Rapid Medical Diagnostic Kits Market Size, COVID-19 Analysis, Emerging Trends, Share, Regional Outlook by 2028 | Grand View Research, Inc.

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According to a new report published by Grand View Research, the increasing prevalence of multidrug-resistant bacterial infections is set to propel the demand for rapid medical evaluation. Moreover, the outbreak of COVID-19 has created a significant opportunity for manufacturers to develop rapid diagnostic test supplies to contain the spread of COVID-19 infection.

The global rapid medical diagnostic kits market size is expected to reach USD 18.0 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028. Rapid medical diagnostic kits enhance the speed of etiologic diagnosis of patients affected with chronic ailments. Moreover, speedy diagnosis is of paramount importance in individuals affected with infectious diseases. Thus, an increase in the number of manufacturers keen on exploring this space is driving the revenue in the market.

Key players are focusing on introducing novel medical supplies that require limited operational training, offer convenient usage, and ensure effective analysis. This is expected to propel the demand for rapid medical care among the industry’s target audience, which is inclusive of a general population affected with chronic diseases, coupled with the healthcare professionals determined to recommend an appropriate rapid medical evaluation.

The gradual shift toward point of care (POC) testing is also an important factor boosting the adoption of these test kits. Moreover, the recent pandemic outbreak of COVID-19 has piqued the interest of healthcare professionals in this industry space. High demand for portable testing kits in COVID-19 diagnostics is expected to make a significantly positive impact on the market expansion during the forecast period.

Novel rapid diagnostic tests are being developed that are expected to facilitate the prevention of infections along with antimicrobial stewardship. Newly developed tests are combined with Antimicrobial Stewardship (ASP) to optimize antimicrobial utilization as well as patient outcomes. Moreover, test kits with a broad scope of diagnosis and swift turnaround time are entering the space, offering lucrative opportunities for revenue growth.

For instance, in January 2021, Trinity Biotech’s Captia SARS-CoV-2 IgG ELISA rapid test secured the CE mark. The company has also stated that it has significant capacity for ELISA associated product manufacturewithin their current operations, aiding in speedy commercialization of this test kit across the globe.

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Rapid Medical Diagnostic Kits Market Report Highlights

By product, over the counter (OTC) kits dominated the market in 2020 with a share of 54.3%. This is attributed to the routine adoption of OTC rapid diagnostic tests to ensure timely administration of an apt therapeutic intervention
On the basis of technology, the lateral flow segment held the largest share of 35.1% in 2020. Convenient manufacturing protocols, coupled with low costs associated with the development, have led to the expansion of lateral flow assays into the rapid medical diagnostic market space
The blood glucose testing application segment is estimated to expand at the fastest CAGR of 4.1% from 2021 to 2028. The imperative need for routine blood glucose monitoring in diabetic patients has contributed to the segment’s revenue generation capacity
Based on end use, hospitals and clinics accounted for the largest revenue share in 2020 owing to the maximum adoption of rapid medical diagnostic kits
Market entities are actively participating in the development of rapid medical test products to address the current pandemic outbreak of COVID-19, further intensifying the market competition

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Rapid Medical Diagnostic Kits Market Segmentation

Grand View Research has segmented the global rapid medical diagnostic kits market on the basis of product, technology, application, end use, and region:

Rapid Medical Diagnostic Kits Product Outlook (Revenue, USD Million, 2017 – 2028)

Over the Counter (OTC) Kits
Professional Kits

Rapid Medical Diagnostic Kits Technology Outlook (Revenue, USD Million, 2017 – 2028)

Lateral Flow
Agglutination
Solid Phase
Other Technologies

Rapid Medical Diagnostic Kits Application Outlook (Revenue, USD Million, 2017 – 2028)

Blood Glucose Testing
Infectious Disease Testing
Cardiometabolic Testing
Pregnancy and Fertility Testing
Fecal Occult Blood Testing
Coagulation Testing
Toxicology Testing
Lipid Profile Testing
Other Applications

Rapid Medical Diagnostic Kits End-use Outlook (Revenue, USD Million, 2017 – 2028)

Hospitals & Clinics
Home Care
Diagnostic Laboratories

Rapid Medical Diagnostic Kits Regional Outlook (Revenue, USD Million, 2017 – 2028)

North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Russia
Asia Pacific
Japan
China
India
South Korea
Australia
Singapore
Latin America
Brazil
Mexico
Argentina
Middle East Africa (MEA)
South Africa
Saudi Arabia
UAE

List of Key Players of Rapid Medical Diagnostic Kits Market

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

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About Grand View Research

 

Grand View Research is a market research and consulting company that offers market research reports, syndicated and customized reports. The company is headquartered in San Francisco, California. It offers client engagement for business consulting and market intelligence from various domains. The clientele is based across various countries with queries coming from more than 50 industries worldwide.

Grand View Research helps its clients to make informed decisions by helping them understand current trends and scenarios. Every year Grand View Research accomplishes more than 300 multi-country market studies to optimize consulting for clients.

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