Rapid diagnostic tests (RDTs) can be divided into rapid antibody test and rapid antigen tests. Rapid antibody tests include, rapid HIV test and rapid plasma regain. Rapid antigen tests include, rapid influenza diagnostic test, malaria antigen detection tests, rapid strep test, and rapid urease test.
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
Approval and launch of new tests is expected to propel growth of the global rapid medical diagnostic kits market over the forecast period. For instance, in February 2019, Abbott Laboratories received CE Mark for Determine HBsAg 2 test, a rapid diagnostic test for the detection of hepatitis B surface antigen.
Global Rapid Medical Diagnostic Kits Market: Opportunities
Increasing awareness regarding hepatitis is expected to offer lucrative growth opportunities for players in the global rapid medical diagnostic kits market. For instance, in May 2020, Echosens, a provider of non-invasive diagnostic products and services for liver diagnosis, urged increased vigilance around liver health during May 2020 Hepatitis Awareness Month.
Global Rapid Medical Diagnostic Kits Market: Restraints
Low accuracy of RDTs is expected to hinder growth of the market. For instance, For instance, in May 2020, a study by researchers at New York University found that a COVID-19 rapid diagnostic made by Abbott Laboratories failed to detect up to 48% of positive results.
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 A.B% between 2020 and 2027. Increasing prevalence of infectious diseases and growing awareness for diseases such as hepatitis is expected to drive the market during the forecast period.
Lateral flow segment held dominant position in the global rapid medical diagnostic kits market in 2019, accounting for 43.8% share in terms of value. Increasing research and development activity and increasing product approvals is expected to drive the market growth during the forecast period.
R&D of new diagnostic approaches is expected to aid in growth of the market. For instance, in September 2019, researchers from University of Helsinki, Finland, reported that the antibody response against Puumala orthohantavirus can be measured at a high sensitivity and specificity with the unorthodox point-of-care assay LFRET, a novel rapid assay for anti-tissue transglutaminase antibody detection, using urine as sample matrix.
Major players in the market are focused on developing diagnostic solutions for Covid-19. For instance, in March 2020, Quest Diagnostics announced to launch a coronavirus (COVID-19) test service that aids the presumptive detection of nucleic acid in respiratory specimens of patients meeting the Centers for Disease Control and Prevention’s clinical criteria for COVID-19 testing.
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 partnership strategies to expand their product portfolio. For instance, in January 2020, LabCorp, along with its subsidiary Covance Inc., partnered with GENFIT, a biopharmaceutical company focused on R&D in liver diseases, for access to non-alcoholic steatohepatitis liver diagnostic test for the clinical research market.