Rapid Diagnostics Market 2024-2028: Size and High cost of rapid diagnostic products; growth driven by the Application, Some of key Companies Positioned Strategically

The rapid diagnostics market size by Application (Blood glucose, Infectious disease, Cardiometabolic, Pregnancy and fertility, and Others) and Geography (North America, Europe, Asia, and Rest of World (ROW)), is forecast to increase by USD 11.76 billion. The market is expected to grow at a CAGR of   7.08% between 2024 and 2028.

• In the realm of diagnostic healthcare, rapid tests, including analyzers, assays, and frequently used consumables and reagents, come with elevated costs for end-users such as hospitals, clinics, and diagnostics laboratories. Point-of-Care (POC) diagnostics, which offer faster turnaround times, contribute significantly to these expenses. A comparative study conducted by the National Institutes of Health (NIH) in South Africa assessed the costs of rapid molecular tests for tuberculosis detection against conventional diagnostics. The Xpert MTB/RIF Assay, a tuberculosis diagnostic tool, cost approximately USD12-USD15 per sample, while the MTBDRplus line probe assay incurred around USD22-USD24 per sample. These costs are slightly higher than conventional automated liquid culture-based methods, which cost approximately USD14-USD16 per sample. Despite the higher costs, rapid diagnostics offer advantages such as faster results and improved patient care.
• 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.

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Some of the Key Companies:

• 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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