The global rapid diagnostic kits market is expected to grow at a compound annual growth rate of 10.92% over the analyzed period to reach a market size of US$44.953 billion in 2026 from US$21.757 billion in 2019. Rapid Diagnostic Kits provide preliminary medical service and can be used at times of availability of limited resources for the informed treatment of the patients. These diagnostic kits are easy to use as they are manufactured taken into account usage by people without much medical knowledge. Further, these kits provide quick results which facilitates providing timely treatment to the patients. The prime reason driving the growth of the market is the growing prevalence of diseases such as cardiovascular diseases, diabetes, and others. Growing awareness and adoption of early pre-emptive measures is supporting the market development. Moreover, technological advancement and increasing awareness are predicted to provide huge growth prospects. However, failure to locate the exact problem and the need to conduct microscopy restraints the market opportunities.
The growing prevalence of cardiovascular disease in youth and adults will drive the demand for cardiometabolic testing kits.
A report by the World Health Organization states that cardiovascular disease or CVD is the leading cause of death globally. As per data, CVD causes 31% of global deaths, taking the lives of nearly 17.9 million people annually. Further, the reports extend that 4 out of 5 CVD linked death is caused by heart attack and strokes which was preventable with early detection and timely medication. CVD-linked deaths are highest in low- and middle-income countries with Turkmenistan leading the list with 712 deaths per 100,000 people, followed by Kazakhstan, Mongolia, Uzbekistan, Kyrgyzstan, Guyana, Ukraine, Afghanistan, Russia, and others. Diabetes is the other most common disease taking 1.69 million lives annually, which is preventable with regular check-ups and medication. The growing prevalence of these diseases is anticipated to boost market growth during the forecasted period.
Based on application, the global rapid diagnostic kit market is segmented into a glucose monitor, cardiometabolic testing, infectious disease testing, drugs-of-abuse testing, fertility and pregnancy testing, and others. The cardiometabolic testing kits are projected to grow at a notable rate owing to surging cardiovascular disease prevalence around the world. Surging hypertension, diabetes, hyperlipidemia, and other diseases are the prime reason for surging cases of cardiovascular disease which will, in turn, raise the demand for diagnostic kits. Glucose monitors help in monitoring the blood glucose level which enables the detection of diabetes and taking timely measures. The surging prevalence of diabetes will increase the demand for glucose monitoring kits. Drug-of-abuse and pregnancy testing kits are predicted to grow at a noteworthy rate owing to their easy accessibility and faster results.
Failure to locate the exact problem and eliminate the need for microscopic tests restraints the market growth.
While rapid diagnostic test yields fast results, these results are not 100% accurate and may yield misleading outcomes. A study by Cochrane observed the efficiency of rapid covid-19 diagnostic kits and found that these diagnostics provide 17% false-positive results and 0.6% false-negative results. Hence the requirement of a detailed test or a microscopic test is not eliminated, which limits the market prospects. Further, advancing technology and service enhancement in substitutes also constraints the market growth. With growing competition, diagnostic firms are strategizing to gain more market. With home testing and virtual report delivery services, the firms have successfully gained considerable market which limits the scope of rapid diagnostic kits. Moreover, additional resources required with these kits have notable costs, further restraining the market. For instance, disposable strips used in glucose monitors, are expensive and are a recurring expense. Battery limitations and lack of awareness among low and middle-income groups also constrain the market prospects.
The North American rapid diagnostic kits market will dominate the global market. The Asia Pacific region, however, is projected to grow at a promising rate during the forecasted period.
Based on geography, the rapid diagnostic market is segmented as North America, South America, Europe, the Middle East and Africa, and Asia Pacific regions. The North American rapid diagnostic kits market is anticipated to dominate the market during the forecasted period. The growing prevalence of cardiovascular diseases, diabetes, drug abuse, and others along with rising awareness and affordability will support the market. America Health Association (AHA) and American Medical Association (AMA) focus on the better health of the people and have been involved in awareness programs that increase the market prospects. AHA, AMA, along with Omron Healthcare Inc., donated at-home blood pressure monitors in May 2019, targeting the underserved community in Chicago, aiming to caution people regarding cardiovascular diseases and encouraging regular monitorization, promoting the use of rapid diagnostic kits.
However, the Asia Pacific rapid diagnostic market is projected to grow at a promising rate during the forecasted period. Non-communicable diseases (NCDs) are the prime death cause in the region with a large proportion of deaths caused due to CVD, diabetes, and cancer. Growing government expenditure on healthcare and rising awareness supports the market during the forecasted period. However, higher costs and lower adaptability rates hinder the market growth.
The pandemic saw a surge in sales of rapid diagnostic kits such as glucose monitors, Blood pressure monitors, and others, especially the sales of oxygen monitors and covid test kits. With the surging spread of the deadly virus, consumers preferred self-monitoring kits in place of a diagnostic center visit, boosting the market growth. Furthermore, demand for devices, such as oxygen monitors and covid kits skyrocketed for prevention and better dealing with the virus. Oxygen monitors became crucial for a covid infected person to ensure timely medical requirements. Moreover, surging demand by the household sector as a preemptive measure also contributed to the market growth.
|Market size value in 2019||US$21.757 billion|
|Market size value in 2026||US$44.953 billion|
|Growth Rate||CAGR of 10.92% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Technology, Application, End-Users, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Creative Diagnostics, Abbott, NanoRepro AG, Atlas Medical UK, Coris BioConcept, Roche Diagnostics, Meridian Bioscience, McKesson Medical-Surgical Inc., ACON Laboratories Inc., Alfa Scientific Designs Inc.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of global rapid diagnostic kits market?
A1. Rapid Diagnostic Kits Market was valued at US$21.757 billion in the year 2019.
Q2. What will be the rapid diagnostic kits market size by 2026?
A2. The global rapid diagnostic kits market is expected to reach a total market size of US$44.953 billion by 2026.
Q3. What are the growth prospects for the rapid diagnostic kits market?
A3. The rapid diagnostic kits market is expected to grow at a CAGR of 10.92% over the forecast period.
Q4. What factors are anticipated to drive the rapid diagnostic kits market growth?
A4. The prime reason driving the growth of the rapid diagnostic kits market is the growing prevalence of diseases such as cardiovascular diseases, diabetes, and others.
Q5. Which region holds the largest market share in the rapid diagnostic kits market?
A5. The North American rapid diagnostic kits market is anticipated to dominate the market during the forecasted period.