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Rapid Diagnostics Market Size to Reach Revenues of over USD 43 Billion by 2025 – Arizton

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Rapid Diagnostics Market Size to Reach Revenues of over USD 43 Billion by 2025 – Arizton

November 13
04:40 2020

In-depth analysis and data-driven insights on the impact of COVID-19 included in this global rapid diagnostics market report. 

The global rapid diagnostics market is expected to grow at a CAGR of approximately 10% during the period 2019−2025.

 

Key Highlights Offered in the Report:  

 

  1. The developed countries focusing on the mass testing schemes for COVID-19 is fueling the demand for the rapid COVID-19 test kits in the market. 
  2. The start of the second wave of COVID-19, especially in the European countries has already affected a larger population and countries are focusing towards the rapid tests for faster results, to isolate the affected people and control the spread of disease until a vaccine is widely available.
  3. The US accounted for the larger share in the market in 2019. Globally it accounted for around 35% and more than 90% in the North American market share.
  4. The consumables segment accounted for the larger share than the instrument and analyzer segment and it is due to the recurring sales of the consumables during the COVID-19 and pre-pandemic conditions.
  5. The blood glucose monitoring devices accounted for the larger share due to the increase in diabetic population worldwide and is expected to grow at an incremental growth of over USD 10 billion during the forecast period.
  6. Based on the end-user segment the usage of the rapid tests by individuals accounted for the larger share in 2019, which is expected to grow at an incremental growth of more than USD 10 billion during the forecast period.
  7. The vendors manufacturing the rapid diagnostic test kits have increased their manufacturing capacities to meet the surge in sudden demand due to the COVID-19 pandemic worldwide.  The competition between the region players and global players are increasing as many products are approved under EUA by the regulatory bodies to meet the demand in that particular region.

 

Key Offerings:

  • Market Size & Forecast by Revenue | 2019−2025
  • Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
  • Market Segmentation – A detailed analysis by product, end-users, application, prescription, and geography
  • Competitive Landscape – 3 key vendors, 37 other prominent vendors, and 5 company to watch

 

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Rapid Diagnostics Market – Segmentation

 

  • In 2019, the blood glucose testing segment accounted for over 61% of the rapid diagnostics market. Point of care testing (POCT) for glucose levels is a common procedure performed several times a day in different medical settings worldwide. POCT glucose devices deliver rapid and relatively precise glucose measurements performed on the blood at patients’ bedsides, thereby offering quick results.
  • In 2019, the consumables segment accounted for a share of over 73%. The increasing share can be attributed to the high usage of a wide array of standard reagents and test kits to perform several tests. The usage of consumables is reoccurring in nature; the consumables segment generates continuous revenue for vendors.
  • The trend of self-testing is slowly growing across developing countries, especially for blood glucose, pregnancy and ovulation, and blood coagulation testing. This trend is in the mature stage in developed countries. The prevalence of chronic diseases and infectious diseases is increasing across the globe.

 

Rapid Diagnostics Market by Application  

  • Blood Glucose Testing
  • Cardiometabolic Testing
  • Infectious Disease Testing
  • Blood Coagulation Testing
  • Hematology Testing
  • Cancer Testing
  • Drug Abuse Testing
  • Pregnancy & Fertility/Ovulation Testing

Rapid Diagnostics Market by Products 

  • Consumables
  • Analyzers/Instruments

Rapid Diagnostics Market by End-user

  • Hospitals & Clinics
  • Laboratories
  • Individuals/Homecare
  • Others

 

Rapid Diagnostics Market – Dynamics

 

Molecular microbiology has revolutionized the virology field. These methods have cut down turnaround times (TAT) from weeks to mere hours, increased the sensitivity and specificity of viral detection, and allowed for quantification of viral load. Molecular microbiology approaches are based on detecting targeted portions of microbial genetic material, either DNA or RNA, that have been extracted directly from a patient sample. With molecular assays utilizing polymerase chain reactions (PCR), targeted genetic material is amplified, making many copies so that an instrument can detect even very small amounts of microbial genetic material. Most microbiology PCR assays take hours, but newer sample-to-answer assays are streamlined and involve minimal processing and hands-on time. These simplified molecular assays enable more technologists and laboratories to perform these tests outside of clinical microbiology laboratories, increasing their utilization and the number of personnel involved in the process

 

Key Drivers and Trends fueling Market Growth:

  • Increase in Demand for the Rapid Tests Due to COVID-19
  • New Rapid Diagnostics’ Product Approvals/Launches
  • Growing Prevalence/Incidence of Several Acute & Chronic Diseases
  • Focus on Innovative Rapid Diagnostic Platforms

 

Rapid Diagnostics Market – Geography

 

APAC is expected to be the fastest-growing region during the forecast period. This is due to the target pool of people requiring various infectious disease diagnostics and improvement in healthcare infrastructure. Moreover, the rising purchasing power of the public for healthcare services and growing focus on early diagnosis and preventive medicine encourage people to undergo diagnostics. China, Japan, India, South Korea, and Australia are the major revenue contributors to the APAC market. The APAC rapid diagnostics market is driven by four major factors: growing geriatric population base in countries such as Japan and China, rising prevalence of target diseases, increasing demand for home healthcare, and the introduction of new products enabled with advanced technologies. The growing prevalence of target diseases such as cancer, diabetes, cardiovascular diseases, and infectious diseases is expected to have a positive impact in the coming years.

 

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By Geography 

  • North America
    • US
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • China
    • Japan
    • South Korea
    • Australia
    • India
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Turkey

 

Major Vendors

  • Abbott
  • Hoffmann-La Roche
  • Siemens Healthineers 

 

Other Prominent Vendors

  • Abaxis
  • Abingdon Health
  • ACON Laboratories
  • AgaMatrix
  • Arbor Vita
  • Assure Tech
  • Autobio
  • Beijing Wantai Biopharma
  • BioMedomics
  • Biomerica
  • bioMérieux
  • Biopanda Reagents
  • Chembio Diagnostic Systems
  • Cellex
  • Clinical Reference Laboratory
  • CTK Biotech
  • EKF Diagnostics
  • Exact Sciences
  • Hangzhou AllTest Biotech
  • Hangzhou Biotest Biotech
  • Healgen Scientific
  • Instrumentation Laboratory
  • Megna Health
  • Meridian Bioscience
  • MP Biomedicals
  • NOWDiagnostics
  • Salofa Oy
  • Sekisui Diagnostics
  • SEASUN BIOMATERIALS
  • Sinocare
  • SureScreen Diagnostics
  • Sysmex
  • Swiss Precision Diagnostics
  • Thermo Fisher Scientific
  • Trinity Biotech
  • Xiamen Biotime Biotechnology
  • Zhejiang Orient Gene Biotech

 

Upcoming Companies

  • Ascensia Diabetes Care Holdings
  • LifeScan
  • BD
  • Quidel
  • Danaher

 

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About Arizton Advisory & Intelligence

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize fool proof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

Arizton Advisory & Intelligence
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Mail: [email protected]
Call: +1-312-235-2040/+1 302 469 0707

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Website: https://www.arizton.com/market-reports/rapid-diagnostics-market-size-analysis

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