Rapid Medical Diagnostic Kits Market Size Is Anticipated To Reach USD 23.6 Billion By 2027


 San Francisco, 7 Dec 2020: The Report Rapid Medical Diagnostic Kits Market Size, Share & Trends Analysis Report By Product, By Technology (Lateral Flow, Agglutination, Solid Phase), By End Use (Blood Glucose Testing, Coagulation Testing), By Region, And Segment Forecasts, 2020 - 2027

The global rapid medical diagnostic kits market size is expected to reach USD 23.6 billion by 2027, expanding at a CAGR of 4.2%, according to a new report by Grand View Research, Inc. The growing prevalence of infections caused by multidrug-resistant bacteria has led to high demand for rapid diagnosis. Moreover, the outbreak of COVID-19, caused by a newly discovered coronavirus, has created a significant need for rapid diagnostic tests to manage and control the pandemic.

Some of the factors that have played a vital role in the rising prevalence of emerging diseases are genetic variation in hosts and pathogens, population pressure, and environmental change. Rapid detection of chronic diseases, especially infectious diseases, is necessary and should be accurate and affordable too. It helps minimize the need for multiple patient visits and facilitates timely treatment and control of infectious disease outbreaks such as COVID-19. In response to the pandemic, many manufacturers of diagnostic tests are focusing on the development of rapid and easy-to-use point of care COVID-19 diagnostic tests to facilitate testing outside of lab settings. For instance, on March 21, 2020, Cepheid, a subsidiary of Danaher Corporation, launched a novel COVID-19 diagnostic test namely Cepheid Xpert Xpress SARS-CoV-2 post Emergency Use Authorization (EUA) approval from the FDA.

Regulatory bodies such as WHO, CDC, and European Centre for Disease Prevention and Control, are engaged in active recording of data on incidence and prevalence of infectious diseases to control the disease systematically. These agencies work together with local governments to achieve overall control of the treatment and management of infectious diseases. For example, the Global Influenza Programme (GIP), by WHO, provides technical support, strategic guidance, and coordination activities concerning a zoonotic, pandemic, and seasonal influenzas.

Growing prevalence of infectious diseases including tuberculosis, malaria, HIV/AIDS, pneumonia, hepatitis, and influenza is one of the major factors propelling the market growth. According to WHO, around 58.0 million people were diagnosed and treated for tuberculosis between 2000 and 2018 across the globe. The WHO also stated that in 2018, over 228.0 million malaria cases occurred around the world, with over 93.0% cases being reported from Africa, 3.4% from Southeast Asia, and 2.1% from the Eastern Mediterranean region.

Access Research Report of Rapid Medical Diagnostic Kits Market @ https://www.grandviewresearch.com/industry-analysis/rapid-medical-diagnostic-kits-industry

Rapid Medical Diagnostic Kit Market Report Highlights

  • Over-the-counter (OTC) kits dominated the market in 2019 and accounted for a share of 61.76% and is anticipated to maintain its dominance over the forecast period
  • This is attributed to the fact that OTC rapid diagnostic tests allow frequent monitoring of disease/treatment method as these tests are easily available and can be performed without professional medical intervention
  • The lateral flow segment dominated the market in 2019 and accounted for a share of 32.2%. The segment is expected to maintain this dominance over the forecast period
  • Low development cost and easy manufacturing have led to the expansion of applications of lateral flow assays into areas where rapid testing is needed

List of Key Players of Rapid Medical Diagnostic Kit 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.
  • Hoffmann-La Roche AG
  • McKesson Medical-Surgical, Inc
  • Sight Diagnostics Ltd
  • Trinity Biotech
  • Zoetis

Access Press Release of Rapid Medical Diagnostic Kits Market @ https://www.grandviewresearch.com/press-release/global-rapid-medical-diagnostic-kit-market

 

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