The rapid diagnostic kit market is predicted to grow at a CAGR of 10.92 % to attain a market size of US$44.953 billion by the end of 2026. This market was worth US$21.757 billion in the year-end 2019. Healthcare professionals have worked for decades to make disease diagnosis more rapid through testing. Rapid diagnostic tests (also known as immediate test kits) were developed as a result so that patients with various types of diseases could be diagnosed at the time and receive the therapy that they need. Cost-effective and easy to access (available 24/7), these rapid diagnostic test kits can detect any disease symptoms fast. Humans and animals alike can benefit from rapid diagnostic kits for detecting or diagnosing a wide range of conditions, infections, and diseases. In addition, these kits can diagnose diseases and conditions, such as malaria and pregnancy, with high accuracy. As a result of the rapid growth in preventive management and expanding awareness about the early diagnosis of diseases across the globe, the market is expected to witness significant growth during the forecast period. The continuous launch of new products and technological advances will also boost market growth during this forecast period. Likewise, rapid diagnostic kits will gain traction with the increase in demand for home-based diagnostic kits. While rapid diagnostics are emerging as a dominant diagnostic strategy for physicians, a lack of awareness and the fact that microscopy is still necessary may hinder the growth of the market during the given period.
Benefits of Rapid Diagnostic Tests
Rapid diagnostic tests (RDTs) are medical diagnostic tests that can be carried out quickly and easily. Medical screening with RDTs is suitable for hospitals with limited resources, as well as for emergency medical cases. Moreover, they allow primary care doctors to measure things that formerly could only be measured through laboratory testing. The results are delivered within 20mins to 2hrs. Currently, rapid tests are used in emergency cases to diagnose diseases quickly. RDTs have various characteristics, such as:
Easy-to-Use and High-Quality Tests
Among patients with chronic diseases, the risk of developing end-stage heart failure diseases is increased. For this reason, diagnosing and treating the chronic disease early can help decrease morbidity and mortality. A screening program aimed at high-risk patients, such as those with diabetes mellitus, hypertension, and the elderly, can detect diseases early. Thus, rapid diagnostic kits are available to identify many chronic diseases when they are asymptomatic, without showing any symptoms. The recent outbreak of the COVID-19 virus is directly impacting the rapid diagnostic kit industry, as several rapid diagnostic kits are being developed for the detection of the COVID-19 virus. As one example, Cipla Limited and Premier Medical Corporation entered into an agreement in December 2020 to commercialize antigen tests for Coronavirus disease ( Covid-19) that can detect the disease within 15-20 minutes.
As Cardiovascular Disease Becomes Increasingly Prevalent, the Need for Cardiometabolic Testing Kits Will Increase
The most common cause of death worldwide is cardiovascular disease (CVD), which accounts for 17.9 million deaths per year. Cardiovascular diseases affect the heart and blood vessels and can affect many patients, including coronary heart disease, cerebrovascular disease, rheumatoid arthritis and other conditions. According to a study in the Journal of the American College of Cardiology, more than half of all CVD deaths are caused by heart attacks or strokes. There was nearly a twofold increase in the number of CVD cases from 271 million in 1990 to 523 million in 2019 in the study, while the number of CVD deaths steadily rose from 12.1 million in 1990 to 18.6 million in 2019. Ischemic heart disease and stroke accounted for the majority of CVD deaths as of 2019, an increase steadily since 1990. CVD was the primary cause of 9.6 million men's deaths and 8.9 million women's deaths in 2019, accounting for roughly a third of worldwide deaths. The majority of these deaths were occurring in people between 30 and 70 years of age. Among the countries with the most CVD deaths are China, India, Russia, the United States, and Indonesia. (Source: acc.org)
Hospitals and Clinical Testing Will Be the Fastest-Growing Segment During the Forecast Period
As a result of the rapid technological advancements and increased number of diagnostic laboratories worldwide, the hospital and clinical testing segments are expected to offer significant growth to the market. The National Accreditation Board for Testing and Calibration Laboratories (NABL) reported in November 2020 that there were approximately 6200 NABL-accredited medical labs in India. There are also several foreign hospital groups collaborating with diagnostic companies in developing nations as well as emerging economies to provide adequate and extensive diagnostic services for patients. As an example, Quest Diagnostics announced a partnership with Houston Healthcare in February 2019 to enhance access to diagnostic screenings and services for Houston residents. Houston Medical Center and Perry Hospital will receive full laboratory management services through this partnership with Quest. Rapid diagnostic kits are expected to gain popularity as a result of all these developments currently taking place in this segment.
North America Is Expected to Hold the Major Market Share Over the Forecast Period
The rapid diagnostics kits market industry is expected to be dominated by North America. In addition to the geographic presence of major industry players focusing on market development, a large base of patients with chronic diseases has also contributed to market growth. In the United States, diseases of chronic nature are the leading cause of death and disability. At least 45% of America's population, which equals 133 million people, has a chronic disease, according to the Centers for Disease Control and Prevention (CDC). Every year, chronic diseases claim the lives of more than 1.7 million Americans, accounting for about seven deaths for every ten Americans.
The market growth is also likely to be boosted by the rising government support and initiatives in this region. For instance, in 2020, detecting COVID-19 early will be a key to limiting the spread of the new coronavirus across all of Canada. Canada has signed an Interim Order in response to COVID-19 so that medical devices important for the fight against COVID-19 can be imported and sold more quickly and more easily, including diagnostic kits for clinical use. Moreover, several strategic partnerships and collaborations have emerged among the key players and diagnostic laboratories in the country, which should propel the market's growth. A recent acquisition by Illumina of Grail aims to accelerate the commercialization and adoption of transformative multi-cancer screening tests that have the capability of detecting cancer earlier and providing better outcomes. Due to these current market developments and the rising geriatric population, the market for these products is anticipated to grow substantially.
As a result of the recent outbreak of the COVID-19 virus, various rapid diagnostics kits are being developed and commercialized to detect the virus. Among the major factors driving the growth of the rapid diagnostic kits, market are government initiatives aimed at diagnosing infectious diseases and the rising need for rapid detection of diseases.
In the UK, in January 2021, the Department of Health and Social Care (DHSC) launched a nationwide community screening program for COVID-19, which is free for anyone not showing any symptoms of the illness. Rapid lateral flow tests will be used in this program, which can provide results within 30 minutes without requiring a lab visit.