Rapid Diagnostics Market Analysis

Rapid Diagnostics Market Analysis

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Based on product, the market is segmented into infectious disease testing, glucose monitoring, cardiometabolic testing, coagulation testing products, pregnancy and fertility testing, tumor/cancer marker testing products, urinalysis testing products, cholesterol testing products, haematology testing products, drug-of-abuse (DoA) testing products, faecal occult testing products, and other products. The infectious disease testing segment held a majority market share of 25.6% in 2023.
 

• The growth of the infectious disease testing segment is attributed to the increasing incidence of infectious diseases, government initiatives for early diagnostics and screening, and the development of advanced rapid tests. For instance, in June 2023, GenWorks Health announced the launch of new rapid diagnostic cards for the detection of malaria and dengue.
   
• In addition, the development of healthcare infrastructure in economically weaker regions of Asia Pacific and MEA is expected to contribute significantly to the demand for POC infectious disease diagnostics over the forecast period.
   
• Furthermore, increased funding for the development of novel diagnostic products is projected to positively impact segmental growth. For example, in June 2024, LifeArc announced a funding program for research on dengue fever, as it is becoming a global threat. The organization plans to implement three programs to address the need for innovative diagnostics for dengue
   

Based on purchase, the rapid diagnostics market is classified as OTC and prescription-based tests. The OTC testing segment accounted for the highest market share and was valued at USD 14.9 billion in 2023.
 

• OTC rapid diagnostic tests offer convenience and accessibility. Consumers can purchase these tests without the need for a healthcare provider's prescription or a visit to a medical facility. This convenience is particularly appealing for individuals who prefer to manage their health autonomously or who face barriers to accessing traditional healthcare services due to cost or logistical constraints.
   
• In addition, the growing number of advanced OTC diagnostic kits due to continual technological innovations is also projected to offer favorable opportunities for the OTC rapid diagnostics industry during the forecast period. For instance, in May 2023, Princeton BioMeditech and C2Sense received funding for the development of an at-home diagnostic reader, which will be utilized in an OTC flu rapid test.
   

Based on technology/platform, the rapid diagnostics market is categorized into flow-through, solid phase, lateral flow, agglutination assays, and other technologies. The flow-through segment is projected to reach USD 17.3 billion by 2032.
 

• The increasing adoption of flow-through technology/platforms in rapid diagnostic kits reflects a significant advancement in diagnostic capabilities, particularly in terms of speed, accuracy, and user-friendliness. Flow-through technology enhances the efficiency of diagnostic tests by facilitating the rapid movement of samples through various stages of analysis, typically within a single device.
   
• Some of the key advantages of flow-through technology are its ability to streamline the testing process, reducing the time required for sample preparation and analysis. This is particularly beneficial in settings where quick decision-making is crucial, such as point-of-care testing in healthcare or field testing in environmental monitoring. These factors are estimated to accelerate the growth of the flow-through technology segment during the forecast period
   

Based on distribution channel, the rapid diagnostics market is segmented into hospital pharmacies, brick & mortar, e-commerce, and other distribution channels. The brick & mortar segment is projected to reach USD 22.6 billion by 2032.
 

• Brick-and-mortar stores provide a physical presence where consumers can directly access and purchase rapid diagnostic kits. This immediacy is crucial, especially for consumers seeking quick solutions for health concerns or specific testing needs. Being able to see and physically handle the products can enhance consumer confidence in their reliability and ease of use.
   
• The majority of rapid diagnostic kits require proper storage conditions to maintain their effectiveness and accuracy. Brick-and-mortar pharmacies and healthcare supply stores are equipped with controlled environments that ensure the integrity of these products. Temperature-sensitive tests, for instance, can be stored under appropriate conditions to prevent degradation, which is crucial for maintaining test accuracy.
   

Based on end-use, the rapid diagnostics market is segmented into diagnostic centers, homecare settings, hospitals & clinics, and other end users. The homecare settings segment held leading revenue share in 2023 and is projected to reach USD 22.2 billion by 2032.
 

• Rapid medical diagnostics enable patients to take control of their health by facilitating convenient and timely testing at home. This accessibility is particularly beneficial for individuals with chronic conditions requiring regular monitoring, such as diabetes or cardiovascular diseases. By eliminating the need for frequent visits to healthcare facilities, home-based testing reduces inconvenience and improves patient compliance with monitoring protocols.
   
• Further, advancements in technology have made rapid diagnostic tests more user-friendly and accurate, contributing to their suitability for home use. Devices such as glucose meters, pregnancy tests, and cholesterol monitors are designed for simplicity, enabling patients to perform tests independently with minimal training.
   

North America rapid diagnostics market size was valued at USD 11.3 billion in 2023 and is predicted to grow at a CAGR of 8.2% over the analysis timeframe.
 

• The rising geriatric population and higher levels of healthcare expenditure are key factors contributing to North America's major share in the market. Additionally, technological advancements and the growing demand for advanced rapid diagnostics are playing a pivotal role in regional market growth.
   
• Furthermore, the emphasis by governments on implementing screening programs is anticipated to offer lucrative opportunities for market growth in North America. For instance, in April 2024, the Centers for Disease Control and Prevention (CDC) announced the launch of an updated Public Health Data Strategy for 2024-2025. The strategy is being updated to incorporate new tactics for rapid detection and response to disease threats.
   

U.S. rapid diagnostics market is anticipated to witness healthy growth to reach USD 21.5 billion by the end of the forecast timeframe.
 

• The increasing target population base with cardio metabolic disorders and diabetes is expected to provide better growth platform during the forecast timeline. For instance, according to the CDC, more than 31% of population in the U.S. suffers from bad cholesterol or LDL. Diabetes is also reported to be 7th most common cause of death in the U.S with more than 29.1 million Americans suffering from diabetes.
   
• Well-established healthcare infrastructure, high amount of disposable income, and demand for rapid diagnostics are other factors estimated to boost market growth.  
   

UK rapid diagnostics market is projected to grow remarkably in the coming years.
 

• The demand for advanced diagnostic and treatment products in the UK is projected to rise due to increasing rates of chronic diseases, a growing elderly population, and heightened consumer awareness. Despite molecular diagnostic services currently being limited in many regions, initiatives led by the National Health Service (NHS) to train healthcare professionals and provide funding are expected to boost the adoption of rapid diagnostic devices.
   
• Furthermore, the application of molecular diagnostic tests in predicting drug responses and facilitating targeted drug delivery is anticipated to drive market growth in the coming years. Government plans to privatize UK pathology services and explore outsourcing options are likely to reshape market dynamics over the forecast period.
   

China is experiencing high market growth in the rapid diagnostics market.
 

• China is anticipated to confront the world’s largest diabetes epidemic, characterized by a steady increase in cases. Additionally, the country grapples with a range of infectious diseases such as malaria, schistosomiasis, tetanus, leishmaniasis, diarrhea, diphtheria, measles, tuberculosis, sexually transmitted diseases excluding HIV, hepatitis C, and hepatitis A, among others.
   
• This rising prevalence of both infectious diseases and lifestyle-related disorders, such as cardiovascular diseases, is expected to drive the adoption of rapid diagnostics and home care solutions, thereby influencing market growth.