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Rapid Diagnostics Market Worth $26.4 Billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., May 13, 2022 /PRNewswire/ -- According to a new market research report titled, "Rapid Diagnostics Market by Product [Kits (OTC, Professional), Equipment], Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy), End User (Hospitals, Diagnostic Labs, Home Care) - Forecast to 2029," published by Meticulous Research®, the rapid diagnostics market is expected to grow at a CAGR of 1.4% from 2022 to 2029 to reach $26.4 billion by 2029.

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A rapid diagnostic test (RDT) is a medical test that provides diagnostic results expeditiously (within 1 hour). RDT kits are widely used in hospitals, clinics, and diagnostic laboratories for the qualitative and quantitative detection of specific antigens, antibodies, and markers of proteins associated with a specific health condition or disease in human health applications.

The growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the aging population, increasing demand for rapid decision-making in emergency departments, and emerging technological innovations are some of the major factors driving the growth of the rapid diagnostics market. However, variances in test results is expected to hinder the growth of this market. The results can vary due to the design and intended use of the rapid testing kits differing from laboratory analysis. In addition, less stringent performance criteria allowed for rapid testing kits, cross-reaction with other pathogens or similar analytes, and errors in sample collection are also responsible for variances in test results. Thus, companies operating in the market are constantly developing new products with higher accuracy to overcome this hindrance.

According to data released by the Centers for Disease Control and Prevention (CDC), in the U.S, out of the total population aged 65 years and above, 27.2% of the population visited an emergency department in 2019. This share has constantly been rising for the last ten years at a CAGR of 1.4%. Thus, the constant rise in the number of emergency admissions and people visiting the emergency department increases the need for rapid decision-making, which drives the demand for rapid diagnostic kits.

The global rapid diagnostics market is segmented on the basis of product (kits and equipment), platform (immunoassays, molecular detection, and other platforms), application (blood glucose testing, cardiac metabolism testing, infectious diseases testing, coagulation testing, pregnancy and fertility testing, fecal occult testing, hematology testing, tumor/cancer markers testing, drugs of abuse testing, urinalysis, and cholesterol testing), end user (hospitals & clinics, diagnostic laboratories, home care/self-testing, and other end users), and geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

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Based on product, the kits segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share can be attributed to the rising adoption and repetitive usage of kits. Apart from this, the growing portfolio of disease-specific kits for early diagnosis of chronic diseases and technological advancements are some of the other factors supporting the growth of this segment.

Companies have been developing immunoassay kits with higher sensitivity, accuracy, and speed in terms of result generation. For instance, in May 2021, Stream Bio (U.K.) and Chelsea Technologies (U.K.) formed a joint venture, Brightline Diagnostics (DX), and created a unique platform Claritas that couples fluorescent lateral flow tests with a highly sensitive handheld reader, delivering significant advantages over existing assays.

Based on platform, the immunoassays segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the ability of immunoassay kits to provide fast and accurate results with high sensitivity in point-of-care diagnostics. Currently, countries worldwide require rapid and accurate coronavirus testing kits to tackle the COVID-19 pandemic.

Based on application, the infectious disease testing segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the rising prevalence of infectious diseases and the growing demand for affordable infectious disease testing in emerging markets.

Quick Buy – Rapid Diagnostics Market - Global Opportunity Analysis And Industry Forecast ( 2022-2029):

Based on end user, the hospitals & clinics segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to increasing demand for point-of-care diagnostics and increasing healthcare expenditure across the world. For instance, according to Invest India (National Investment Promotion and Facilitation Agency), the hospital and healthcare industry in India foresees tremendous growth owing to increasing coverage and healthcare spending. Also, the government announced plans to spend over USD 200 billion on medical infrastructure by 2024, which will support the establishment of new hospitals & clinics.

Based on geography, in 2022, North America is expected to account for the largest share of the rapid diagnostics market. The high number of laboratory tests performed annually in the region, the rising prevalence of chronic diseases coupled with growth in the aging population, and the rising number of inpatient hospitalizations drive the growth of the rapid diagnostics market in North America.

Some of the prominent players operating in the rapid diagnostics market include Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. , ACON Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), bioMérieux S.A. , Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc .

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Scope of the Report

Rapid Diagnostics Market, by Product

  • Kits
    • OTC Kits
    • Professional Kits
  • Equipment

Rapid Diagnostics
Market, by Platform

  • Immunoassays
    • Lateral Flow Assays
    • Serological Assays
    • Other Immunoassays
  • Molecular Detection
  • Other Platforms

(Note – Other immunoassays include flow through immunoassays and agglutination assays; and Other platforms mainly include coagulation tests, glucose monitoring systems, dipsticks, and other rapid diagnostic platforms)

Rapid Diagnostics Market, by Application

  • Infectious Diseases Testing
    • COVID-19 Testing
    • Healthcare-associated Infections (HAI) Testing
    • Hepatitis Testing
      • Hepatitis B
      • Hepatitis C
    • Tropical Diseases Testing
    • HIV Testing
    • Respiratory Diseases Testing (other than Influenza and COVID-19)
    • Influenza Testing
    • Sexually Transmitted Diseases (STD) Testing
    • Other Infectious Diseases Testing
  • Pregnancy & Fertility Testing
  • Cardiac Metabolism Testing
  • Cholesterol Testing
  • Tumor/Cancer Markers Testing
  • Blood Glucose Testing
  • Urinalysis
  • Hematology Testing
  • Other Tests

     (Note – Other tests include drugs of abuse, fecal occult, and coagulation tests; Other infectious disease testing include meningitis, norovirus ("stomach flu"), hand, foot and mouth disease (HFMD), and pertussis)

Rapid Diagnostics Market, by End User

  • Hospitals & Clinics
  • Diagnostic Laboratories
  • Home Care/Self Testing
  • Other End Users

Rapid Diagnostics Market, by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
  • Rest of Europe (RoE)
    • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • Rest of APAC (RoAPAC)
  • Latin America
  • Middle East & Africa

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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-

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About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

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