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Rapid Diagnostics Market Size
Rapid Diagnostics Market size was over USD 37 billion in 2022 and will grow at a 7.6% CAGR between 2023 and 2032.
The increasing prevalence of infectious diseases will drive industry expansion. High prevalence of viral & microbial disease variants and the development of precise diagnostic tests will augment this growth. Hepatitis, influenza disease, dengue, and coronavirus are some of the most prevalent diseases globally. According to the World Health Organization (WHO), in 2021, around USD 354 million people globally were infected with Hepatitis and the rate is increasing at a steady pace. The high risk of infectious diseases will drive the adoption of rapid diagnostic testing. Furthermore, implementation of regulations and safety practices in healthcare settings will expand the customer base for medical gloves and other diagnostic equipment.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 37.1 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 7.6% |
| 2032 Value Projection: | USD 79.1 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 280 |
| Tables, Charts & Figures: | 538 |
| Segments covered: | Product, Purchase, Platform, Distribution Channel, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Low accuracy of results of rapid diagnostics may hinder market progress. Lack of proficiency to perform the test resulting in misdiagnosis may lead to serious damage. Inaccuracy in rapid diagnostic testing can lead to inappropriate treatment resulting in certain other complications. However, several market players are emphasizing on taking up innovative approaches to attain highly accurate rapid diagnostic testing in order to minimize the disadvantages associated with rapid diagnostic tests.
COVID-19 Impact
The COVID-19 pandemic has positively impacted the rapid diagnostics market landscape. The significant demand for COVID-19 diagnostic testing has augmented to prevent infections due to the coronavirus. Rapid diagnostic tests can operate in any low-resource setting including home care settings and were needed to adequately combat the pandemic. Governments worldwide have proposed robust testing strategy such as usage of rapid diagnostics for early detection of potentially infectious individuals. Several market players and government agencies emphasized the investment in R&D to develop advanced rapid diagnostic solutions to cater to rising coronavirus infection across the globe. This has led to the launch of numerous innovative products to serve the rising demand for broad-scale testing.
Rapid Diagnostics Market Analysis
Rapid diagnostics market size from the infectious disease testing segment will reach USD 20.9 billion by 2032. Rising prevalence of infectious disease, large patient population, the increasing need for the target disease diagnosis, and developing healthcare infrastructure among others are some of the leading factors driving segment progression.
Manufacturers are investing in the development & commercialization of rapid diagnostics solutions that would inculcate features such as precision, and increased functionality. For instance, in 2020, Siemens Healthineers AG unveiled Clinitest Rapid COVID-19 Antigen Test in Europe that enables clinicians to detect COVID-19 infection in 15 minutes. New advancements, introduction of integrative technologies that support the precision & reduce turn-around time, and product launches are projected to accelerate market trends.
Rapid diagnostics market size from homecare settings end-use segment accounted for USD 35 billion by 2032. The increased adoption and launch of rapid diagnostic tests for use in home care settings are the key factors driving the segment share. For instance, in July 2021, Abbott announced the launch of Panbio COVID-19 Antigen Self-Test. This launch strengthened rapid diagnostics portfolio to support testing needs at homecare settings. Such tests are instrument-free and offers easy operability for patients in home care settings. Such product launch is expected to drive the use of rapid diagnostic tests in home care settings.
North America rapid diagnostics market size will reach USD 36.3 billion by 2032. Presence of key market players, rising awareness regarding early-stage disease diagnosis and an increase in the prevalence of infectious diseases will drive regional market expansion. According to the CDC, in 2019, the HIV affected around 1.1 million individuals in the U.S. Rapid diagnostic tests has become a significant diagnostic tool to confirm the presence or absence of such infectious diseases, thereby stimulating the product demand in the region.
Rapid Diagnostics Market Share
- Abbott
- Roche
- Quidel Corporation
- Danaher Corporation (HemoCue & Radiometer)
- Bio-Rad Laboratories
- ACON Laboratories Inc.
- Alfa Scientific Designs Inc
Rapid Diagnostics Market News:
- In October 2021, the Becton, Dickinson and Company announced the strategic & public-private partnership with the U.S. Biomedical Advanced Research and Development Authority (BARDA). This partnership was intended to support the development of a range of diagnostic tests comprising rapid diagnostic tests. This strategic collaboration helped the company to broaden its customer base at core laboratories, hospitals and at the point of care, thereby driving product sales in emerging markets and assisted in enhancing its brand image.
- In February 2021, Roche announced the special approval granted by the German Federal Institute for Drugs and Medical Devices (BfArM) to offer SARS-CoV-2 Rapid Antigen Test for the detection of SARS-CoV-2 antigen in nasal swab samples for patient self-testing.
Rapid diagnostics Market research report includes an in-depth coverage of the industry with estimates & forecast in terms of USD Million from 2018 to 2032, for the following segments:
Click here to Buy Section of this Report
By Product, 2018 - 2032 (USD Million)
- Infectious disease testing
- Respiratory Infection Testing Products
- Influenza
- Hepatitis
- HIV
- Others
- Glucose monitoring
- Cardiometabolic testing
- Coagulation testing products
- Pregnancy and fertility testing
- Tumor/Cancer marker testing products
- Urinalysis testing products
- Cholesterol testing products
- Hematology testing products
- Drug-of-Abuse (doa) testing products
- Fecal occult testing products
- Others
By Purchase, 2018 - 2032 (USD Million)
- OTC
- Prescription
By Technology/Platform, 2018 - 2032
- Flow-Through
- Solid Phase
- Lateral Flow
- Agglutination Assays
- Others
By Distribution Channel, 2018 - 2032 (USD Million)
- Hospital pharmacies
- Brick & Mortar
- E-commerce
- Others
By End-use, 2018 - 2032 (USD Million)
- Diagnostic centers
- Homecare settings
- Hospital pharmacies
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Italy
- Poland
- The Netherlands
- Sweden
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Chile
- Peru
- MEA
- South Africa
- Saudi Arabia
- UAE
- Egypt
- Israel
- Nigeria
Frequently Asked Questions (FAQ) :