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Rapid Diagnostics Market Trends

  • Report ID: GMI5745
  • Published Date: Aug 2024
  • Report Format: PDF

Rapid Diagnostics Market Trends

  • The growth of the market is also attributed to increasing campaigns and health programs for infectious diseases by governments and healthcare authorities worldwide.
     
  • Governments worldwide are increasingly prioritizing initiatives aimed at improving the diagnosis of infectious diseases. This trend is driven by several factors, including the need to enhance public health surveillance, respond more effectively to outbreaks, and reduce the burden of infectious diseases. For instance, in March 2024, the Centers for Disease Control and Prevention (CDC) announced an updated version of recommendations to protect public health from respiratory infectious diseases. The new recommendations focus on the prevention of RSV, COVID-19, and flu infections in the U.S.
     
  • Timely detection allows for prompt treatment and isolation, which are essential in preventing further transmission. This is particularly crucial in the case of emerging infectious diseases where rapid containment can prevent widespread outbreaks.
     
  • Moreover, advancements in diagnostic technologies have spurred government investments. Innovations such as rapid diagnostic tests (RDTs), molecular diagnostics, and point-of-care testing (POCT) have modernized the disease detection landscape by providing faster and more accurate results.
     
  • In addition, governments are collaborating with international organizations and partners to implement standardized diagnostic protocols and distribute diagnostic tools in required regions. For instance, in June 2024, Shionogi announced the commencement of its first research and development facility in the U.S. to boost antimicrobial research in collaboration with government and academic partners. These initiatives aim to build capacity in resource-limited settings, where the impact of infectious diseases is often most severe.
     
  • Increasing government initiatives for the diagnosis of infectious diseases reflect a proactive approach to public health management. By investing in advanced technologies, improving surveillance networks, and fostering global collaboration, governments are striving to mitigate the impact of infectious diseases and protect the health and well-being of their populations.
Authors: Mariam Faizullabhoy , Gauri Wani

Frequently Asked Questions (FAQ) :

The rapid diagnostics industry was valued at USD 22.7 billion in 2023 and is anticipated to witness a CAGR of 9.2% through 2032, due to increasing geriatric population, along with rise in funding from government.

The infectious disease testing segment held a major market share of 25.6% in 2023, attributed to the government initiatives for early diagnostics and screening, and the development of advanced rapid tests.

North America rapid diagnostics market size was valued at USD 11.3 billion in 2023 and is predicted to record a CAGR of 8.2% through 2032, due to rising geriatric population and higher levels of healthcare expenditure.

Bio-Rad Laboratories, Danaher Corporation (HemoCue & Radiometer), Hologic, McKesson Medical-Surgical, Inc., Meridian Bioscience, Inc., QIAGEN N.V., and Quidel Corporation among others.

Rapid Diagnostics Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 16
  • Tables & Figures: 212
  • Countries covered: 23
  • Pages: 130
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