Rapid Diagnostic Kits Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Rapid Diagnostic Kits Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The rapid diagnostic kits market is expected to register a CAGR of 7.9 % during the forecast period (2022-2027).

The COVID-19 pandemic had positively impacted the rapid diagnostics market in terms of revenue; however, the pandemic had negatively impacted the sales of routine testing kits used mainly to screen cancer, blood glucose, cardiac markers, lipid profile, cholesterol, and other infectious diseases. During the COVID-19 crisis, various governments have taken numerous initiatives to support the testing needs of their respective countries at the onset of COVID-19. For instance, In April 2021, the federal government of Germany made it mandatory for employers in Germany to offer free COVID-19 self-testing kits once a week to employees not working from home. While, In April 2021, the United Kingdom Government designed a system of COVID-19 passports that were allowing people to people to attend public events, including sports games, by either showing proof of vaccination or a recent negative test.

Similarly, In March 2021, The German Federal Ministry of Health approved the sale of COVID-19 rapid antigen tests in supermarket chains, drug stores, pharmacies, and e-commerce websites. Additionally, In March 2021, Becker's Healthcare had published that the United States government has launched a national testing strategy to control the spread of COVID-19. Through this testing strategy, the Government has opened four COVID-19 testing hubs across the country with an investment of USD 650 million. Moreover, In October 2020, the Italian Health Ministry had conducted rapid COVID-19 diagnostics tests throughout the country to control the rising prevalence of COVID-19 infections during pandemic. Thus, the COVID-19 pandemic had negatively impacted the sale of routine testing kits globally; however, high sales of COVID-19-related tests had compensated for the loss of sales in routine testing kits.

While the launches of several diagnostics kits were being developed and commercialized for the detection of the COVID-19 virus that is fueling the market growth. For instance, in December 2020, Cipla Limited entered into its partnership with the Premier Medical Corporation for commercialization of the rapid antigen test kits to detect Coronavirus disease (Covid-19), the kit detects the viral disease in just about 15-20 minutes. The government has also invested in many research studies that include the diagnosis of infectious diseases. For instance, in September 2020, the National Institutes of Health, United States as part of its Rapid Acceleration of Diagnostics (RADx) initiative had reported the funding of USD 129.3 million to nine companies that includes MatMaCorp, Maxim Biomedical Inc, MicroGEM International, etc., to scale-up the manufacturing support for COVID-19 testing technologies.

Early and timely identification of infectious diseases propel disease surveillance programmes and is important for vector control measures. Due to their easy accessibility and quick turnaround time for results, rapid test kits are increasingly being utilized to track recent emerging infections. For instance, In February 2021, Centers for Disease Control and Prevention (CDC) has reported 7,860 cases of tuberculosis in the United States (a rate of 2.4 per 100,000 persons). In May 2021, According to the World Health Organization (WHO), tuberculosis accounted for 1.5 million deaths in 2020, that includes 214 000 people, who were already suffering from Human Immuno Virus (HIV). Tuberculosis is the 13th biggest cause of mortality and second leading infectious disease across the world. While microscopy and culture remain essential for tuberculosis laboratory diagnosis, the spectrum of rapid diagnostic test kits, particularly Nucleic Acid Amplification Test (NAAT), has greatly expanded. In September 2021, The World Health Organization (WHO) recommends using molecular NAATs for Tuberculosis detection instead of smear microscopy, since they detect Tuberculosis more correctly, especially in patients with paucibacillary illness and persons living with Human Immuno Virus (HIV). They are becoming more widely available not only for detecting and identifying mycobacterium tuberculosis complex in clinical specimens but also for diagnosing multi-drug resistant strains.

Thus, increasing government initiatives for the diagnosis of infectious diseases are fueling the growth of the studied market. While, lack of awareness regarding newer rapid diagnostic tests and shift in technological and commercial environment are hampering the growth of the market.

