagnostics kits has increased in the market, which can also drive the rapid diagnostics kits overall market. For instance, in December 2020, ACON Laboratories Inc., a leading global of rapid tests, point of care diagnostics and medical devices announced that it has received FDA Over The Counter (OTC) clearance for its Distinct® Early Detection Pregnancy test in the United States.

Therefore, due to interplay of the factors mentioned above, there will be high demand of rapid diagnostics kits, which would provide a conducive growth environment for the North American region in the rapid diagnostics kits market.

Rapid Diagnostic Kits Market Key Players:

Some of the key market players operating in the rapid diagnostic kits market include Advin Health Care, ACON Laboratories Inc, Abbott, Artron Laboratories Inc, Alfa Scientific Designs Inc, BD, BTNX Inc, bioMérieux SA, Cardinal Health, Lab-Care Diagnostics (India) Pvt. Ltd., Creative Diagnostics, Meridian Bioscience Inc, F. Hoffmann-La Roche Ltd, Trinity Biotech, WERFEN, Elabscience Biotechnology Inc, Innova Medical Group Inc, CTK Biotech Inc , Atlas Medical GmbH, Wondfo, and others.

Recent Developmental Activities in the Rapid Diagnostic Kits Market:

In February 2022, Kenya's Ministry of Health launched malaria and COVID-19 PCR diagnostic kits in a bid to increase the timely detection and treatment of both infections.

In June 2022, MyLab Discovery Solutions announced the commercial launch of their COVID-19 self-test kit CoviSelf in India after getting approval from the Indian Council for Medical Research (ICMR). It can detect the virus within 15 minutes. It is the first test kit for Covid-19 that can be self-administered by citizens at home.

In March 2020, Biolidics Limited, a medical technology firm, announced the debut of their quick test kit for the Novel Coronavirus 2019 (""COVID-19"") in Singapore, as well as a manufacturing agreement with a diagnostic kit manufacturer to customize and produce the rapid test kits.

Key Takeaways from the Rapid Diagnostic Kits Market Report Study

Market size analysis for current market size (2023), and market forecast for 6 years (2024-2030)

The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the rapid diagnostic kits market.

Top key product/services/technology developments, mergers, acquisitions, partnerships, joint ventures happened over the last 3 years

Key companies dominating the Global rapid diagnostic kits Market

Various opportunities available for the other competitor in the rapid diagnostic kits Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for rapid diagnostic kits market growth in the coming future?

Target Audience who can be benefited from the Rapid Diagnostic Kits Market Report Study

Rapid diagnostic kits providers

Research organizations and consulting companies

Rapid diagnostic kits-related organization, association, forum, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders in Rapid Diagnostic Kits

Various End-users who want to know more about the Rapid Diagnostic Kits Market and the latest technological developments in the Rapid Diagnostic Kits market.

Frequently Asked Questions for the Rapid Diagnostic Kits Market:

1. What is Rapid Diagnostic Kits?

Rapid Diagnostic Kits help in point-of-care diagnosis, which means they're designed to give patients diagnostic findings quickly and easily while they're still at the hospital, screening site, or other health care provider.

2. What is the market for Global Rapid Diagnostic Kits?

The global Rapid Diagnostic Kits Market was valued at USD 14.12 billion in 2023, growing at a CAGR of 3.55% during the forecast period from 2024 to 2030 to reach USD 17.38 billion by 2030.

3. What are the drivers for Global Rapid Diagnostic Kits?

The major factor driving the demand for rapid diagnostic kits are the rising prevalence of diabetes globally, the increasing prevalence of COVID-19, the increasing incidence of Human Immunodeficiency Virus (HIV) infection, the increased regulatory approval of rapid diagnostics kits in the market, and increase in the demand of point-of-care immunodiagnostic tests

4. What are the key players operating in Global Rapid Diagnostic Kits?

Some of the key market players operating in the rapid diagnostic kits market include Advin Health Care, ACON Laboratories Inc, Abbott, Artron Laboratories Inc, Alfa Scientific Designs Inc, BD, BTNX Inc, bioMérieux SA, Cardinal Health, Lab-Care Diagnostics (India) Pvt. Ltd., Creative Diagnostics, Meridian Bioscience Inc, F. Hoffmann-La Roche Ltd, Trinity Biotech, WERFEN, Elabscience Biotechnology Inc, Innova Medical Group Inc, CTK Biotech Inc. , Atlas Medical GmbH, Wondfo, and others.

5. Which region has the highest share in the Rapid Diagnostic Kits market?

Among all the regions, North America is expected to occupy a major share in the global rapid diagnostic kits market in the year 2023. This domination is owing to the increasing incidence of Human Immunodeficiency Virus (HIV) infection and the increased regulatory approval of rapid diagnostics kits in the market contributes to the growth of the rapid diagnostics kits market in the North America region.