Increasing Prevalence Of Infectious Diseases Has Spurred Demand For Rapid Medical Diagnostic Kits

The rapid medical diagnostic kits market is forecast to expand at a CAGR of 4% from 2021 to 2031, expected to reach US$ 23.1 Bn. According to Fact.MR, blood glucose testing is anticipated to generate new growth frontiers, growing 2x across the forecast period. As of 2021, the overall market is anticipated to reach US$ 15.6 Bn.

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• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Rapid Medical Diagnostic Kits and How to Navigate
• Recommendation on Key Winning Strategies

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Key Segments Covered

• Test
  • Rapid Medical Diagnostic Kits for Cholesterol Monitoring
  • Rapid Medical Diagnostic Kits for Infectious Diseases Testing
• Application
  • Rapid Medical Diagnostic Kits for Hospitals & Clinics
  • Rapid Medical Diagnostic Kits for Homecare Settings
  • Rapid Medical Diagnostic Kits for Veterinary Settings
  • Rapid Medical Diagnostic Kits for Fertility & Pregnancy Testing
  • Rapid Medical Diagnostic Kits for Blood Glucose Testing
  • Rapid Medical Diagnostic Kits for Other Tests
  • Rapid Medical Diagnostic Kits for Substance Abuse Testing

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Competitive Landscape

Manufacturers benefit from strategic collaborations by increasing production and meeting consumer demand. Notable developments concerning deployment of rapid medical diagnostic kits are as follows:

• On January 26th, 2021, Innova Medical Group, Inc., announced the production of INNOVA SARS-CoV-2 Antigen Rapid Qualitative Test Kit for the U.S market, designed to provide 5 million test kit production per day by the end of the month and also expanding to 50 million rapid test kits per day in its expanded Orange County facility
• Likewise, in June 2021, Hoffmann-La Roche obtained the CE mark for its SARS-CoV-2 Antigen Self Nasal testing kit across home settings. After this development, the company hopes to extend its outreach across various countries through pharmacies and other distribution channels, in packs of five

How is Increasing Prevalence Rates of Infectious Diseases Stimulating Adoption?

A high incidence rate of infections both inside and outside the home has increased the need for people to use rapid testing kits at home. Diagnostic results can be delivered at the point of care thereby decreasing the need for multiple visits to obtain the results of diagnostic tests and thereby improving the specificity of the diagnosis.

As a result, the chances of the patient receiving treatment increase, and the likelihood of presumptive treatment is reduced, where the patient will more likely become ill in the interim. In response to the growing need to detect pathogens and to know the infection source, rapid diagnostic have been gaining popularity in the market. The increasing use of technologies on the market has yielded a nationwide increase in the demand for these tests on the market.

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