RAPID DIAGNOSTICS MARKET ANALYSIS

Market Challenges And Opportunities

Global Rapid Diagnostics Market Drivers:

Rise in prevalence of infectious/chronic disease to augment market growth

One of the key factors expected to augment the growth of the global rapid diagnostics market over the forecast period is the rise in prevalence of infectious/chronic diseases worldwide. For instance, with the increasing prevalence of infectious diseases, the use/adoption of rapid diagnostics devices is also increasing with the rapid pace. In January 2023, Cipla announced the launch of a diagnostic device to test various medical conditions, such as infectious diseases, cardiac markers, diabetes, thyroid function, and others. Cippoint will allow healthcare professionals to get test results in 3 to 15 minutes, enabling a faster clinical decision-making process.

Favorable government initiatives to underpin market growth

Another factor which is driving the growth of the global rapid diagnostics market is the favorable government initiatives. For instance, government initiatives for the diagnosis of infectious diseases are fueling the growth of the market. In September 2021, The World Health Organization (WHO) recommended using molecular NAATs for Tuberculosis detection instead of smear microscopy, since they detect Tuberculosis more correctly, especially in patients with paucibacillary illness and persons living with HIV. It is not only available to detect and identify mycobacterium tuberculosis complex in clinical specimens but also to diagnose multi-drug resistant strains.

Global Rapid Diagnostics Market Opportunities:

The outbreak of COVID-19 (global pandemic) across the globe is expected to provide significant growth opportunities for players in the global rapid diagnostics market. For instance, an accurate and rapid diagnosis of COVID-19 is an effective strategy for a pandemic control, allowing disease screening & timely therapeutic intervention. In September 2020, the National Institutes of Health (NIH), as part of its Rapid Acceleration of Diagnostics (RADx) initiative, reported the funding of around US$ 129.3 million to nine companies to scale-up the manufacturing support for COVID-19 testing technologies. This in turn is driving the market growth.

Rise in usage of point-of-care diagnostics across the world is expected to offer significant growth opportunities for players active in the global rapid diagnostics market. For instance, point-of-care diagnostics allows for faster test results, potentially enhancing active medical care. Point-of-care testing for glucose levels is a common procedure performed several times a day worldwide. Thus, with rise in burden of diabetes, the usage of point-of-care diagnostics is also increasing rapidly. In August 2022, DxGen Corp. and Precision Diabetes, Inc. teamed up to launch Epithod AutoDx, a point-of-care analyzer that measures a comprehensive profile of diabetes tests.

Global Rapid Diagnostics Market Restraints:

Stringent regulations and product recalls to hinder market growth

One of the key factors expected to hamper the growth of the global rapid diagnostics market is the stringent regulations and product recalls. For instance, all rapid diagnostic products are subject to the regulations of various regulatory bodies worldwide. For instance, the Federal Food, Drug, and Cosmetic Act, as implemented/enforced by the FDA, governs the approval and commercialization of medical devices. The process is time-consuming and requires high investment as vendors need to conduct many clinical trials to evaluate the safety and efficacy of their products.

Challenges associated with rapid diagnostics to hamper market growth

Another major factor which is hampering the growth of the global rapid diagnostics market is the challenges associated with rapid diagnostics. Rapid testing helps make faster medical decisions. The risk of errors often raises concern over the reliability of test results. This is attributed to the lack of understanding or training of non-laboratory staff involved in testing or test limitations and misuse in extreme environmental conditions. However, larger healthcare facilities often employ dedicated coordinators to ensure proper usage of equipment.