Rapid Medical Diagnostic Devices Market to Surpass US$ 34,425.9 Million Threshold by 2025 Globally

Published On : Apr 21, 2018

The global rapid medical diagnostic devices market by Technology (Lateral Flow, Agglutination Assays, Flow-Through, and Biosensors), By Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drugs of Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing, and Others), By End User (Hospitals, Diagnostic Laboratories, Home-Care Settings, and Others), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa) was valued at US$ 17,078.1 million in 2016 and is projected to exhibit a CAGR of 8.2% over the forecast period (2017–2025), as highlighted in a new report published by Coherent Market Insights. Advantages offered by rapid medical diagnostic devices over conventional laboratory testing include rapid detection, time and cost saving, and for early detection of infectious and other diseases is expected to fuel growth of the rapid medical diagnostic devices market.

Demand for decentralized testing is on the rise as it allows for rapid diagnosis of the disease condition and can significantly improve medical outcomes. Emerging economies such as India and Africa have limited access to laboratory testing services where, decentralized testing could create lucrative opportunities. Moreover, advantages offered by decentralized testing over laboratory testing such as time and cost efficiency are expected to fuel the demand for decentralized testing. Manufacturers are focusing on upgrading their rapid diagnostic medical devices as well as developing new and innovative devices facilitating rapid detection of various diseases. For instance, in 2017, Beckman Coulter Diagnostics received CE Mark clearance for a high-sensitivity troponin assay. This high-sensitivity troponin assay aids in diagnosis of myocardial infarction for patients suffering from chest pain or other ischemic symptoms. Furthermore, Alere, Inc. launched first-ever rapid diagnostic test, Malaria Ag P.f, for detection of asymptomatic malaria infection in May 2017. Moreover, Alere, Inc. along with its partner company GenPrime, Inc., launched point of care testing device, the xReader for work-place drug testing in 2016. In 2016, LifeScan, Inc.—a Johnson & Johnson company—launched its new OneTouch Verio Flex blood glucose monitoring system, with ColorSure technology, which is a simple, accurate, and easy-to-use meter, which offers blood sugar test results for people with diabetes.

Browse 41 Market Data Tables and 27 Figures spread through 150 Pages and in-depth TOC on Rapid Medical Diagnostic Devices Market by Technology (Lateral Flow, Agglutination Assays, Flow-Through, and Biosensors), By Application (Cardio Metabolic Testing, Infectious Disease Testing, Nephrology Testing, Drugs of Abuse (DoA) Testing, Blood Glucose Testing, Pregnancy Testing, Cancer Biomarker Testing, and Others), By End User (Hospitals, Diagnostic Laboratories, Home-Care Settings, and Others), and Region (North America, Latin America, Europe, Asia Pacific, the Middle East, and, Africa) - Global Forecast to 2025

To know the latest trends and insights prevalent in the Rapid Medical Diagnostic Devices Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/rapid-medical-diagnostic-devices-market-843

Manufacturers are engaged in development of advanced diagnostic devices for detection of cancer. High prevalence of cancer is propelling demand for rapid diagnostics test. According to the World Health Organization (WHO), cancer was responsible for 8.8 million deaths in 2015 worldwide. Development of rapid diagnostic tests for cancer biomarkers is important for early diagnoses and treatment of cancer. New tests for breast cancer screening by 23andMe have been developed and approved by the US FDA in March 2018. Furthermore, home-care testing for HIV infection has changed the outlook of the HIV testing as the U.S. Food & Drug Administration (FDA) approved HIV tests OraQuick In-Home HIV Test in 2012.

Asia Pacific market is expected to witness significant growth over the forecast period, due to various expansion activities by key manufacturers in the region. For instance, Alere Medical Pvt. Ltd. launched integrated facility in India for manufacturing rapid point of care diagnostic devices in 2016. The company intends to make India an export hub for rapid diagnostic devices in Asia Pacific region.

Key Takeaways of the Rapid Medical Diagnostic Devices Market:

  • The global rapid medical diagnostic devices market is expected to exhibit a CAGR of 2% over the forecast period (2017–2025), owing to increasing product launches by the key players such as Alere, Inc., and rising demand for rapid diagnostic tests
  • Strong competition in the market has led to increasing focus on continuous product development as in case of blood glucose monitors wherein manufacturers offer innovative glucometers with various features such as test result marking, to stay competitive in the market. This is expected to aid in market growth over the forecast period.
  • Hospitals segment is expected to exhibit high growth rate over the forecast period, due to wide presence of point-of-care diagnostics in hospital settings and lucrative opportunities in chronic disease management
  • Home-care setting segment is expected to exhibit highest growth rate over the forecast period. This is due to increasing demand for devices such glucometers for self-blood glucose testing.
  • Major players operating in the rapid medical diagnostic devices market include Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche Ltd., Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc, and Siemens Healthineers.

About Coherent Market Insights:

Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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