Global Rapid Diagnostics Market Size By Product Type (Over-The-Counter (OTC) Rapid Diagnostic Tests, Professional Rapid Diagnostic Tests), By Technology (Immunoassays, Molecular Diagnostics), By Application (Infectious Diseases, Cancer), By End-User (Hospitals and Clinics, Diagnostic Laboratories), By Geographic Scope And Forecast
Report ID: 343129|No. of Pages: 202
Global Rapid Diagnostics Market Size By Product Type (Over-The-Counter (OTC) Rapid Diagnostic Tests, Professional Rapid Diagnostic Tests), By Technology (Immunoassays, Molecular Diagnostics), By Application (Infectious Diseases, Cancer), By End-User (Hospitals and Clinics, Diagnostic Laboratories), By Geographic Scope And Forecast
Rapid Diagnostics Market Size And Forecast
Rapid Diagnostics Market size was valued at USD 204.1 Million in the year 2022 and is projected to reach USD 540.7 Million in 2030, growing at a CAGR of 10.48% from 2023 to 2030.
The growth of the Rapid Diagnostics Market is driven by factors such as the increasing prevalence of infectious diseases, increasing demand for point-of-care testing, growing geriatric population, and increasing adoption of rapid diagnostic tests in home care settings. The infectious diseases segment is expected to hold the largest share of the Rapid Diagnostics Market during the forecast period due to the high demand for rapid diagnostic tests for diseases such as COVID-19, HIV, and influenza.
Geographically, North America is expected to hold the largest share of the Rapid Diagnostics Market, followed by Europe and the Asia-Pacific region. However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period due to factors such as the increasing prevalence of infectious diseases, growing demand for point-of-care testing, and growing geriatric population. Overall, the Rapid Diagnostics Market is expected to grow significantly during the forecast period, owing to technological advancements, growing demand for rapid diagnostic tests, and increasing investment in R&D.
>>> Get | Download Sample Report @ – https://www.verifiedmarketresearch.com/download-sample/?rid=343129
Global Rapid Diagnostics Market Definition
The Rapid Diagnostics Market refers to the market for diagnostic tests designed to provide fast and accurate results in a short period of time. Rapid diagnostic tests are typically used to diagnose infectious diseases such as HIV, influenza, and COVID-19, but can also be used to diagnose other conditions such as cancer, heart disease, and pregnancy. Rapid diagnostic tests use a variety of technologies, including immunoassays, molecular diagnostics, and chromatography, to detect the presence of specific biomarkers, such as antigens, antibodies, and nucleic acids, in a patient sample.
These tests are often done at the point of care, such as a doctor’s office or community health center, and can be done in minutes, not hours or days. The Rapid Diagnostics Market includes a wide range of players, including diagnostic test manufacturers, medical device companies, and healthcare providers. The market is driven by factors such as increasing demand for point-of-care testing, the need for rapid and accurate diagnosis of infectious diseases, and the increasing prevalence of chronic diseases. The market is expected to continue to grow as new technologies and tests are developed and as healthcare systems around the world place greater emphasis on preventive care and early disease detection.
What's inside a VMR
industry report?
Our reports include actionable data and forward-looking analysis that help you craft pitches, create business plans, build presentations and write proposals.
>>> Ask For Discount @ – https://www.verifiedmarketresearch.com/ask-for-discount/?rid=343129
Global Rapid Diagnostics Market Overview
The growth of the Rapid Diagnostics Market is driven by several factors, including the increasing prevalence of infectious diseases such as COVID-19, increasing demand for point-of-care testing, and the need for accurate and rapid disease diagnosis. Immunoassays and molecular diagnostics are the most common types of rapid diagnostic tests and are expected to continue to dominate the market. However, there is also significant growth potential for other types of rapid diagnostic tests, such as biosensors and microfluidic devices, which are being developed for a range of applications.
The COVID-19 pandemic has significantly impacted the Rapid Diagnostics Market, with the demand for COVID-19 tests driving the market growth in 2020 and 2021. Although the pandemic is expected to subside over time, it has highlighted the importance of rapid diagnostic tests in the detection and control of infectious diseases, and is likely that this will continue to drive the demand for rapid diagnostic tests in the coming years. Geographically, North America and Europe are the largest markets for rapid diagnostic tests due to well-established healthcare infrastructure and the large adoption of new technologies.
However, the Asia Pacific region is expected to witness the highest growth rate during the forecast period due to factors such as the increasing prevalence of chronic diseases, rising healthcare expenditure, and growing demand for point-of-care testing in emerging economies. Overall, the Rapid Diagnostics Market is expected to continue to grow in the coming years, driven by technological advancements, increasing demand for point-of-care testing, and the need for rapid and accurate disease diagnosis.
Global Rapid Diagnostics Market Segmentation Analysis
The Global Rapid Diagnostics Market is segmented into Product Type, Technology, Application, End-User, and Geography.
Rapid Diagnostics Market, By Product Type
- Over-The-Counter (OTC) Rapid Diagnostic Tests
- Professional Rapid Diagnostic Tests
Based on Product Type, the market is segmented into Over-The-Counter (OTC) Rapid Diagnostic Tests and Professional Rapid Diagnostic Tests. OTC rapid diagnostic tests are intended for use by consumers at home, while professional rapid diagnostic tests are used by healthcare providers in clinical settings.
