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Redding, California - September 25, 2024

Rapid Diagnostics Market to be Worth $22.65 Billion By 2031

Rapid Diagnostics Market Size, Share, Forecast, & Trends Analysis by Product (Kits [OTC, Professional], Readers) Platform (Lateral Flow, Serological, PCR) Application (Diabetes, Infectious Diseases, Pregnancy, HIV) Sample (Blood) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled “Rapid Diagnostics Market Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the rapid diagnostics market is expected to reach $22.65 billion by 2031, at a CAGR of 6.5% from 2024 to 2031.

The rapid diagnostics market's growth is mainly attributed to the increasing demand for point-of-care diagnostics, the rising incidence of non-communicable diseases, the expanding population aged 60 and above, the need for rapid decision-making in hospital emergency departments, and advancements in technology. However, the presence of discrepancies in test results, along with the availability of alternative testing options, may restrain the growth of this market.

The rapid diagnostics market is segmented based on Product, Platform, Application, Sample Type, and End User. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

By product, the kits segment is anticipated to hold the dominant position, with a share of 67.6% of the market in 2024. This segment's large share is attributed to the rising adoption and repetitive kit usage. In addition, the growing portfolio of disease-specific kits for the early diagnosis of chronic diseases and the increasing technological advancements are other factors supporting the growth of this segment.

By platform, the immunoassays segment is anticipated to hold the dominant position, with a share of 54.2% of the market in 2024. The large share of this segment is attributed to the ability of immunoassay kits to deliver rapid and accurate results with high sensitivity in point-of-care diagnostics. There is a global demand for swift and reliable SARS-CoV-2 testing kits to effectively address the COVID-19 pandemic. In response, companies are focusing on the development of immunoassay kits that enhance sensitivity, accuracy, and speed. For example, in May 2021, Stream Bio and Chelsea Technologies, both based in the U.K., formed a joint venture called Brightline Diagnostics (DX). They developed an innovative platform, Claritas, which combines fluorescent lateral flow tests with a highly sensitive handheld reader, offering significant advantages over existing assays.

By application, the infectious disease testing segment is anticipated to hold the dominant position, with a large share of the market in 2024. This segment's large share is mainly attributed to the rising prevalence of infectious diseases and the growing demand for affordable infectious disease testing in emerging markets.

By sample type, the blood segment is anticipated to hold the dominant position, with a large share of the market in 2024. The significant share of this segment can be attributed to the strong preference for blood as a diagnostic sample. Blood provides healthcare professionals with critical information about foreign substances in the body and reveals any disturbances in regular parameters. It can be collected frequently at specified intervals if needed, and only a small volume is required for multiple tests. Additionally, the ease of extraction, prompt examination, and access to innovative storage and transport solutions that maintain temperature, concentration, and pH make blood the preferred sample type for rapid diagnostic tests.

By end user, the hospitals & clinics segment is anticipated to hold the dominant position, with a large share of the market in 2024. The large share of this segment is mainly attributed to the increasing demand for point-of-care diagnostics and the rising healthcare expenditure worldwide. For instance, according to Invest India (National Investment Promotion and Facilitation Agency), the hospital and healthcare industry in India forecasts tremendous growth due to the significant increase in coverage and healthcare spending. In addition, the government announced plans to spend over USD 200 billion on medical infrastructure by 2024, which will support the establishment of new hospitals & clinics with POC testing services and diagnostic laboratories.

This research report analyzes major geographies and provides comprehensive analysis for North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, Sweden, Switzerland, Netherlands, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (Saudi Arabia, South Africa, Rest of Middle East & Africa).

By geography, North America is anticipated to hold the dominant position, with a share of 41% of the market in 2024. North America's significant market share can be attributed to its advanced healthcare infrastructure, widespread adoption of at-home rapid testing kits, and the high prevalence of chronic diseases such as cancer, cardiovascular conditions, and diabetes. Moreover, the elevated rate of inpatient admissions in emergency departments further drives the adoption of rapid testing in the region.

Key companies operating in the global rapid diagnostics market are Abbott Laboratories (U.S.), Becton, Dickinson and Company (U.S.), Bio-Rad Laboratories, Inc. (U.S.), F. Hoffmann-La Roche Ltd. (Switzerland), ACON Laboratories, Inc. (U.S.), Creative Diagnostics (U.S.), Danaher Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), BioMérieux S.A. (France), Alfa Scientific Designs, Inc. (U.S.), BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland).

Download Free Sample Report Here : https://www.meticulousresearch.com/download-sample-report/cp_id=5240

Key questions answered in the report:

Which are the high-growth market segments in terms of product, platform, application, sample type, end user and region/country?
What was the historical market size for rapid diagnostics across the globe?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, and challenges in the global rapid diagnostics market?
Who are the major players in the global rapid diagnostics market?
What is the competitive landscape like, and who are the market leaders in the rapid diagnostics market?
What are the recent developments in the rapid diagnostics market?
What strategies are adopted by the major players in the rapid diagnostics market?
What are the geographical trends and high-growth regions/countries?

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Redding, California - September 25, 2024

Rapid Diagnostics Market to be Worth $22.65 Billion By 2031

Rapid Diagnostics Market Size, Share, Forecast, & Trends Analysis by Product (Kits [OTC, Professional], Readers) Platform (Lateral Flow, Serological, PCR) Application (Diabetes, Infectious Diseases, Pregnancy, HIV) Sample (Blood) - Global Forecast to 2031

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