Who are the key vendors in the Global Rapid Diagnostics Market?

The rapid diagnostics market is highly competitive and somewhat fragmented. Major industry participants continually implement various growth strategies such as innovations, mergers, acquisitions, collaborations, and partnerships to maintain a competitive edge. Major market players include 'Abbott Laboratories', 'Becton, Dickinson and Company', 'Bio-Rad Laboratories, Inc.', 'F. Hoffmann-La Roche Ltd.', 'ACON Laboratories, Inc.', 'Creative Diagnostics', 'Danaher Corporation', 'Thermo Fisher Scientific Inc.', 'BioMérieux S.A.', 'Alfa Scientific Designs, Inc.', 'BTNX Inc.', 'Meridian Bioscience, Inc.', and 'Trinity Biotech plc'.

What is the key driver of Global Rapid Diagnostics Market?

The energy policies of both developed and developing nations are being updated to include a significant share of power generation sourced from renewable energy sources like wind and solar. Investments in renewable energy are increasing due to financial incentives from governments, which is further anticipated to propel market growth. Modernizing and enhancing electricity grids require renewable energy, and the costs of renewable sources like geothermal, hydropower, biomass, and onshore wind are becoming comparable to traditional power plants. These factors are expected to aid in the expansion of the advanced energy storage systems industry in the long run.

What is the key market trend for Global Rapid Diagnostics Market?

Major market participants are increasingly implementing cutting-edge technologies like artificial intelligence to create effective point-of-care diagnostics. Lab-on-a-chip platforms, wearable technology, and breakthroughs in smartphone-based technologies have led to significant improvements in point-of-care testing devices. Deep learning systems built on the cloud have paved the way for future advancements. Novel biosensors, microfluidics, and chip technology miniaturization have advanced the design of new diagnostic systems. Lab-on-a-chip technology, particularly in the detection of infectious diseases, is one of the main drivers of point-of-care testing. Several bioassays, including microbiological culture, enzyme-linked immunosorbent assays (ELISA), and polymerase chain reaction (PCR), can now be performed at the point of care thanks to lab-on-a-chip technology. Therefore, new technologies for manufacturing point-of-care testing kits are expected to boost the global market growth during the forecast period.

Which region accounted for the largest share in Global Rapid Diagnostics Market?

North America accounted for the largest share in the global rapid diagnostics market, generating USD 14.48 billion in sales in 2021. The region's point-of-care diagnostics market is projected to grow due to the widespread use of sophisticated point-of-care diagnostics for identifying various infectious and chronic diseases, as well as attractive reimbursement policies.

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.

Rapid Diagnostics Market Report Snapshots

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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. 'Abbott Laboratories', 'Becton, Dickinson and Company', 'Bio-Rad Laboratories, Inc.', 'F. Hoffmann-La Roche Ltd.', 'ACON Laboratories, Inc.', 'Creative Diagnostics', 'Danaher Corporation', 'Thermo Fisher Scientific Inc.', 'BioMérieux S.A.', 'Alfa Scientific Designs, Inc.', 'BTNX Inc.', 'Meridian Bioscience, Inc.', 'and Trinity Biotech plc'

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.

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.

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.

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Rapid Diagnostics Market Insights

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