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Global Dignostics Rapid Test Kits Market – Industry Trends and Forecast to 2029

Medical Devices

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Global Dignostics Rapid Test Kits Market – Industry Trends and Forecast to 2029

  • Medical Devices
  • Upcoming Report
  • Oct 2022
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Dignostics Rapid Test Kits Market – Industry Trends and Forecast to 2029

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2021–2029
Diagram Market Size (Base Year) USD 21.57 Billion
Diagram Market Size (Forecast Year) USD 36.08 Billion
Diagram CAGR %

Global Dignostics Rapid Test Kits Market, By Technology (Lateral Flow Assays, Flow Through, Agglutination, Solid Phase), Application (Glucose Monitoring, Cardiometabolic Testing, Infectious Disease Testing, Drugs-of-Abuse Testing, Fertility and Pregnancy Testing, Others), End Users (Hospitals and Clinics, Diagnostic Laboratories, Home Care Settings) – Industry Trends and Forecast to 2029.

Dignostics Rapid Test Kits Market

Dignostics Rapid Test Kits Market Analysis and Size

According to American Diabetes Association in 2019 diabetes was the main cause for the death of 282,801 patients. Demand for the glucose monitoring rapid test kits is increasing as the number of diabetic patients rising. The glucose monitoring segment is anticipated to register the fastest growth rate during the forecast period of 2022 to 2029.

Data Bridge Market Research analyses that the dignostics rapid test kits market which was USD 21.57 billion in 2021, would rocket up to USD 36.08 billion by 2029, and is expected to undergo a CAGR of 6.64% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Dignostics Rapid Test Kits Market Scope and Segmentation      

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Years

2020 (Customizable to 2014 - 2019)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Technology (Lateral Flow Assays, Flow Through, Agglutination, Solid Phase), Application (Glucose Monitoring, Cardiometabolic Testing, Infectious Disease Testing, Drugs-of-Abuse Testing, Fertility and Pregnancy Testing, Others), End Users (Hospitals and Clinics, Diagnostic Laboratories, Home Care Settings)

Countries Covered

U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Market Players Covered

Siemens (Germany), Hologic, Inc. (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Abbott (U.S.), BD (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), NeuroLogica Corp. (U.S.), Shimadzu Medical (India) pvt. Ltd. (Japan), GENERAL ELECTRIC (U.S.), Quest Diagnostics Incorporated (U.S.), Sysmex India Pvt. Ltd. (Japan), Hitachi, Ltd. (Japan), Canon Inc. (Japan), FUJIFILM Holdings Corporation (U.K.)

Market Opportunities

  • Increasing government initiatives for the diagnosis of infectious diseases
  • Rising awareness regarding early diagnosis among people
  • Shift in technological and commercial environment

Market Definition

A rapid diagnostic test (RDTs) kits is a medical diagnostic test that consumes only few minutes and easy to perform. RDTs are appropriate for preliminary or emergency medical screening and use in medical facilities with limited resources. They provide same-day results within two hours, typically in approximately 20 minutes.

Global Dignostics Rapid Test Kits Market Dynamics

Drivers

  • Rising awareness of the need of early disease diagnosis

Increased awareness of the need of early disease diagnosis is one of the critical reasons propelling the market for dignostics rapid test kits. Other significant market expansion drivers include rising demand for preventative management and home-based POC diagnostic kits. In the forecast period of 2022–2029, modernization and technological developments will continue to increase quickly, opening up new chances for the market for dignostics rapid test kits.

  • Increasing investment for healthcare infrastructure

Another significant factor influencing the growth rate of dignostics rapid test kits market is the rising healthcare expenditure which helps improve its infrastructure. Also, various government organizations are working to improve the healthcare infrastructure by increasing funding, which will further influence the market dynamics.

  • Technological developments

The market growth is also projected to be boosted by increasing government support and effort in this area. The development of the revolutionary COVID-19 rapid diagnostic tests was undertaken by a large number of diagnostics companies, who also received FDA authorization to introduce the tests in the US market. For instance, Quidel Corporation's Sofia 2 SARS Antigen FIA was granted Emergency Use Authorization (EUA) by the Food and Drug Administration in May 2020 for the purpose of advanced COVID-19 diagnosis. This will boost market’s growth.

Opportunities

  • Rising demand of quick supplies

The need for quick medical examination is expected to increase due to the rising occurrence of bacterial illnesses that are multidrug resistant. Additionally, the COVID-19 epidemic has provided a sizable potential for producers to create rapid diagnostic test kits to stop the infection's spread. Population growth, genetic diversity in hosts and diseases, and environmental change are a few factors causing a rise in the demand for quick medical supplies, driving the industry's growth.

