Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Rapid Medical Diagnostic Kits Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 19, 2021 (GLOBE NEWSWIRE) -- The Global Rapid Medical Diagnostic Kits Market is expected to grow at a CAGR of around 3.1% from 2020 to 2027 and reach the market value of over US$ 24.6 Bn by 2027.
North America holds the largest market share in the global rapid medical diagnostic kits market. The factors responsible for the growth of the regional market involve favorable reimbursement policies, developed healthcare infrastructure, and highly accessible rapid medical diagnostic kits. Such factors bolster the demand for rapid medical diagnostic kits market in North America market.
On the other hand, Asia-Pacific is projected to record the largest CAGR in the rapid medical diagnostic kits market. Presence of prominent players and increasing penetration of the medical test kits by the key players fuel the rapid medical diagnostic kits in APAC region.
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Market Drivers
A large pool of local industry players coupled with intense competition among market players has a strong influence on the buying behavior of the consumers. Rising prevalence of chronic diseases results in increasing the need for rapid disease diagnosis. This has a positive influence that impacts the buying behavior process of rapid medical supplies for diagnostic applications.
Segmental Outlook
The rapid medical diagnostic kits market is segmented based on product, technology, application, and end-user. Based on product, the market is bifurcated into over-the-counter (OTC) kits and professional kits. By technology, the market is segmented as lateral flow, agglutination, solid phase, and other technologies. By application, the market is further segmented as blood glucose testing, cardio metabolic testing, infectious disease testing, pregnancy, and fertility testing, fecal occult blood testing, coagulation testing, toxicology testing, lipid profile testing, among other applications. Furthermore, the end-user segment is segmented as hospitals & clinics, home care, and diagnostic laboratories.
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Under the product segment, OTC kits segment holds the majority of the market share and is predicted to maintain its dominance till the forecast period. Based on technology, the lateral flow segment will record a remarkable revenue share in the global rapid medical diagnostic kits market. Further, based on application, infectious disease testing will record notable revenue share in the forecast period contributing for the growth of the rapid medical diagnostic kits market worldwide.
Based on end-user, hospital segment holds dominating market share and will continue similar trend in the coming years. As hospitals maintain and collect data on disease prevalence, regulatory bodies often collaborate with hospitals for disease surveillance. This is considered as one of the prominent factors that contribute for the growth of the global rapid medical diagnostic kits market.
Competitive Landscape
The major players involved in the rapid medical diagnostic kits market involve ACON Laboratories, Inc., Abbott, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton, Dickinson and Company, BTNX, Inc., bioMérieux SA, and others.
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Some of the key observations regarding the rapid medical diagnostic kits industry include:
- In March 2020, Abbott announced that the US Food and Drug Administration (USFDA) issued emergency use authorization (EUA) for the fastest available point-of-care test for the detection of novel corona virus (COVID-19). It delivers positive results in as little as five minutes and negative results in 13 minutes. Moreover, the test will run on the company’s ID NOW™ platform offering rapid results in a wide range of healthcare settings at physician's office, urgent care clinics, and hospital emergency departments.
- In March 2020, bioMérieux SA announced receiving new emergency use authorization (EUA) for "BioFire Defense", by the USFDA. The new product is specialized in COVID-19 testing and uses in CLIA moderate and high complexity clinical laboratories for detection of SARS-CoV-2. The new product provides COVID-19 testing results in approx. 45 minutes from a nasopharyngeal swab in transport media. The test runs in fully automated FILMARRAY 2.0 and FILMARRAY TORCH platforms and is easy to use, thereby requiring minimal training and skills in molecular biology.
- In February 2021, Becton, Dickinson and Company, announced a collaboration for creating an at-home rapid test for COVID-19 using a Becton Dickinson (BD) antigen test and the Scanwell Health mobile app. As a part of the collaboration, BD plans to produce a lateral flow antigen test further pairing it with the Scanwell Health mobile app. The app is predicted to offer step-by-step instructions on how to collect and transfer a nasal swab sample and utilize the mobile device camera to analyze and interpret results.
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