Meticulous Research®—a leading global market research company published a research report titled “Rapid Diagnostics Market by Product (Kits [OTC, Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User (Hospitals, Diagnostic Labs, Home Care) — Global Forecasts to 2029.”
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According to the latest report from Meticulous Research®, the global rapid diagnostics market is projected to grow at a CAGR of 1.4% from 2022 to 2029, reaching $26.40 billion by 2029. The growth is driven by the increasing demand for point-of-care diagnostics, a rising prevalence of chronic diseases along with an aging population, the need for rapid decision-making in emergency settings, and advancements in technology. However, inconsistencies in test results are anticipated to limit market growth.
The market is segmented by product (kits and test readers/analyzers), platform (immunoassays, molecular detection, and other platforms), application (blood glucose testing, cardiac metabolism testing, infectious disease testing, coagulation testing, pregnancy & fertility testing, fecal occult testing, hematology testing, tumor/cancer markers testing, drug abuse testing, urinalysis, and cholesterol testing), end user (hospitals & clinics, diagnostic laboratories, home care/self-testing, and other end users), and geography. The report also assesses key industry players and their market shares globally and regionally.
Product Segment: In 2022, the kits segment is expected to hold the largest market share due to their growing adoption and repeated use. The expansion of disease-specific kits for early chronic disease diagnosis and ongoing technological advancements are key factors contributing to this segment's dominance.
Platform Segment: The immunoassays segment is anticipated to lead the market in 2022, driven by the ability of immunoassay kits to deliver fast, accurate results with high sensitivity in point-of-care diagnostics. The COVID-19 pandemic has accelerated the development of sensitive and accurate immunoassay kits. For instance, Stream Bio (U.K.) and Chelsea Technologies (U.K.) launched Brightline Diagnostics (DX) in May 2021, creating the Claritas platform which combines fluorescent lateral flow tests with a sensitive handheld reader, offering significant advantages over existing assays.
Application Segment: Infectious disease testing is expected to account for the largest market share in 2022 due to the increasing incidence of infectious diseases and the demand for affordable testing in emerging markets. For example, the U.S. saw a significant rise in hepatitis A virus (HAV) infections from 2014 to 2019, and China has a high prevalence of infectious diseases, including HIV.
End User Segment: Hospitals & clinics are projected to dominate the market in 2022, driven by the rising demand for point-of-care diagnostics and increased healthcare spending. For instance, India’s hospital and healthcare sector is experiencing rapid growth, with the government planning to invest over $200 billion in medical infrastructure by 2024.
The report provides a comprehensive analysis of major regions, including North America (U.S., copyright), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa.
Key Players: Leading companies in the global 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. (Switzerland), ACON Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), BioMérieux S.A. (France), Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (copyright), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland).
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