Rapid Medical Diagnostic Kits Market Key Opportunities Prioritized By Product, 2028

San Francisco, Calif., USA, July 22, 2022 — /EPR Network/ —

Rapid Medical Diagnostic Kits Industry Overview

The global rapid medical diagnostic kits market size is expected to reach USD 18.0 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2021 to 2028. Rapid medical diagnostic kits enhance the speed of etiologic diagnosis of patients affected with chronic ailments. Moreover, speedy diagnosis is of paramount importance in individuals affected with infectious diseases. Thus, an increase in the number of manufacturers keen on exploring this space is driving the revenue in the market.

Rapid Medical Diagnostic Kits Market Segmentation

Grand View Research has segmented the global rapid medical diagnostic kits market on the basis of product, technology, application, end use, and region:

Based on the Product Insights, the market is segmented into Over the Counter (OTC) Kits and Professional Kits.

• Over-the-counter (OTC) kits dominated the market in 2020 with a share of 54.3%. This is attributed to the fact that these tests are easy to use in the “near-patient setting” and are a cost-effective alternative to expensive laboratory testing.
• Professional rapid diagnostic test kits accounted for a significant revenue share in 2020. These tests most often make use of techniques, such as PCR and molecular diagnostics, providing higher test sensitivity and specificity.

Based on the Application Insights, the market is segmented into Blood Glucose Testing, Infectious Disease Testing, Cardiometabolic Testing, Pregnancy and Fertility Testing, Fecal Occult Blood Testing, Coagulation Testing, Toxicology Testing, Lipid Profile Testing and Other Applications.

• The infectious disease testing segment held the largest revenue share of nearly 42.0% in 2020. 
• The blood glucose testing segment is anticipated to register the fastest growth rate during the forecast period. The sheer volume of rapid blood glucose tests marketed and currently under usage is the key contributor to the segment growth.

Based on the End-Use Insights, the market is segmented into Hospitals & Clinics, Home Care and Diagnostic Laboratories.

• In 2020, hospitals and clinics held the largest share of 46.5% as they serve as primary care settings for the diagnosis and treatment of all diseases.
• The home care end-use segment is expected to witness significant growth over the forecast period. The aforementioned factors are collaboratively set to contribute to the growth of the home care end-use segment.

Based on Technology Insights, the market is segmented into Lateral Flow, Agglutination, Solid Phase and Other Technologies.

• The lateral flow technology segment accounted for the largest revenue share of 35.1% in 2020. An increase in the public and private partnerships for the development of novel lateral flow tests targeted toward COVID-19 diagnosis is set to propel the segment growth.
• The solid-phase technology segment accounted for a significant revenue share in 2020. The presence of a broad spectrum of biomarkers, pathogens, and environmental contaminants is detected by lateral flow testing, resulting in the increasing demand for these products.

Rapid Medical Diagnostic Kits Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The companies are keen on adopting strategic moves targeted toward catering to the needs associated with the management of the COVID-19 pandemic outbreak. 

Some prominent players in the Global Rapid Medical Diagnostic Kits market include:

• ACON Laboratories, Inc.
• Abbott Laboratories
• Artron Laboratories Inc.
• Alfa Scientific Designs, Inc.
• Becton, Dickinson and Company
• BTNX, Inc.
• bioMérieux SA
• Cardinal Health
• Bio-Rad Laboratories, Inc.
• Danaher Corporation
• Creative Diagnostics
• Meridian Bioscience, Inc.
• Hoffmann-La Roche AG
• McKesson Medical-Surgical, Inc
• Sight Diagnostics Ltd
• Trinity Biotech
• Zoetis

Order a free sample PDF of the Rapid Medical Diagnostic Kits Market Intelligence Study, published by Grand View Research.