Rapid Diagnostics Market Analysis

Rapid Diagnostics Market Analysis

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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.