Key Market TrendsHospitals and Clinical Testing is the segment under application that is expected to grow at the fastest during the forecast period

The hospital and Clinical Testing segment are anticipated to offer significant growth to the market owing to the rapid technological advancements coupled with an increasing number of diagnostic laboratories around the world. For instance, according to National Accreditation Board for Testing and Calibration Laboratories (NABL) as of September 2021, there are around 8000 NABL accredited medical labs present in India.

Moreover, several foreign hospital groups from developed countries as well as emerging economies are collaborating with diagnostic companies to offer effective and extensive diagnostic services to patients. For example, In May 2021, Aster DM Healthcare has become the biotechnology firm Roche Diagnostics’ strategic partner in the United Arab Emirates, Saudi Arabia, Qatar, and Oman, the healthcare provider announced. The two companies signed a Memorandum of Understanding (MoU). Through the partnership, Aster DM Healthcare’s hospitals, clinics, and laboratories across the region can now access advanced diagnostic technology offering efficient systems to support doctors in providing treatment solutions to their patients. Through the use of Roche’s latest diagnostic solutions Aster DM Healthcare’s facilities would expand its capacity to test for multiple diseases by taking minimal samples from patients. This will help more vulnerable patients such as the elderly, children, and those living with conditions such as hemophilia or other blood diseases where taking a blood sample is cumbersome and could potentially be dangerous. The partnership would allow both Aster Hospitals and Roche to continue fulfilling its commitment towards the prevention, diagnosis, and treatment of various disease areas, including cardiovascular health, women’s health, infectious diseases. All these developments currently happening in this segment are anticipated to increase the adoption of rapid diagnostic kits, fueling the market growth.

North America is Expected to Hold the Major Market Share Over the Forecast Period

Geographically, North America is anticipated to dominate the rapid diagnostics kits market industry. The major factors propelling the market growth include the geographic presence of major players focused on bringing market development strategies to the market coupled with a large base of patients suffering from chronic diseases.

Chronic diseases are the leading cause of death and disability in the United States. In February 2021, As per the Centers for Disease Control and Prevention (CDC), six in ten Americans live with at least one chronic disease, such as Six in ten Americans live with at least one chronic disease, like heart disease and stroke, cancer, or diabetes. These and other chronic diseases are the leading causes of death and disability in America, and they are also a leading driver of health care costs. Chronic diseases are responsible for seven out of every 10 deaths in the United States, killing more than 1.7 million Americans every year.

Rising government support and initiative in this region are also likely to boost the market growth. Numerous diagnostics companies were involved in the development of novel COVID-19 rapid diagnostic tests and had gain approval from the Food and drug administration to launch these tests in the United States. For instance, In May 2020, Quidel Corporation has received Emergency Use Authorization (EUA) from the Food and drug administration for its Sofia 2 SARS Antigen FIA for rapid diagnosis of COVID-19.

Moreover, several strategic partnerships and collaborations have been currently taking place among the market players and diagnostic labs in the country which is likely to drive the growth of the market. For instance, in March 2020, Illumina completed the acquisition of Grail to accelerate the commercialization and adoption of a transformative multi-cancer screening test that has the potential to detect cancers earlier and enable better outcomes. Hence, all these development currently happening in the market coupled with the rising geriatric population is anticipated to propel the market growth.

Competitive Landscape

The rapid diagnostic kits market is highly competitive with many market players. The leading companies in the market are Abbott Laboratories, ACON Laboratories Inc., Alfa Scientific Designs Inc., Artron Laboratories Inc., Becton, Dickinson and Company, BioMerieux, BTNX Inc., Creative Diagnostics, Danaher Corporation, F. Hoffmann-La Roche Ltd, Hologic Inc., IDVet, Qiagen N.V, Siemens Healthcare GmbH, and Zoetis Inc. There are also several companies entering the market. Also, several private companies are introducing innovative products to enter the market.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.