Rapid Diagnostics Market, By Technology
- Immunoassays
- Molecular Diagnostics
- Chromatography
- Others
Based on Technology, the market is segmented into Immunoassays, Molecular Diagnostics, Chromatography, and Others. Immunoassays are the most used technology for rapid diagnostic tests, followed by molecular diagnostics.
Rapid Diagnostics Market, By Application
- Infectious Diseases
- Cancer
- Cardiac Markers
- Pregnancy and Fertility Tests
- Glucose Monitoring
- Others
Based on Application, the market is segmented into Infectious Diseases, Cancer, Cardiac Markers, Pregnancy and Fertility Tests, Glucose Monitoring, and Others. Infectious diseases are the largest segment of the Rapid Diagnostics Market due to the high demand for rapid diagnostic tests for diseases such as COVID-19, HIV, and influenza.
Rapid Diagnostics Market, By End-User
- Hospitals and Clinics
- Diagnostic Laboratories
- Homecare
- Others
Based on End-User, the market is segmented into Hospitals and Clinics, Diagnostic Laboratories, Homecare, and Others. Hospitals and clinics are the largest end users of rapid diagnostic tests due to the large number of patients and the need for rapid diagnosis in the emergency setting.
Rapid Diagnostics Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
On the basis of Geography, the Global Rapid Diagnostics Market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America and Europe are the largest markets for rapid diagnostic tests, while Asia Pacific is expected to witness the highest growth rate during the forecast period. Overall, the Rapid Diagnostics Market is a diverse and growing market with a variety of products, technologies, applications, end users, and regions. Segmentation analysis helps to better understand the market and identify opportunities for growth and investment.
Key Players
The “Global Rapid Diagnostics Market” study report will provide valuable insight with an emphasis on the global market including some of the major players of the industry are Abbott Laboratories, Inc., Becton, Dickinson, and Company, BioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche AG, Quidel Corporation, Siemens Healthineers AG, Thermo Fisher Scientific, Inc., Trinity Biotech plc, Frigoríficos De Camariñas S L.
Our market analysis offers detailed information on major players wherein our analysts provide insight into the financial statements of all the major players, product portfolio, product benchmarking, and SWOT analysis. The competitive landscape section also includes market share analysis, key development strategies, recent developments, and market ranking analysis of the above-mentioned players globally.
Key Developments
- In August 2021 – Abbott Laboratories launched its latest point-of-care diagnostic test, the BinaxNOW COVID-19 Ag Card Home Test, which can be used at home without a prescription.
- In March 2021 – Roche announced the launch of its rapid SARS-CoV-2 antigen test, which provides results in just 15 minutes.
- In January 2021 – Quidel Corporation received Emergency Use Authorization (EUA) from the US FDA for its Sofia 2 SARS Antigen FIA, a rapid diagnostic test for COVID-19.
- In October 2020 – BD (Becton, Dickinson, and Company) received Emergency Use Authorization (EUA) from the US FDA for its rapid point-of-care antigen test for COVID-19, which provides results in just 15 minutes.
- In September 2020 – Danaher Corporation announced the acquisition of Cytiva, a biotechnology company that develops and manufactures a range of rapid diagnostic tests.
- In July 2020 – Bio-Rad Laboratories has received Emergency Use Authorization (EUA) from the US FDA for its SARS-CoV-2 Droplet Digital PCR (ddPCR) test, which provides highly accurate and precise results in just hours.
Report Scope
| Report Attributes | Details |
|---|---|
| Study Period | 2019-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Period | 2019-2021 |
| Unit | Value (USD Million) |
| Key Companies Profiled | Abbott Laboratories, Inc., Becton, Dickinson, and Company, BioMérieux SA, Bio-Rad Laboratories, Inc., Danaher Corporation, F. Hoffmann-La Roche AG. |
| Segments Covered | By Product Type, By Technology, By Application, By End-User, and By Geography. |
| Customization scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
Top Trending Reports:
Global Electrolyte And Vitamin Water Market Size And Forecast
Global Milk Market Size And Forecast
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our sales team at Verified Market Research.
Reasons to Purchase this Report
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors.
- Provision of market value (USD Billion) data for each segment and sub-segment.Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market.
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region.
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled.
- Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players.
- The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions.
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis.
- It provides insight into the market through Value Chain.
- Market dynamics scenario, along with growth opportunities of the market in the years to come.6-month post-sales analyst support.
Customization of the Report
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
Frequently Asked Questions
Report Research Methodology
Verified Market Research uses the latest researching tools to offer accurate data insights. Our experts deliver the best research reports that have revenue generating recommendations. Analysts carry out extensive research using both top-down and bottom up methods. This helps in exploring the market from different dimensions.
This additionally supports the market researchers in segmenting different segments of the market for analysing them individually.
We appoint data triangulation strategies to explore different areas of the market. This way, we ensure that all our clients get reliable insights associated with the market. Different elements of research methodology appointed by our experts include:
Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
Last piece of the ‘market research’ puzzle is done by going through the data collected from questionnaires, journals and surveys. VMR analysts also give emphasis to different industry dynamics such as market drivers, restraints and monetary trends. As a result, the final set of collected data is a combination of different forms of raw statistics. All of this data is carved into usable information by putting it through authentication procedures and by using best in-class cross-validation techniques.
Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
|
|
| Demand side |
|
|
Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
All the research models are customized to the prerequisites shared by the global clients.
The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
| Qualitative analysis | Quantitative analysis |
|---|---|
|
|
