USD 29.26 billion
Rapid Diagnostics Market Size, Share, Growth Analysis, By product(kits and equipment), By platform(Immunoassays, Molecular Detection and other platform), By End use(Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users), By Application(Infectious Diseases Testing, Pregnancy & Fertility Testing, Cardiac Metabolism Testing, Cholesterol Testing), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2152 |
Region:
Global |
Published Date: March, 2024
Pages:
219
|Tables:
121
|Figures:
70
Rapid Diagnostics Market Insights
Global Rapid Diagnostics Market size was valued at USD 29.26 billion in 2022 and is poised to grow from USD 35.39 billion in 2023 to USD 162.08 billion by 2031, at a CAGR of 20.95% during the forecast period (2024-2031).
Rapidly surging incidence of infectious and chronic diseases around the world and growing demand for better diagnostics are slated to boost sales of rapid diagnostics in the future. High investments in the research and development of novel diagnostic technologies are also slated to create new opportunities for rapid diagnostics providers going forward. Rising use of point-of-care testing procedures and surging demand for home-based diagnostic testing are also forecasted to promote rapid diagnostics market growth over the coming years. Supportive government initiatives to promote awareness regarding early diagnosis and boost advancements in rapid diagnostic testing are also expected to boost revenue generation for rapid diagnostics companies through 2031. On the contrary, high costs of advanced diagnostic products, dearth of skilled professionals, stringent regulations for approval, and supply chain challenges are slated to impede the adoption of rapid diagnostics across the study period and beyond.
US Rapid Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Kits
Fastest Growth
Equipment
Growth Rate
20.95% CAGR
Global Rapid diagnostics market ($ Bn)
Country Share for North America Region (%)
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Rapid Diagnostics Market Segmental Analysis
Rapid diagnostics market is segmented based on the product, platform, end use, application, and region. Based on product, the market is segmented into kits and equipment. Based on platform, the Rapid Diagnostics Market is segmented into Immunoassays, Molecular Detection and other platforms. Based on end use, the Rapid Diagnostics Market is segmented into Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users. Based on application, the Rapid Diagnostics Market is segmented into Infectious Diseases Testing, Pregnancy & Fertility Testing, Cardiac Metabolism Testing, Cholesterol Testing, Tumour/Cancer Markers Testing, Blood Glucose Testing, Urinalysis, Hematology Testing, Other Tests. Based on Region Rapid Diagnostics Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Kits are forecasted to account for the largest rapid diagnostics market share over the coming years. Extensive use of rapid diagnostic kits around the world owing to their ability to provide quick results with high ease of use. Increasing adoption of point-of-care testing to enhance patient experience and comfort are also expected to bolster the sales of rapid diagnostics kits over the coming years. Rising availability of multiple rapid diagnostics test kits for various disease indications and growing use of over the counter rapid test kits by patients are also estimated to bolster the dominance of this segment in the future.
Meanwhile, the use of rapid diagnostics equipment is estimated to increase at a robust pace across the study period. The high versatility of rapid diagnostics equipment and easy adaptability of the same are contributing to the rising popularity of this segment. The increasing number of patients opting for rapid diagnostic testing and growing demand for advanced equipment to provide more accurate results are also estimated to create new opportunities for rapid diagnostics companies targeting this segment. Developed countries are projected to spearhead the demand for rapid diagnostics equipment and bring in more revenue as compared to developing countries in the long run.
Analysis by Platform
Immunoassays are forecasted to hold sway over the global rapid diagnostics market outlook in the future. Low costs of immunoassay tests as compared to other types of tests are making them a mainstay in rapid diagnostics market landscape. Extensive application scope of immunoassay platforms for a wide variety of medical uses is also helping the dominance of this segment. High reliability and specificity of immunoassay platforms also contributes to the high rapid diagnostics market share going forward. High sensitivity, reliable results, and high affordability are some key benefits that are boosting the preference for immunoassay platforms in rapid testing.
On the other hand, the demand for molecular detection in rapid diagnostics is projected to increase at a notable CAGR across the forecast period and beyond. The ability of molecular platform-based rapid diagnostics tests to provide early detection of diseases is a key factor creating new opportunities via this segment. Advancements in molecular detection technologies and highly accurate diagnosis of disease indications are also projected to bolster the demand for rapid diagnostics through this segment going forward. Characterization of cancer using molecular detection is also a key prospect that helps this segment emerge as a highly opportune one for rapid diagnostics providers.
Global Rapid diagnostics market By product (%)
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Rapid Diagnostics Market Regional Insights
North America is predicted to spearhead the demand for rapid diagnostics in the world. High adoption of point-of-care testing, growing investments in diagnostics technology research and development, and availability of attractive reimbursement policies are helping this region hold sway over others. High healthcare expenditure and rising prevalence of chronic diseases make the United States a leading market in North America. Canada is also expected to bolster the demand for rapid diagnostics in the long run. Supportive government funding to advanced medical research is also expected to benefit rapid diagnostics market development across the study period.
