Rockville, MD, Oct. 17, 2024 (GLOBE NEWSWIRE) — Fact.MR, a market research and competitive intelligence provider, reveals in its updated research report that the global rapid medical diagnostic kit market is approximated at a size of US$ 17.6 billion in 2024 and is forecasted to increase to US$ 26 billion by the end of 2034.
Increasing elderly population across the world who are more prone to chronic disorders such as diabetes and cardiac-related diseases are substantially contributing to the demand growth for rapid medical diagnostic technologies. Rising prevalence of contagious diseases is further increasing the need for rapid medical diagnostic kits.
Integration of advanced technologies such as artificial intelligence, machine learning, and big data analytics are enhancing the features of rapid medical diagnostic solutions. These advancements are increasing the efficiency and reliability of diagnostic kits and driving up their sales. Manufacturers of diagnostic solutions are also focusing on innovations in molecular, point-of-care, predictive, and critical diagnostics. Introduction of real-time polymerase chain reaction (RT-PCR) kits is one of the significant developments in the field of diagnosis.
North America is a hub for research and development and is constantly developing advanced diagnostic and treatment technologies. Presence of established companies in the region is further contributing to its dominance in this space. Growing investments in the development of advanced healthcare infrastructures in the Asia Pacific region by present governments are expected to boost the demand for rapid medical diagnostic kits and technologies.
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Key Takeaways from Market Study
- Global demand for rapid medical diagnostic kits is foreseen to rise at a CAGR of 4% from 2024 to 2034.
- The United States market is evaluated at US$ 1.9 billion in 2024.
- Sales of rapid medical diagnostic kits in Japan are forecasted to reach US$ 1.8 billion by 2034.
- Canada is estimated to hold 33.6% of the North American market share in 2024.
- Sales of blood glucose testing solutions are projected to reach US$ 3.8 billion by 2034.
- Rapid medical diagnostic kit demand in hospitals and clinics is estimated at a market value of US$ 2.5 billion in 2024.
“At-home medical diagnostic solutions are more convenient, affordable, and easy to use for senior citizens, which is why their demand is high,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Rapid Medical Diagnostic Kit Market:
Key industry participants like ACON Laboratories Inc.; Becton, Dickinson, and Company; BTNX, Inc.; Bio-Rad Laboratories, Inc.; Danaher Corporation; Creative Diagnostics; bioMérieux SA; Abbott Laboratories; Trinity Biotech; Zoetis; Meridian Bioscience, Inc.; F. Hoffmann-La Roche AG; McKesson Medical-Surgical, Inc.; Artron Laboratories Inc.; Alfa Scientific Designs, Inc.; Cardinal Health Sight Diagnostics Ltd., etc. are driving the rapid medical diagnostic kit industry.
Winning Strategies Differ from Company to Company
Leading manufacturers of rapid medical diagnostic kits are keenly adopting geographical expansion tactics. Expansion of manufacturing units in other regions opens opportunities to serve more consumers and earn higher profits. Companies are concentrating on product development and are making use of highly sophisticated technologies to stay ahead of the competition.
New companies are focused on innovation and niche marketing. These strategies are effective for start-ups to mark their presence in the competitive space. Niche marketing or specific product offerings will attract more target consumers and contribute to popularity growth.
- United States-based start-up Sherlock Biosciences offers rapid and cost-effective diagnostic tests through the use of CRISPR technology. Sherlock Biosciences also received a grant in 2022 from the Bill & Melinda Gates Foundation to enhance its instrument-free molecular diagnostic testing platform.
Rapid Medical Diagnostic Kit Industry News:
- Hindustan Antibiotics and LordsMed partnered in January 2023 to distribute quick antigen kits at a reasonable price for the diagnosis of a variety of illnesses. Trials of LordsMed’s saliva-based diagnostic kits for diabetes and liver disorders have been completed with success.
- Innova Medical Group, Inc. declared in January 2021 that the INNOVA SARS-CoV-2 Antigen Rapid Qualitative Test Kit would be produced for the US market.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global rapid medical diagnostic kit market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on test (cholesterol monitoring, infectious diseases testing, fertility & pregnancy testing, blood glucose testing, substance abuse testing, others), technology (flow-through assays, lateral flow immunoassays, latex agglutination assays, solid-phase assays), and end user (hospitals & clinics, homecare settings, veterinary settings), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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