June 17, 2022 04:28 ET | Source: Research and Markets Research and Markets
Dublin, June 17, 2022 (GLOBE NEWSWIRE) -- The "Rapid Diagnostics Market by Product (Kits [OTC, Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User (Hospitals, Diagnostic Labs, Home Care) - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering. The global rapid diagnostics market is expected to grow at a CAGR of 1.4% from 2022-2029 to reach $26.40 billion by 2029. The growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the increasing aging population, the growing necessity for rapid decision making in emergency departments, and emerging technological innovations are the key factors driving the growth of the global rapid diagnostics market. Further, the rising market potential in emerging economies, such as China and India, provides significant opportunities for existing market players and new entrants. The rising number of people suffering from non-communicable and infectious diseases, the growing population, and the rising urbanization are expected to provide significant growth opportunities in this region. Based on product, the test readers/analyzers segment is expected to witness the fastest growth rate during the forecast period. The high growth rate of this segment is attributed to the capabilities of these devices to simultaneously read multiple tests in one scan and scale large volumes. In addition, healthcare facilities adopt analyzers for quick analysis compared to centralized lab analyzers due to their features, such as compact size, portability, and easy accessibility. Based on platform, the molecular detection segment is expected to witness the fastest growth rate during the forecast period. The growth of this segment is attributed to the increasing popularity and awareness of molecular detection tests and the high demand for rapid PCR diagnostic kits due to the COVID-19 pandemic.
For instance, according to google trends, the popularity and awareness of RT-PCR diagnostic tests in developing economies, such as India, the Philippines, and Brazil, have increased significantly recently due to the high demand for RT-PCR diagnostic kits for COVID-19 infection diagnosis. Also, various companies have launched PCR kits for qualitative and quantitative detection of COVID-19 infections.
Some of the examples include:
Based on application, the tumor/cancer markers testing segment is expected to witness the fastest growth rate during the forecast period. The rising incidences of cancer amongst the general population is the major factor attributed to the growth of this segment. According to WHO, cancer was the leading cause of death globally in 2020, accounting for approximately 10 million deaths. Furthermore, nearly 70% of deaths out of the total deaths from cancer occur in low- and middle-income countries; therefore, early detection is extremely important to reduce mortality, enhance survival, and save treatment costs. Thus, healthcare workers utilize various rapid diagnostic kits for the early detection of cancer. Based on end user, the hospitals & clinics segment is expected to show the fastest growth rate during the forecast period. The large share of this segment is mainly attributed to the increasing demand for point-of-care diagnostics and the increasing healthcare expenditure worldwide, driving the demand for rapid diagnostic kits used in hospitals & clinics.
Furthermore, the outbreak of the COVID-19 pandemic resulted in the increased demand for rapid diagnostic kits in hospitals & clinics for the treatment and prevention of COVID-19 infections. North America is expected to account for the largest share of the global rapid diagnostics market in 2022, followed by Asia-Pacific and Europe.
The Impact of COVID-19 on the Rapid Diagnostics Market
Rapid Diagnostics: Innovations & Upcoming Technologies
Company Profiles (Business Overview, Financial Overview, Products Portfolio, Strategic Developments)
Rapid Diagnostics Market, by Product
Rapid Diagnostics Market, by Platform
Rapid Diagnostics Market, by Application
Rapid Diagnostics Market, by End User
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