Rapid diagnostic tests (RDTs) are inexpensive, membrane-based and disposable assays that offer visible proof of the presence of liquid analyte sample. RDTs can be used as an alternative to microscopy in situations where reliable microscopic diagnosis is not available.
The global rapid medical diagnostic kits market is estimated to account for US$ 38,173.9 Mn in terms of value by the end of 2027.
Global Rapid Medical Diagnostic Kits Market: Drivers
Increasing prevalence of infectious diseases is expected to propel growth of the global rapid medical diagnostic kits market over the forecast period. For instance, according to UNAIDS Global HIV & AIDS statistics — 2019 fact sheet, 37.9 million [32.7 million–44.0 million] people globally were living with HIV (end 2018).
Moreover, increasing migration of people is also expected to aid in growth of the market. For instance, in 2019, according to United Nations’ International Migration 2019 report, the number of international migrants worldwide reached nearly 272 million, up from 153 million in 1990.
North America held dominant position in the global rapid medical diagnostic kits market in 2019, accounting for 44.4% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Rapid Medical Diagnostic Kits Market Share (%) Value, By Region, 2019
Global Rapid Medical Diagnostic Kits Market: Restraints
Failure to eliminate the need for microscopy diagnosis is expected to hinder the market growth. RDTs fail to detect certain infections with lower number of parasites circulating in the sample. RDT diagnosis is often followed by microscopy diagnosis questioning the reliability and accuracy of rapid diagnostic kits.
Moreover, lack of awareness about the availability of advanced rapid diagnostic products coupled with the low purchasing power of the general population and small and medium level healthcare facilities is also expected to limit the market growth.
Rapid Medical Diagnostic Kits Market Report Coverage
|Base Year:||2019||Market Size in 2019:||US$ 25,765.5 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||5.0%||2027 Value Projection:||US$ 38,173.9 Mn|
Abaxis, Inc., Abbott Laboratories, Inc., Becton, Dickinson & Company, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter), LabCorp, MegaCor Diagnostik GmbH, F. Hoffmann-La Roche Ltd., Trinity Biotech plc.
|Restraints & Challenges:||
Global Rapid Medical Diagnostic Kits Market: Opportunities
R&D in biochips is expected to offer lucrative growth opportunities for players in the global rapid medical diagnostic kits market. For instance, in May 2020, researchers from Russian Academy of Sciences, Russia, reported development of 3D biochips and optimized analytical procedures that can facilitate further studies towards practical application for hepatitis C virus detection.
Moreover, increasing funding for R&D of new rapid tests is also expected to aid in growth of the market. For instance, in January 2018, University of Glasgow-led project received US$ 1.85 million funding, which is a part of Global Challenges Research Fund (GCRF). This project will develop new tests for parasitic diseases and rapid testing in remote locations to help enable rapid diagnosis and rapid treatment of infectious diseases.
The global rapid medical diagnostic kits market was valued at US$ 25,765.5 Mn in 2019 and is forecast to reach a value of US$ 38,173.9 Mn by 2027 at a CAGR of 5.0% between 2020 and 2027.
Figure 2: Global Rapid Medical Diagnostic Kits Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Increasing prevalence of Covid-19 is expected to propel growth of the global rapid medical diagnostic kits market. For instance, as of 2:20pm CEST, June 11, 2020, there have been 7,273,958 confirmed cases of COVID-19, including 413,372 deaths, as reported to the World Health Organization (WHO).
Unfavorable reimbursement scenario is expected to adversely impact the market growth. For instance, in July 2018, the Centers for Medicare & Medicaid Services significantly reduced reimbursement for evaluation and management of complex cases such as those suffering from infectious diseases.
Global Rapid Medical Diagnostic Kits Market: Competitive Landscape
Major players operating in the global rapid medical diagnostic kits market include, Abaxis, Inc., Abbott Laboratories, Inc., Becton, Dickinson & Company, Bio-Rad Laboratories, Inc., Danaher Corporation (Beckman Coulter), , LabCorp, MegaCor Diagnostik GmbH, F. Hoffmann-La Roche Ltd., Trinity Biotech plc.
Global Rapid Medical Diagnostic Kits Market: Key Developments
Major players in the market are focused on adopting M&A strategies to expand their product portfolio. For instance, in April 2020, Bio-Rad Laboratories, Inc. acquired Celsee, Inc., a developer of instruments and consumables for the isolation, detection, and analysis of single cells.
Similarly, in March 2020, Thermo Fisher Scientific Inc. announced to acquire QIAGEN N.V., a provider of molecular diagnostics and sample preparation technologies.
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