RAPID DIAGNOSTICS MARKET ANALYSIS

Rapid Diagnostics MarketSize and Trends

The global rapid diagnostics market was valued at US$ 33.4 Bn in 2022 and is forecast to reach a value of US$ 70.27 Bn by 2030 at a CAGR of 9.8% between 2023 and 2030. The global rapid diagnostics market is experiencing strong growth due to the rise in prevalence of infectious/chronic diseases and favorable government initiatives. Moreover, outbreak of COVID-19 (pandemic) and rise in usage of point-of-care diagnostics across the globe is expected to boost the market growth. However, factors such as stringent regulations and product recalls and challenges associated with rapid diagnostics are expected to hamper the market growth.

Figure 1. Global Rapid Diagnostics Market Share (%), By Region, 2023

Global Rapid Diagnostics Market: Regional Insights

Based on geography, the global rapid diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Figure 2. Global Rapid Diagnostics Market Share (%), By Application, 2023

Global Rapid Diagnostics Market Trends:

High demand for rapid tests is a recent trend

With the increasing number of diagnostic laboratories and rapid technological advancements, the use and/or demand for rapid diagnostics tests is also increasing rapidly, worldwide. For instance, according to National Accreditation Board for Testing and Calibration Laboratories (NABL) as of September 2021, there are around 8000 NABL accredited medical labs present in India. This trend is expected to continue over the forecast period, driving the market growth.

Collaborations and partnerships is another trend

Several hospital groups from developed countries as well as emerging economies are collaborating with diagnostic companies to offer effective & extensive diagnostic services to patients worldwide. For instance, in May 2021, Aster DM Healthcare and Roche Diagnostics signed a MoU, allowing both to continue fulfilling its commitment towards prevention, diagnosis, and treatment of various disease. This trend is also expected to continue over the forecast period.