The Asia Pacific region is forecasted to emerge as the fastest-expanding market for rapid diagnostics companies in the world. Growing investments in healthcare infrastructure development, rising awareness regarding early diagnostics, and a rapidly expanding geriatric population base are driving up the sales of rapid diagnostics products in this region. High emphasis on improving patient outcomes and rising healthcare spending are also expected to benefit rapid diagnostics market forecast in this region. China, Japan, and India are forecasted to remain the most rewarding markets in the Asia Pacific region through 2031 and beyond.
Global Rapid diagnostics market By Region
- Largest
- Fastest
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Rapid Diagnostics Market Dynamics
Rapid Diagnostics Market Drivers
Rising Incidence of Infectious Diseases
- The prevalence of infectious diseases is increasing rapidly around the world and subsequently the need for better diagnostic procedures for the same. Rapid tests allow early detection of infectious diseases and help curb their spread in initial stages, which helps avoid a global pandemic of epic proportions. Hence, rising awareness regarding infectious diseases and their diagnosis are boosting demand for rapid diagnostics.
Advancements in Diagnostic Technologies
- Investments in the development of advanced and better diagnostic products and technologies are surging rapidly around the world. This has resulted in the creation of advanced rapid diagnostic products which feature properties such as improved accuracy, sensitivity, and speed of diagnosis. Hence, growing availability of advanced rapid diagnostics is slated to boost revenue generation in the future.
Rapid Diagnostics Market Restraints
Stringent Regulations for Approval
- Rapid diagnostics products and technologies are subject to strict mandates from regulatory authorities and governments involving extensive documentation and testing procedures. Ensuring compliance with these regulations and gaining approval becomes a tedious task for rapid diagnostics companies thereby slowing down rapid diagnostics market outlook in the future.
Shortage of Skilled Professionals
- Certain advanced rapid diagnostics technologies and procedures require skilled professionals to perform diagnostics and interpret their results. However, the healthcare industry is faced with a major shortage of skilled medical professionals, which is expected to impede rapid diagnostics demand outlook in the long run. This restraint is especially prominent in developing and under developed countries.
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Rapid Diagnostics Market Competitive Landscape
Developing rapid diagnostic tests that can detect chronic and infectious diseases in early stages will be highly important for all companies operating in this market. Rapid diagnostics providers around the world are expected to target developing countries to increase revenue generation going forward. Use of advanced technologies such as artificial intelligence can also help companies stand out in the competitive landscape.
Rapid Diagnostics Market Top Player's Company Profiles
- F. Hoffmann-La Roche Ltd.
- ACON Laboratories, Inc.
- Danaher Corporation
- Thermo Fisher Scientific Inc.
- BioMérieux S.A.
- Alfa Scientific Designs, Inc.
- BTNX Inc.
- and Trinity Biotech plc
Rapid Diagnostics Market Recent Developments
- In October 2024, Quest Diagnostics, a renowned name in the diagnostics business announced the launch of a new rapid test for the detection of avian influenza A H5 virus. The new molecular lab test was made available through prescription for clinical uses only.
- In July 2023, EMPE Diagnostics, a leading provider of diagnostic solutions based in India announced the launch of its new mfloDx MDR-TB test kit. The newly launched rapid test kit is highly accurate and can be used for detection of tuberculosis, which is becoming a major issue in India.
- In July 2024, Global Access Diagnostics (GADx), a renowned provider of affordable diagnostics announced the launch of a new rapid test kit for visceral leishmaniasis (VL). IT-Leish is an immuno-chromatographic rapid diagnostics test is capable of providing results in as less as 20 minutes.
Rapid Diagnostics Key Market Trends
- Use of AI for Diagnostics: Rapid diagnostics companies can focus on integrating artificial intelligence technology in their offerings to enhance their accuracy and efficiency. Use of AI can also open up new opportunities such as predictive analytics to help in early diagnosis of different disease indications. Rapid digitization of healthcare is also expected to make this a vital rapid diagnostics market trend in the long run.
- Development of Multiplex Tests: Rapid diagnostics companies are projected to invest in the development of multiplex tests that are capable of detecting multiple pathogens and biomarkers in a single test. These tests are projected to gain popularity as they require less resources and provide more information on an individual’s health.
Rapid Diagnostics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, growing incidence of infectious diseases and advancements in diagnostics technologies are forecasted to be key drivers for rapid diagnostics market going forward. However, stringent regulations for product approval and a shortage of skilled professionals are expected to impede rapid diagnostics demand outlook in the future. Rising spending on healthcare and the growing adoption of point-of-care testing are expected to make the Asia Pacific region the fastest-expanding market for rapid diagnostics providers in the long run. Integration of artificial intelligence and the development of multiplex tests are expected to be key opportunities for rapid diagnostics companies focusing on the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 29.26 billion |
| Market size value in 2031 | USD 162.08 billion |
| Growth Rate | 20.95% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Rapid Diagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Rapid Diagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Rapid Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Rapid Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Rapid Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Rapid Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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