Rapid Medical Diagnostic Devices Market - Insights
Rapid medical diagnostic devices provide test results within a minimum amount of time ranging from under a minute to up to a few minutes. Rapid medical diagnosis involves testing of the samples to identify the cause behind a disease and start the treatment. Rapid diagnosis helps in early detection of diseases, which would aid in adopting an optimal treatment plan. Diagnosis using rapid medical diagnosis devices is often a non-invasive approach, which makes frequent testing possible, and treatment can be effectively validated. Rapid diagnosis requires only a small amount of sample and the procedure is quicker. Rapid medical diagnostic devices make use of innovative technologies such as lateral flow and agglutination assays as well as biosensors. Some of the commercially available rapid medical diagnostic devices include Uni-Gold HIV, Accu-Chek Aviva meter, Alere I Influenza A & B, and ICON SC Strep A.
Rising demand for decentralized (point of care) testing
Demand for decentralized testing is rising, owing to factors such as less time consumption, independence from centralized laboratories, and cost-effectiveness. Rapid diagnostic testing aid patients by conducting testing process at the comfort of their homes, which is convenient and helps in early diagnosis and treatment. This is expected to significantly affect treatment outcomes. Manufacturers such as Alere, Inc., Roche, and Danaher Corporation are providing faster operating, easy-to-use, and reliable rapid diagnostic devices, to cater to rising demand for rapid diagnosis from patients and healthcare providers. Large population base in certain rural areas do not have adequate access to laboratory testing facilities, therefore, demand for rapid diagnostic devices from these is increasing. Rapid diagnostic devices aid in improving treatment outcomes by rapid testing and disease monitoring. Furthermore, diseases requiring constant monitoring such as diabetes, wherein, real-time physician counselling is necessary, rapid diagnostic medical devices such as glucometers have proven to be highly effective, which is further boosting growth of the market.
The global rapid medical diagnostic devices market was valued at US$ 17,078.1 million in 2016 and is expected to witness a robust CAGR of 8.2% over the forecast period (2017–2025).
Figure 1. Global Rapid Medical Diagnostic Devices Market Share, by Technology (%) 2017 and 2025
Source: Coherent Market Insights Analysis (2017)
Increasing prevalence of chronic diseases is expected to boost the demand for rapid diagnostic devices
Incidence of chronic diseases such as cancer, diabetes, HIV, tuberculosis, and cardiovascular conditions is increasing, which is expected to positively impact growth of the rapid medical diagnostic devices market. For instance, according to American Diabetes Association (ADA) around 30.3 million population in U.S. was suffering from diabetes in 2015 and around 1.5 million people are diagnosed with the disease every year. Moreover, according to the World Health Organization (WHO), an estimated 36.7 million people were suffering from HIV globally, in 2016. According to the World Health Organization (WHO), in 2015, an estimated 32,000 deaths from tuberculosis and around 3, 23,000 new cases of TB cases were reported in the European region. According to Centers for Disease Control and Prevention, 2016, the number of deaths due to heart disease increased from 596,577 in 2011 to 614,348 in 2014, i.e. 3.0% between 2011 and 2014. Moreover, death due to cancer increased by 2.6% during the same time period. Early diagnosis can play a vital role in preventing or curtailing this increasing number of death due to chronic diseases such as heart disease, and cancer. As rapid diagnostic devices are primarily used for early diagnosis, the market for rapid diagnostic devices is expected to witness rapid growth rate over the forecast period.
However, factors such as reliability of the test results, less sensitivity as compared to laboratory testing, and interference in tests resulting in inaccurate final results are expected to hinder growth of the market over the forecast period.
Some major players operating in the rapid medical diagnostic devices market include Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche AG, Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc, and Siemens Healthineers.