Dublin, Sept. 21, 2021 (GLOBE NEWSWIRE) -- The "Global Rapid Medical Diagnostic Kits Market Size, Share & Trends Analysis Report by Product (OTC Kits, Professional Kits), by Technology (Lateral Flow, Solid Phase), by Application, by End Use, by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global rapid medical diagnostic kits market size is expected to reach USD 18.0 billion by 2028. It is expected to expand at a CAGR of 3.4% from 2021 to 2028.
Rapid medical diagnostic kits enhance the speed of etiologic diagnosis of patients affected with chronic ailments. Moreover, speedy diagnosis is of paramount importance in individuals affected with infectious diseases. Thus, an increase in the number of manufacturers keen on exploring this space is driving the revenue in the market.
Key players are focusing on introducing novel medical supplies that require limited operational training, offer convenient usage, and ensure effective analysis. This is expected to propel the demand for rapid medical care among the industry's target audience, which is inclusive of a general population affected with chronic diseases, coupled with the healthcare professionals determined to recommend an appropriate rapid medical evaluation.
The gradual shift toward point of care (POC) testing is also an important factor boosting the adoption of these test kits. Moreover, the recent pandemic outbreak of COVID-19 has piqued the interest of healthcare professionals in this industry space. High demand for portable testing kits in COVID-19 diagnostics is expected to make a significantly positive impact on the market expansion during the forecast period.
Novel rapid diagnostic tests are being developed that are expected to facilitate the prevention of infections along with antimicrobial stewardship. Newly developed tests are combined with Antimicrobial Stewardship (ASP) to optimize antimicrobial utilization as well as patient outcomes. Moreover, test kits with a broad scope of diagnosis and swift turnaround time are entering the space, offering lucrative opportunities for revenue growth.
By product, over the counter (OTC) kits dominated the market in 2020 with a share of 54.3%. This is attributed to the routine adoption of OTC rapid diagnostic tests to ensure timely administration of an apt therapeutic intervention
On the basis of technology, the lateral flow segment held the largest share of 35.1% in 2020. Convenient manufacturing protocols, coupled with low costs associated with the development, have led to the expansion of lateral flow assays into the rapid medical diagnostic market space
The blood glucose testing application segment is estimated to expand at the fastest CAGR of 4.1% from 2021 to 2028. The imperative need for routine blood glucose monitoring in diabetic patients has contributed to the segment's revenue generation capacity
Based on end use, hospitals and clinics accounted for the largest revenue share in 2020 owing to the maximum adoption of rapid medical diagnostic kits
Market entities are actively participating in the development of rapid medical test products to address the current pandemic outbreak of COVID-19, further intensifying the market competition
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Rapid Medical Diagnostic Kits Market Variables, Trends & Scope
3.1 Market Lineage Outlook
3.2 User Perspective Analysis
3.3 Penetration & Growth Prospect Mapping
3.4 Market Dynamics
3.4.1 Market Driver Analysis
188.8.131.52 Increasing number of government initiatives
184.108.40.206 Growing need for rapid detection of diseases
220.127.116.11 Rising prevalence of chronic infectious and noninfectious diseases
18.104.22.168 Growing awareness about Rapid Medical Diagnostic Kits
3.4.2 Market Restraint Analysis
22.214.171.124 Advent of advanced techniques such as PCR and molecular diagnostics
126.96.36.199 Frequent product recalls
3.4.3 Industry Challenges
188.8.131.52 Pricing pressure
3.5 Rapid Medical Diagnostic Kits: Market Analysis Tools
3.6 Rapid Medical Diagnostic Kits Market: COVID-19 Impact Analysis
Chapter 4 Rapid Medical Diagnostic Kits Market: Segment Analysis, by Product, 2017 - 2028 (USD Million)
Chapter 5 Rapid Medical Diagnostic Kits Market: Segment Analysis, by Technology, 2017 - 2028 (USD Million)
Chapter 6 Rapid Medical Diagnostic Kits Market: Segment Analysis, by Application, 2017 - 2028 (USD Million)
Chapter 7 Rapid Medical Diagnostic Kits Market: Segment Analysis, by End Use, 2017 - 2028 (USD Million)
Chapter 8 Rapid Medical Diagnostic Kits Market Regional Estimates & Trend Analysis, by Product, Technology, Application, End Use
Chapter 9 Rapid Medical Diagnostic Kits Market Competitive Landscape
Acon Laboratories, Inc.
Alfa Scientific Designs Inc.
Abbott Laboratories (Alere)
Artron Laboratories Inc.
Becton, Dickinson And Company
Bio-Rad Laboratories, Inc.
Meridian Bioscience, Inc.
F. Hoffmann-La Roche AG
Mckesson Medical-Surgical Inc.
Sight Diagnostics Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/3njbb3
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