Authored By: Sarah
11 Jul 2024

 Rapid Diagnostics Market Size to grow by USD 11.76 billion between 2024-2028

According to a research report “ Rapid Diagnostics Market” by Application (Blood glucose, Infectious disease, Cardiometabolic, Pregnancy and fertility, Others) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11.76 billion, at a CAGR of  7.08% during the forecast period. The global health landscape is witnessing a significant rise in chronic diseases such as heart diseases, diabetes, stroke, cancers, obesity, and kidney diseases. According to the Centers for Disease Control and Prevention (CDC), approximately 88 million individuals in the US alone were reported to have one or more chronic health conditions in 2020. Furthermore, one in four adults in the US suffer from two or more chronic diseases. Unhealthy lifestyle choices, including sedentary living, poor nutrition, addiction to tobacco and alcohol, are major risk factors contributing to the surge in chronic diseases. To address this growing health concern, there is a heightened demand for rapid diagnostic solutions in the form of point-of-care (POC) products. These technologically advanced diagnostic tools enable quick and accurate identification of diseases, thereby facilitating timely intervention and effective treatment.

Browse market data tables, figures, and in-depth TOC on “Rapid Diagnostics Market” by Application (Blood glucose, Infectious disease, Cardiometabolic, Pregnancy and fertility, Others) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028. Download Free Sample

 

By Application, the Blood glucose segment is projected to dominate the market size in 2024

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By Geography, North America  segment is expected to hold the largest market size for the year 2024

In the global rapid diagnostics market, blood glucose testing holds the largest market share, driven by the rising prevalence of diabetes among various age groups. According to the Centers for Disease Control and Prevention (CDC), approximately 1.4 million new diabetes cases were diagnosed in the US in 2019, affecting 4% of adults aged 18-44 years, 17% aged 45-64 years, and 25% of those 65 and older. This significant demographic impact fuels the demand for blood glucose testing solutions, ensuring a steady growth in the market during the forecast period.

North America is forecasted to hold the largest market size by region in 2024

The Rapid Diagnostics Market is experiencing significant growth due to the increasing demand for quick and accurate diagnostic results in various industries, including healthcare, food safety, and water testing. Companies are investing heavily in research and development to produce innovative and efficient diagnostic solutions, utilizing technologies such as lateral flow assays, loop-mediated isothermal amplification, and nucleic acid testing. These advancements are streamlining diagnostic processes, reducing turnaround times, and enhancing overall operational efficiency.

The Rapid Diagnostics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Abbott Laboratories
  • Atomo Diagnostics Ltd.
  • Becton Dickinson and Co.
  • bioMerieux SA
  • Cardinal Health Inc.
  • Chembio Diagnostics Inc.
  • DAAN Gene Co. Ltd.
  • Danaher Corp.
  • DiaSorin SpA
  • F. Hoffmann La Roche Ltd.
  • GlySens Inc.
  • Johnson and Johnson Services Inc.
  • Meridian Bioscience Inc.
  • NanoRepro AG
  • OraSure Technologies Inc.
  • Quidelortho Corp.
  • Siemens Healthineers AG
  • Thermo Fisher Scientific Inc.
  • Trinity Biotech Plc
  • Wuhan EasyDiagnosis Biomedicine Co. Ltd
.

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Research Analysis Overview

The Rapid Diagnostics Market encompasses a range of tests used for quick identification of various diseases and infections, including HIV, Hepatitis, Influenza, Dengue, and Coronavirus. These tests, which include Rapid Plasma Reagin (RPR) and Rapid Antibody tests, play a crucial role in Patient Management by enabling early and accurate Diagnosis. Primary Care and Medical Facilities rely heavily on these tests to prevent Inappropriate Treatment and Misdiagnosis. Rapid Diagnostic Testing (RDT) kits utilize genetic material or Antibodies/Antigens to detect diseases. Health Care Providers at Screening Sites and Health Facilities use these tests to diagnose patients on-site, reducing the need for lengthy Clinical Laboratory tests. Diagnostic Equipment such as medical gloves ensure safety during testing. With the ongoing Coronavirus pandemic, the demand for Rapid HIV tests and other Rapid Diagnostic Tests has surged, making them essential tools in the fight against infectious diseases.

Market Research Overview

The Rapid Diagnostics Market encompasses a range of diagnostic tools used for the detection of various health conditions in decentralized settings. This market includes toxicology, coagulation, and cardiometabolic rapid diagnostics, among others. Bedside diagnostic testing has gained significant traction in recent years due to its inexpensive nature and ability to provide quick results in primary care and medical facilities. Screening for infectious diseases such as HIV, Dengue, Influenza, and Hepatitis is a major application of rapid diagnostics. The epidemiology of these diseases necessitates early and precise diagnosis to prevent inappropriate treatment and misdiagnosis. In homecare settings, rapid antigen tests for Negative test results have become increasingly popular for infectious diseases like COVID-19 and influenza. Rapid diagnostics are also used for chronic diseases such as diabetes, cancer, and cardiovascular diseases. These tests can detect proteins, genetic material, antibodies, and antigens, providing valuable information for patient management. Clinical laboratories and hospitals utilize RDT kits for routine testing, while health care providers and screening sites use them at health facilities. The market for rapid diagnostics is expanding, with web meetings, e-commerce websites, pharmacies, drug stores, and supermarket chains offering these tests. Rapid plasma regain, immunoassays, and cholesterol, lipid profile, and cardiac marker tests are some of the other applications of this market. As the world grapples with various health conditions, the demand for rapid and accurate diagnostic tests continues to grow.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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