The global rapid medical diagnostic kits market is expected to grow at a CAGR of around 3.1% from 2020 to 2027 and anticipated to reach the market value of around US$ 24.6 Bn by 2027.
The rapid diagnostic test kit is majorly preferred in detection of infectious diseases and generally described as point-of-care (POC) tests. It strongly relates to the lateral flow involving immunochromatographic tests for detection of certain infectious diseases. Furthermore, rapid medical diagnostic test kits require confirmatory or supplementary testing through conglomeration of complex laboratory techniques.
Partnerships between the companies supported by the government flourish the demand for rapid medical diagnostic kits market
As per the reports by World Health Organization (WHO), Global Fund has offered initial US$ 50 Mn as Covid-19 response for utility of antigen-based rapid diagnostic tests, manufacturer volume guarantees for low and middle income countries (LMICs) and enable countries to purchase at least 10 million of the new rapid tests at the fixed price. Agreements between the top pioneers involved in manufacturing of rapid medical diagnostic test kits bolster the growth of the global market. For instance, agreements between the Bill & Melinda Gates Foundation and test manufacturers Abbott and SD Biosensor create a gateway for innovative tests priced at a maximum of US$ 5 for LMICs. Additionally, the Bill & Melinda Gates Foundation have executed separate volume guarantee agreements with rapid medical diagnostic test kits. This further enhanced to make the kits available in commercial market at low price. The rapid medical diagnostic test kit available in LMICs was priced at maximum of US$ 5 per unit-over a period of six months. The kits were specialized to give optimal results within 15-30 minutes rather than hours or days.
COVID-19 response for rapid medical diagnostic kits market
Testing is a cornerstone for the COVID-19 response, enabling countries to trace the virus and prepare to roll-out vaccines once available. Rapid tests kits specialized to detect the presence of the virus coupled with trained professionals bolster the demand for rapid medical diagnostic kits market. Effective testing strategy depends on the portfolio of test types that is well suited with appropriate diagnostic kits available in the commercial markets. Currently, there is a trend in the global market for rapid tests for detection and presence of the virus at the point of care, for faster results available at cheap prices. This is one of the prominent factors considered as an asset to fight against COVID-19. Moreover, with strong supporting test-trace-isolate strategies, appropriate tests conducted by rapid medical diagnostic kits help to identify and confirm new outbreaks, support outbreaks through investigations by screening, monitoring disease trends, and potentially asymptomatic contacts.
High government involvement bolsters the demand for rapid medical diagnostic kits market
To overcome the spread of novel corona virus, government has taken several initiatives by introducing several government bodies. One such authorized body is the ACT-Accelerator Diagnostics Pillar. The ACT is co-convened by FIND and the global Fund, by working closely with WHO and over 30 global health experts partners to accelerate innovation and overcome the technical, financial, and political obstacles for achieving equitable access to effective and timely testing. Such unprecedented global collaboration enhances development and deployment of the first WHO EUL-approved Ag RDT within eight months of first identification of the virus. In comparison, it took nearly five years to develop the first rapid diagnostic test kit (RDT) for Human immunodeficiency virus (HIV). On the other hand, the ACT-Accelerator Diagnostic Pillar aims to facilitate the supply of 500 million tests to LMICs within 12 months. The diagnostic pillar of the ACT-Accelerator focuses on ensuring that everyone who needs the test will get one. Nearly 20 million tests have been procured with the Diagnostics Consortium, ensuring diagnostic access for LMCIs and readiness for test-and-treat implantation in the countries.
The rapid medical diagnostic kits market is segmented based on product, technology, application, and end-user. Based on product, the market is bifurcated into over the counter (OTC) kits and professional kits. By technology, the market is segmented as lateral flow, agglutination, solid phase, and other technologies. By application, the market is further segmented as blood glucose testing, cardio metabolic testing, infectious disease testing, pregnancy and fertility testing, fecal occult blood testing, coagulation testing, toxicology testing, lipid profile testing, among other applications.
Furthermore, end-user segment is segmented as hospitals & clinics, home care, and diagnostic laboratories.
Based on product, over the counter (OTC) kits holds the majority of the market share for global rapid medical diagnostic kits market in the past and will continue the same trend in the forthcoming years. Easy availability, simpler to utilize in the "near-patient setting", and cost-effective alternative to laboratory testing are the prominent factors that contribute for the growth of rapid medical diagnostic kits market globally. Additionally, the lateral flow technology segment will account remarkable revenue in the forecast period. Low development cost and easy manufacturing of lateral flow assays resulted in the expansion of these tests into several rapid testing applications. Lateral flow technology has gained significant attention in the early detection of COVID-19.
For instance, in March 2020, Ozo Life announced launching of its new product namely, "OZO COVID-19 Rapid Test Kits" a latex enhanced lateral flow immunoassay for ensuring testing of novel corona virus coupled with enhanced sensitivity. Also, rising public and private partnerships for the development of novel lateral flow test targeting for COVID-19 diagnosis spur the segmental growth for rapid medical diagnostic kits market. Apart from that, based on application segment, infectious disease testing will record remarkable market share contributing for the growth of rapid medical diagnostic kits market worldwide. The outbreak of novel corona virus created lucrative opportunities for rapid diagnostic testing to accelerate COVID-19 detection.
This further bolsters the demand for global rapid medical diagnostic kits market. Furthermore, hospital segment holds maximum market share and will continue similar trend till the forecast period. Dynamic culture or changes in the healthcare industry resulted in increasing the need for hospitals with enhanced diagnostic services.
Based on regions, North America leads the rapid medical diagnostic kits market. Growing healthcare sectors result in adoption of diagnostic kits to detect various infectious diseases caused due to bacteria and viruses. On the other hand, Asia-Pacific is expected to witness highest growth rate for rapid medical diagnostic kits market owing to surging awareness among the healthcare sectors and ever growing patient population about the rapid medical diagnostic tools.
The major players involved in the rapid medical diagnostic kits market involve ACON Laboratories, Inc., Abbott, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton Dickinson and Company, BTNX, Inc., bioMérieux SA, and among others.
Market By Product
Over the Counter (OTC) Kits
Market By Technology
Market By Application
Blood Glucose Testing
Infectious Disease Testing
Cardio metabolic Testing
Pregnancy and Fertility Testing
Fecal Occult Blood Testing
Lipid Profile Testing
Market By End-use
Hospitals & Clinics
Market By Geography
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
• Rest of Latin America
Middle East & Africa
• South Africa
• Rest of Middle East & Africa
Rapid medical diagnostic kits market is expected to reach a market value of around US$ 24.6 Bn by 2027.
The rapid medical diagnostic kits market is expected to grow at a CAGR of around 3.1% from 2020 to 2027.
Lateral flow segment is the leading segment by technology in the overall market.
High government involvement is one of the prominent factors that drive the demand for rapid medical diagnostic kits market.
ACON Laboratories, Inc., Abbott, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton, Dickinson and Company, BTNX, Inc., bioMérieux SA, and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years