April 14, 2021
Fact.MR’s detailed study on the rapid medical diagnostic kits market forecasts the landscape to accrue significant gains through 2031.
Rising prevalence of infectious diseases has been surging demand for rapid medical diagnostic kits, globally. Need for detecting new pathogens that are causing infections is boosting market growth. There has also been a noticeable decrease in the immune systems of people due to sedentary and unhealthy lifestyles, which makes them vulnerable to infections, thus, supplementing demand for rapid medical diagnostic kits.
Increasing geriatric population worldwide is also anticipated to aid market growth. Emergence of cheap rapid medical diagnostic kits, especially with the onset of the COVID-19 pandemic, is another factor catalyzing sales across regions. As per Fact.MR analysis, the global rapid medical diagnostic kits market is projected to expand at a steady CAGR of around 4% through 2031.
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Key Takeaways from Study
Blood glucose testing kits will remain the most-used over the long term, experiencing over two-fold growth through 2031.
North America to remain as a highly lucrative market; the region is witnessing high adopting these diagnostic kits to detect various infectious diseases caused by bacteria and viruses.
Europe to experience steady annual growth through 2031, driven by heightened investments to improve the condition of healthcare facilities.
Hospitals & clinics will continue to remain as the largest end-user segment demanding the highest volumes of rapid medical diagnostic kits.
“The outbreak of COVID-19 has created significant opportunity for manufacturers to develop rapid medical diagnostic kits to contain the spread of the virus,” says a Fact.MR analyst.
Prominent Market Drivers
Increasing prevalence of multidrug-resistant bacterial infections is set to propel demand for rapid medical testing.
Expanding population, genetic variation in hosts and pathogens, and environmental change are some other aspects contributing to increased demand for rapid medical testing, thereby boosting industry expansion.
Growing prevalence of chronic diseases is leading to an increase in the need for rapid disease diagnosis.
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Market Competition
Key manufacturers profiled in Fact.MR’s report includes Danaher Corporation, ACON Laboratories, Inc., Meridian Bioscience, Inc., Becton, Dickinson, and Company, Abbott Laboratories, Artron Laboratories Inc., Alfa Scientific Designs, Inc., BTNX, Inc., bioMérieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG, McKesson Medical-Surgical, Inc., Trinity Biotech, and Zoetis, among others. Primary expansion strategies include acquisition of key distributors, collaborations, mergers, and product portfolio diversification.
More Valuable Insights
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global rapid medical diagnostic kits market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges compelling insights on the market based on test (blood glucose testing, infectious disease testing, pregnancy and fertility testing, cholesterol monitoring, and other tests) and application (hospitals & clinics, homecare settings, and veterinary), across seven major regions of the world.
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