Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

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.

Statistics:

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.

Statistics:

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

Rapid Medical Diagnostic Kits  | Coherent Market Insights

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.

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Rapid Medical Diagnostic Kits Market Report Coverage

Report Coverage Details
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
Geographies covered:
  • North America: U.S., Canada
  • Latin America: Brazil, Argentina, Mexico, Rest of Latin America
  • Europe: Germany, U.K., France, Spain, Italy, Russia, Rest of Europe
  • Asia Pacific: China, Japan, India, Australia, South Korea, ASEAN, Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, Rest of Middle East
  • Africa: North Africa, Central Africa, South Africa
Segments covered:
  • By Type: Lateral flow, Agglutination assays, Flow-through, Solid-phase (“dipstick” assays).
  • By Application: Clinical testing, Home-use, Veterinary.
Companies covered:

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.

Growth Drivers:
  • Increasing prevalence of infectious diseases
  • Approval and launch of new products
Restraints & Challenges:
  • Product recall

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.

Statistics:

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

Rapid Medical Diagnostic Kits  | Coherent Market Insights

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.

Rapid Medical Diagnostic Kits comprises rapid antibody test and rapid antigen tests. Rapid antibody tests are used for HIV test and rapid plasma regain, whereas rapid antigen tests include, rapid influenza diagnostic test, malaria antigen detection tests, rapid strep test, and rapid urease test. Increasing prevalence of infectious diseases along with increasing Approval and launch of new tests is expected to propel growth of the global rapid medical diagnostic kits market over the forecast period. Moreover, increasing awareness regarding hepatitis, and increasing funding for R&D of new rapid tests is also expected to assist the market growth.

Key features of the study:

  • This report provides in-depth analysis of the Global Rapid Medical Diagnostic Kits market  and provides market size (US$ million) and compound annual growth rate (CAGR %) for the forecast period (2020–2027), considering 2019 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategy adopted by key players
  • It profiles key players in the Global Rapid Medical Diagnostic Kits market  based on the following parameters – company overview, financial performance, product portfolio, market presence, distribution strategies, key developments, strategies, and future plans
  • Key companies covered as a part of this study 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, technology up-gradation, market expansion, and marketing tactics
  • The Global Rapid Medical Diagnostic Kits market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global Rapid Medical Diagnostic Kits market

Detailed Segmentation:

