Rapid Medical Diagnostic Kits Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2026

Category: Medical Device Report Format : PDF Report Code: ZMR-5466 Status : Upcoming

Description

Global Rapid Medical Diagnostic Kits Market: Overview

Rapid diagnostic tests are used for preliminary medical screening. These are easy and quick diagnostic tests that can be carried out even at home. Rapid medical diagnostic kits have wide applications like glucose testing, cholesterol testing, pregnancy testing, and many more.

The global rapid medical diagnostic kits market is expected to grow exponentially during the forecast period due to its ability to aid in etiologic detection of various chronic diseases in a very short time.

Global Rapid Medical Diagnostic Kits Market: Growth Factors

The targeted audience for the global rapid medical diagnostic kits market is the section of people suffering from chronic diseases. Moreover, the surge in the number of targeted audiences propels the market growth. The surge is due to the increasing prevalence of chronic diseases like diabetes, infectious diseases, and cancer that is fueling the market demand for rapid medical test kits globally.

Increasing awareness and rapidly growing chronic diseases lead to the rise in demand for rapid medical diagnostic kits and it boosts the growth of the global rapid medical diagnostic kits market significantly.

The surge in the trend of point-of-care diagnoses is also driving the market growth. The ancillary market of these diagnostic kits is anticipated to exhibit significant growth rates during the forecast period. The growth can be attributed to the increasing demand for these rapid portable medical test kits, surging geriatric population, and rising death cases due to infectious diseases.

Many external factors are contributing to the high growth rate of the global rapid medical diagnostic kits market. Consumer buying behavior, reference groups, culture, and many other physiological factors increase demand for these diagnostic testing kits.

Heavy investments by the government bodies to curb the increasing prevalence of infectious diseases such as novel coronavirus and malaria are positively impacting the global rapid medical diagnostic kits market.

Global Rapid Medical Diagnostic Kits Market: Segmentation

The global rapid medical diagnostic kits market can be segmented into product, technology, application, end-use, and region.

By product, the market can be segmented into professional kits and over-the-counter (OTC) kits.

These OTC kits segment holds the largest market share and it is expected to maintain its dominance during the forecast period.

The dominance of the segment can be attributed to the cost-effective and easy-to-use nature of tests when compared to traditional ones. Moreover, these are the most common diagnostic kits available in the market which contributes to its largest market share globally.

By technology, the market can be segmented into a solid phase, agglutination, lateral flow, and many others.

The lateral flow technology segment holds the largest market share owing to the several advantages of the lateral flow technology such as ease of use, cost-effectiveness, and portability.

By application, the market can be segmented into blood glucose testing, cardiometabolic testing, lipid profile testing, toxicology testing, coagulation testing, fecal occult blood testing, pregnancy & fertility testing, infectious disease testing, and other applications.

The blood glucose testing segment holds the largest market share owing to the surge in cases of diabetes across the world.

By end-use, the market can be segmented into hospital clinics, diagnostics labs, and home care.

Of these, the hospital segment holds the largest share in the global rapid medical diagnostic kits market.

Global Rapid Medical Diagnostic Kits Market: Regional analysis

North America holds the largest share in the global rapid medical diagnostic kits market. Some significant factors like favorable reimbursement scenarios, developed healthcare infrastructure, and highly accessible rapid medical diagnostic tests boost the regional growth in the market.

Further, the outbreak of infectious diseases like coronavirus has drastically boosted the demand for diagnostic kits in the region.

Asia Pacific is expected to grow significantly due to the growing number of local players and the increasing penetration of these medical test kits by global key players.

Increasing cases of novel COVID-19 boosted the demand for the diagnostic kits especially in India and China further contributing to the regional growth.

Global Rapid Medical Diagnostic Kits Market: Competitive Players

Some of the leading players in the global rapid medical diagnostic kits market are Trinity Biotech, Sight Diagnostics Ltd, F. Hoffmann-La Roche AG, Creative Diagnostics, and Danaher Corporation.

Global Rapid Medical Diagnostic Kits Market: Regional Segment Analysis

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

What Reports Provides

  • Full in-depth analysis of the parent market
  • Important changes in market dynamics
  • Segmentation details of the market
  • Former, on-going, and projected market analysis in terms of volume and value
  • Assessment of niche industry developments
  • Market share analysis
  • Key strategies of major players
  • Emerging segments and regional markets
  • Testimonials to companies in order to fortify their foothold in the market.

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