Restraints/Challenges

  • Lack of awareness

On the other hand, the failure to eliminate the need for microscopy diagnosis and the lack of awareness regarding newer rapid diagnostic tests will obstruct the market's growth rate. The dearth of skilled professionals and lack of healthcare infrastructure in developing economies will challenge the dignostics rapid test kits market.

This dignostics rapid test kits market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the dignostics rapid test kits market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Dignostics Rapid Test Kits Market

The COVID-19 pandemic had a favorable financial impact on the market for diagnostic rapid test kits. Still, it had a detrimental effect on the sales of routine testing kits, which are mostly used to screen for cancer, blood sugar, cardiac indicators, lipid profile, cholesterol, and other infectious diseases. Various governments have launched many initiatives during the COVID-19 crisis to support the testing requirements of their different nations at the start of COVID-19. For instance, the German federal government mandated in April 2021 that companies provide free COVID-19 self-testing kits once a week to workers who are not working from home.

Recent Development

  • In March 2020, an innovative multi-cancer screening test that can detect tumours early and enable improved outcomes was acquired by Illumina from Grail. This acquisition was done to speed up the commercialization and acceptance of this test. As a result, it is expected that the market will rise due to all the current market developments and the growing elderly population.
  • In March 2022, a quick test kit that is simple to use is something that Arlington Scientific, a company that makes medical test kits in Utah, and Brain Chemistry Labs, a non-profit research organisation, committed to create. This test kit will identify the presence of -methylamino-L-alanine (BMAA), a poisonous substance found in cyanobacterial blooms that causes the fatal paralytic condition known as Amyotrophic Lateral Sclerosis (ALS).
  • In March 2022, an affiliate of the Korean corporation GenBody Inc., GenBody America, LLC, stated that its Jurupa Valley, California factory would begin operating and increase manufacturing of anterior nasal swabs that can be read visually. This factory will be able to produce 1.5 million nasal swab kits for COVID-19 antigen tests each week.

Global Dignostics Rapid Test Kits Market Scope

The dignostics rapid test kits market is segmented on the basis of technology, application and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Technology

  • Lateral Flow Assays
  • Flow Through
  • Agglutination
  • Solid Phase

 Application

  • Glucose Monitoring
  • Cardiometabolic Testing
  • Infectious Disease Testing
  • COVID-19
  • Hepatitis
  • HIV
  • Influenza
  • Others
  • Drugs-of-Abuse Testing
  • Fertility and Pregnancy Testing
  • Others

End Users

  • Hospitals and Clinics
  • Diagnostic Laboratories
  • Home Care Settings

Dignostics Rapid Test Kits Market Regional Analysis/Insights

The dignostics rapid test kits market is analysed and market size insights and trends are provided by country, technology, application and end-users as referenced above.

The countries covered in the dignostics rapid test kits market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the dignostics rapid test kits market due to 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.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 due to the increasing patient pool in the region suffering from various chronic and infectious diseases and various research and development activities.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Dignostics Rapid Test Kits Market Share Analysis

The dignostics rapid test kits market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to dignostics rapid test kits market.

Some of the major players operating in the dignostics rapid test kits market are:

  • Siemens (Germany)
  • Hologic, Inc. (U.S.)
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China)
  • Abbott (U.S.)
  • BD (U.S.)
  • F. Hoffmann-La Roche Ltd (Switzerland)
  • Thermo Fisher Scientific Inc. (U.S.)
  • Koninklijke Philips N.V. (Netherlands)
  • NeuroLogica Corp.(U.S.)
  • Shimadzu Medical (India) pvt. Ltd. (Japan)
  • GENERAL ELECTRIC (U.S.)
  • Quest Diagnostics Incorporated (U.S.)
  • Sysmex India Pvt. Ltd. (Japan)
  • Hitachi, Ltd. (Japan)
  • Canon Inc. (Japan)
  • FUJIFILM Holdings Corporation (U.K.)


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Research Methodology:

Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market and primary (industry expert) validation. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

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Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Fact book) or can assist you in creating presentations from the data sets available in the report.

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FREQUENTLY ASK QUESTIONS

The Dignostics Rapid Test Kits Market is projected to grow at a CAGR of 6.64% during the forecast period by 2029.
The future market value of the Dignostics Rapid Test Kits Market is expected to reach USD 36.08 billion by 2029.
The major players in the Dignostics Rapid Test Kits Market are Siemens (Germany), Hologic, Inc. (U.S.), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (China), Abbott (U.S.), BD (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Thermo Fisher Scientific Inc. (U.S.), Koninklijke Philips N.V. (Netherlands), NeuroLogica Corp. (U.S.), Shimadzu Medical (India) pvt. Ltd. (Japan), etc.
The country covered in the Dignostics Rapid Test Kits Market are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, etc.
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