by The rapid diagnostics market involves point-of-care diagnostic tests for quick detection of medical conditions and infectious diseases. Rapid diagnostic kits are convenient as they provide immediate results outside laboratory settings, helping clinicians make faster treatment decisions. They play an important role to address the rising volume of patient samples, while reducing healthcare costs by preventing unnecessary hospitalizations or referrals to specialists. Common rapid diagnostics used are glucose monitoring, infectious disease testing, cardiometabolic testing, pregnancy and fertility testing, urine analysis testing, and toxicology testing.
The global rapid diagnostics market is estimated to be valued at US$ 80.96 Bn in 2024 and is expected to exhibit a CAGR of 8.2% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the rapid diagnostics market is the shift towards point-of-care testing. Diagnostic centers and hospitals are increasing deploying rapid diagnostic tests near patient beds for obtaining faster results. This reduces patient wait time and allows medical staff to begin treatment immediately without moving patients unnecessarily. Growing preference for self-testing rapid diagnostics is another trend. Users appreciate home usage rapid tests due to convenience and accuracy offered for conditions like glucose monitoring, pregnancy and infectious diseases. Self-testing improves access to healthcare in remote areas. Innovation in microfluidics technology is leading to development of advanced rapid diagnostic devices with high sensitivity. Miniaturization enables incorporating multiple tests on a single integrated cartridge at affordable costs.
Porter’s Analysis
Threat of new entrants: The rapid diagnostics market requires large capital investments and established distribution channels. These factors act as a barrier for new companies.
Bargaining power of buyers: Individual consumers have low bargaining power due to the availability of a wide range of products. However, large hospitals and diagnostic labs have high bargaining power.
Bargaining power of suppliers: The market has several component and product suppliers. Thus, suppliers have moderate bargaining power.
Threat of new substitutes: There is a low threat of substitution as rapid diagnostics provides quick detection of diseases and conditions compared to conventional diagnostics methods.
Competitive rivalry: The market has the presence of several global and regional players leading to high competition.
Key Takeaways
The Global Rapid Diagnostics Market Size is expected to witness high growth.
Rapid diagnostics provide quick detection of various infectious diseases, cardiac markers, pregnancy testing and other clinical chemistry tests. This has increased their demand globally.
North America dominates the market and is expected to grow at a steady pace during the forecast period. The increasing incidences of infectious diseases and chronic conditions drive the market growth. Additionally, the presence of leading market players and advanced healthcare infrastructure support market growth in the region.
Asia Pacific is anticipated to witness fastest growth during the forecast period. Factors such as increasing population, growing aging population, and rising healthcare expenditures are spurring the growth of the market in the region.
Key players operating in the rapid diagnostics market are Nxp Semiconductors N.V., Analog Devices, Inc., and Knowles Corporation. Nxp Semiconductors N.V. offers a wide range of biosensors for rapid molecular diagnostics applications. Analog Devices, Inc. provides analog and digital signal processing integrated circuits for medical diagnostic equipment. Knowles Corporation offers MEMS microphones and audio solutions for medical and other devices.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