  • Global Rapid Medical Diagnostic Kits Market, By Type:
    • Lateral flow
    • Agglutination assays
    • Flow-through
    • Solid-phase (“dipstick” assays)
  • Global Rapid Medical Diagnostic Kits Market, By Application:
    • Clinical testing
      • Infectious disease testing
      • Cholesterol monitoring
      • Substance abuse testing
      • Fertility & Pregnancy testing
      • Blood Glucose testing
    • Home-use
      • Blood glucose monitoring
      • Fertility & pregnancy testing
      • Cholesterol monitoring
      • Infectious disease
      • Substance abuse testing
    • Veterinary
  • Global Rapid Medical Diagnostic Kits Market, By Region:
    • North America
      • By Type:
        • Lateral flow
        • Agglutination assays
        • Flow-through
        • Solid-phase (“dipstick” assays)
      • By Application
        • Clinical testing
          • Infectious disease testing
          • Cholesterol monitoring
          • Substance abuse testing
          • Fertility & Pregnancy testing
          • Blood Glucose testing
        • Home-use
          • Blood glucose monitoring
          • Fertility & pregnancy testing
          • Cholesterol monitoring
          • Infectious disease
          • Substance abuse testing
        • Veterinary
      • By Country
        • U.S.
        • Canada
    • Latin America
      • By Type:
        • Lateral flow
        • Agglutination assays
        • Flow-through
        • Solid-phase (“dipstick” assays)
      • By Application
        • Clinical testing
          • Infectious disease testing
          • Cholesterol monitoring
          • Substance abuse testing
          • Fertility & Pregnancy testing
          • Blood Glucose testing
        • Home-use
          • Blood glucose monitoring
          • Fertility & pregnancy testing
          • Cholesterol monitoring
          • Infectious disease
          • Substance abuse testing
        • Veterinary
      • By Country
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • By Type:
        • Lateral flow
        • Agglutination assays
        • Flow-through
        • Solid-phase (“dipstick” assays)
      • By Application
        • Clinical testing
          • Infectious disease testing
          • Cholesterol monitoring
          • Substance abuse testing
          • Fertility & Pregnancy testing
          • Blood Glucose testing
        • Home-use
          • Blood glucose monitoring
          • Fertility & pregnancy testing
          • Cholesterol monitoring
          • Infectious disease
          • Substance abuse testing
        • Veterinary
      • By Country
        • U.K.
        • Germany
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • By Type:
        • Lateral flow
        • Agglutination assays
        • Flow-through
        • Solid-phase (“dipstick” assays)
      • By Application
        • Clinical testing
          • Infectious disease testing
          • Cholesterol monitoring
          • Substance abuse testing
          • Fertility & Pregnancy testing
          • Blood Glucose testing
        • Home-use
          • Blood glucose monitoring
          • Fertility & pregnancy testing
          • Cholesterol monitoring
          • Infectious disease
          • Substance abuse testing
        • Veterinary
      • By Country
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • By Type:
        • Lateral flow
        • Agglutination assays
        • Flow-through
        • Solid-phase (“dipstick” assays)
      • By Application
        • Clinical testing
          • Infectious disease testing
          • Cholesterol monitoring
          • Substance abuse testing
          • Fertility & Pregnancy testing
          • Blood Glucose testing
        • Home-use
          • Blood glucose monitoring
          • Fertility & pregnancy testing
          • Cholesterol monitoring
          • Infectious disease
          • Substance abuse testing
        • Veterinary
      • By Country
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • By Type:
        • Lateral flow
        • Agglutination assays
        • Flow-through
        • Solid-phase (“dipstick” assays)
      • By Application
        • Clinical testing
          • Infectious disease testing
          • Cholesterol monitoring
          • Substance abuse testing
          • Fertility & Pregnancy testing
          • Blood Glucose testing
        • Home-use
          • Blood glucose monitoring
          • Fertility & pregnancy testing
          • Cholesterol monitoring
          • Infectious disease
          • Substance abuse testing
        • Veterinary
      • By Country
        • North Africa
        • Central Africa
        • South Africa
  • Company Profiles
    • Abaxis Inc. *
      • Company Overview
      • Product Portfolio
      • Key Highlights
      • Financial Overview
      • Strategies
    • 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.
  •  “*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Type
      • Market Snippet, By Application
      • Market Snippet, By Country
      • Coherent Opportunity Map (COM)
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
    • Impact Analysis
    • Key Highlights
    • Product launch
    • PEST Analysis
    • Technological Advancements
    • Regulatory Scenario
    • Mergers and Acquisitions
    • Impact of COVID19 on market
  4. Global Rapid Medical Diagnostic Kits Market, By Type, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Lateral flow
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Agglutination assays
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Flow-through
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
    • Solid-phase (“dipstick” assays)
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  5. Global Rapid Medical Diagnostic Kits Market, By Application, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, 2017 – 2027
      • Segment Trends
    • Clinical testing
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Infectious disease testing
        • Cholesterol monitoring
        • Substance abuse testing
        • Fertility & Pregnancy testing
        • Blood Glucose testing
    • Home-use
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
        • Blood glucose monitoring
        • Fertility & pregnancy testing
        • Cholesterol monitoring
        • Infectious disease
        • Substance abuse testing
    • Veterinary
      • Introduction
      • Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Mn)
  6. Global Rapid Medical Diagnostic Kits Market, By Region, 2019 – 2027, (US$ Mn)
    • Introduction
      • Market Share Analysis, By Region, 2020 and 2027 (%)
      • Y-o-Y Growth Analysis, For Regions, 2017–2026
    • North America
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • U.S.
        • Canada
    • Latin America
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Europe
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • Germany
        • U.K.
        • France
        • Spain
        • Italy
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • China
        • Japan
        • India
        • Australia
        • South Korea
        • ASEAN
        • Rest of Asia Pacific
    • Middle East
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • GCC Countries
        • Israel
        • Rest of Middle East
    • Africa
      • Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Application, 2016 – 2027, (US$ Mn)
      • Market Size and Forecast, By Country, 2016 – 2027, (US$ Mn)
        • North Africa
        • Central Africa
        • South Africa
  7. Competitive Landscape
    • Company Profiles
      • Abaxis, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Abbott Laboratories, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Becton, Dickinson & Company
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Bio-Rad Laboratories, Inc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Danaher Corporation (Beckman Coulter)
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • LabCorp
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • MegaCor Diagnostik GmbH
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • F. Hoffmann-La Roche Ltd.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
      • Trinity Biotech plc.
        • Company Overview
        • Product Portfolio
        • Financial Overview
        • Key Highlights
        • Market Strategies
  8. Section
    • References
    • Research Methodology
    • About us and Sales Contact

*Browse 22 market data tables and 14 figures on “Rapid Medical Diagnostic Kits Market - Global forecast to 2027”.

Frequently Asked Questions

The Global Rapid Medical Diagnostic Kits market size was valued at US$ 25,765.5 million in 2019 and is estimated to exhibit a CAGR of 5.0% between 2020 and 2027.
Solid-phase (“dipstick” assays) segment held the major market share in 2019 owing to an increasing prevalence of infectious diseases is expected to propel growth of the market.
Major factor driving the growth of Global Rapid Medical Diagnostic Kits market during the forecast period increasing prevalence of infectious disease, increasing research & development , technological advancements, and adoption of expansion strategies from major companies.
Major factors hampering the growth of the Global Rapid Medical Diagnostic Kits market during the forecast period constitutes of product efficacy issues and product recalls.
North America market is expected to generate the highest revenue during the forecast period.
Some of the key players operating in the market are 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.
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