Global Rapid Medical Diagnostic Kits Market, By Test Type (Blood Glucose Monitoring Test Kits, Pregnancy Test Kits, Infectious Disease Test Kits, Coagulation Monitoring Test Kits, and Others), By Sample Type (Blood Test, Urine Test, Saliva Test, and Others), By End User (Hospitals and Clinics, Home Care Settings, and Diagnostic Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 21.6 Billion in 2023, and is expected to exhibit a CAGR of 9.3% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Key market players are focusing on adoption of growth strategies such as launch of new products, and this is expected to drive the global rapid medical diagnostic kits market growth. For instance, on July 12, 2021, Abbott, a medical device manufacturer, launched COVID-19 home test kit in India for the detection of the COVID-19 in adults and children with or without symptoms.
Global Rapid Medical Diagnostic Kits Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems regarding transportation of things from one place to another.
COVID-19 had a positive impact on the global rapid medical diagnostic kits market due to surge of COVID-19 pandemic huge number of test were carried out for the detection of coronavirus. For instance, according to the data published by the Indian Council of Medical Research (ICMR) till October 30, 2023, 93,58,79,495 covid-19 test are performed.
Global Rapid Medical Diagnostic Kits Market: Key Developments
On July 6, 2020, Becton, Dickinson and Company, a global medical technology company, announced that the U.S. Food and Drug Administration (FDA) had granted Emergency Use Authorization (EUA) for a rapid, point-of-care, SARS-CoV-2 diagnostic test for use with its broadly available BD Veritor Plus System.
On March 30, 2021, FUJIFILM Corporation, a company that develops, produces, and market products in the imaging solutions business, announced launch of “FUJIFILM COVID-19 Ag Test” (COVID-19 Ag Test), an antigen test kit for detecting SARS-CoV-2, which was launched in Europe in early April 2021.
Browse 35 Market Data Tables and 34 Figures spread through 160 Pages and in-depth TOC on “Global Rapid Medical Diagnostic Kits Market”- Forecast to 2030, Global Rapid Medical Diagnostic Kits Market, By Test Type (Blood Glucose Monitoring Test Kits, Pregnancy Test Kits, Infectious Disease Test Kits, Coagulation Monitoring Test Kits, and Others), By Sample Type (Blood Test, Urine Test, Saliva Test, and Others), By End User (Hospitals and Clinics, Home Care Settings, and Diagnostic Laboratories), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
Link: https://www.coherentmarketinsights.com/market-insight/rapid-medical-diagnostic-devices-market-843
Key Takeaways of the Global Rapid Medical Diagnostic Kits Market:
- Global rapid medical diagnostic kits market is expected to exhibit a CAGR of 9.3% during the forecast period. The merger with emerging economies offers lucrative growth opportunities for players in the global rapid medical diagnostic kits market.
- Among test type, blood glucose monitoring test kits segment is expected to hold a dominant position in the global rapid medical diagnostic kits market during the forecast period due to increasing prevalence of diabetes globally. For instance, on October 29, 2021, according to the data published by the National Center for Biotechnology Information (NCBI), 77 million individuals had diabetes in India in 2019, which is expected to rise to over 134 million by 2045.
- Among region, North America is expected to be the dominant region in the global rapid medical diagnostic kits market, owing to the key players are focusing on inorganic strategies such as collaboration, distribution agreement. For instance, on November 22, 2023, Sapphiros, a platform company that is dedicated to buildthe next generation of consumer diagnostic technologies, announced that it had entered into a distribution agreement with Cencora, Inc. Under the agreement, Cencora, Inc. will distribute the Sapphiros GoToKnow COVID-19 Antigen Rapid Tests to pharmacies across the U.S.
- Major players operating in the global rapid medical diagnostic kits market are Abbott Laboratories, Roche, Becton Dickson and company, Thermo Fisher Scientific, Quidel Corporation, bioMérieux SA, Meridian Bioscience, Inc., PerkinElmer, Inc., LumiraDx
