Rapid Diagnostics Market – By Product (Infectious Disease Testing, Glucose Monitoring, Cardiometabolic Testing, Tumor/Cancer Marker Testing Products), Purchase (OTC, Prescription), Technology/Platform, Distribution Channel, End-use – Global Forecast 2024 – 2032

Rapid Diagnostics Market – By Product (Infectious Disease Testing, Glucose Monitoring, Cardiometabolic Testing, Tumor/Cancer Marker Testing Products), Purchase (OTC, Prescription), Technology/Platform, Distribution Channel, End-use – Global Forecast 2024 – 2032

Rapid Diagnostics Market Size

Rapid Diagnostics Market size was valued at USD 22.7 billion in 2023 and is anticipated to witness growth at a CAGR of 9.2% between 2024 and 2032. Rapid diagnostics refer to medical tests that provide quick results, usually within minutes to hours. These tests are designed for the immediate detection of infectious diseases, conditions, or biomarkers, aiding in prompt diagnosis and treatment decisions.

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They are often used in point-of-care settings like clinics or emergency rooms, enhancing patient care and public health responses. Increasing geriatric population and the ability of rapid diagnostic tests to deliver immediate results are likely to fuel the demand for the rapid diagnostics market during the forecast period. Furthermore, a rise in funding from government and private institutions is also expected to have a positive impact on market growth during this period.

The healthcare industry is witnessing growing utilization of rapid diagnostics with the aim of improving patient outcomes and optimizing treatment strategies. Traditional diagnostic methods often required lengthy laboratory processes and turnaround times, delaying critical decisions. The advent of technologies such as point-of-care testing (POCT) and molecular diagnostics has revolutionized this landscape. POCT devices allow healthcare providers to obtain test results within minutes, enabling timely interventions and reducing patient waiting times. Molecular diagnostics, on the other hand, offer precise identification of pathogens and genetic markers, facilitating personalized medicine approaches.

In addition, the presence of well-structured national policies and guidelines for the use of rapid diagnostic devices across various developed as well as emerging economies is also likely to have a substantial impact on market growth during the forecast period. For instance, in April 2024, UNICEF announced the launch of its global initiative for cholera testing. Over the next few months, more than 1.2 million tests will be distributed to 14 high-risk cholera-affected countries worldwide. These kits are part of the largest-ever deployment aimed at enhancing the detection and response capabilities for cholera outbreaks.
 

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Rapid Diagnostics Market Trends

• The growth of the market is also attributed to increasing campaigns and health programs for infectious diseases by governments and healthcare authorities worldwide.
• Governments worldwide are increasingly prioritizing initiatives aimed at improving the diagnosis of infectious diseases. This trend is driven by several factors, including the need to enhance public health surveillance, respond more effectively to outbreaks, and reduce the burden of infectious diseases. For instance, in March 2024, the Centers for Disease Control and Prevention (CDC) announced an updated version of recommendations to protect public health from respiratory infectious diseases. The new recommendations focus on the prevention of RSV, COVID-19, and flu infections in the U.S.
• Timely detection allows for prompt treatment and isolation, which are essential in preventing further transmission. This is particularly crucial in the case of emerging infectious diseases where rapid containment can prevent widespread outbreaks.
• Moreover, advancements in diagnostic technologies have spurred government investments. Innovations such as rapid diagnostic tests (RDTs), molecular diagnostics, and point-of-care testing (POCT) have modernized the disease detection landscape by providing faster and more accurate results.
• In addition, governments are collaborating with international organizations and partners to implement standardized diagnostic protocols and distribute diagnostic tools in required regions. For instance, in June 2024, Shionogi announced the commencement of its first research and development facility in the U.S. to boost antimicrobial research in collaboration with government and academic partners. These initiatives aim to build capacity in resource-limited settings, where the impact of infectious diseases is often most severe.
• Increasing government initiatives for the diagnosis of infectious diseases reflect a proactive approach to public health management. By investing in advanced technologies, improving surveillance networks, and fostering global collaboration, governments are striving to mitigate the impact of infectious diseases and protect the health and well-being of their populations.

Rapid Diagnostics Market Analysis

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Based on product, the market is segmented into infectious disease testing, glucose monitoring, cardiometabolic testing, coagulation testing products, pregnancy and fertility testing, tumor/cancer marker testing products, urinalysis testing products, cholesterol testing products, haematology testing products, drug-of-abuse (DoA) testing products, faecal occult testing products, and other products. The infectious disease testing segment held a majority market share of 25.6% in 2023.

• The growth of the infectious disease testing segment is attributed to the increasing incidence of infectious diseases, government initiatives for early diagnostics and screening, and the development of advanced rapid tests. For instance, in June 2023, GenWorks Health announced the launch of new rapid diagnostic cards for the detection of malaria and dengue.
• In addition, the development of healthcare infrastructure in economically weaker regions of Asia Pacific and MEA is expected to contribute significantly to the demand for POC infectious disease diagnostics over the forecast period.
• Furthermore, increased funding for the development of novel diagnostic products is projected to positively impact segmental growth. For example, in June 2024, LifeArc announced a funding program for research on dengue fever, as it is becoming a global threat. The organization plans to implement three programs to address the need for innovative diagnostics for dengue

Based on purchase, the rapid diagnostics market is classified as OTC and prescription-based tests. The OTC testing segment accounted for the highest market share and was valued at USD 14.9 billion in 2023.

• OTC rapid diagnostic tests offer convenience and accessibility. Consumers can purchase these tests without the need for a healthcare provider's prescription or a visit to a medical facility. This convenience is particularly appealing for individuals who prefer to manage their health autonomously or who face barriers to accessing traditional healthcare services due to cost or logistical constraints.
• In addition, the growing number of advanced OTC diagnostic kits due to continual technological innovations is also projected to offer favorable opportunities for the OTC rapid diagnostics industry during the forecast period. For instance, in May 2023, Princeton BioMeditech and C2Sense received funding for the development of an at-home diagnostic reader, which will be utilized in an OTC flu rapid test.

Based on technology/platform, the rapid diagnostics market is categorized into flow-through, solid phase, lateral flow, agglutination assays, and other technologies. The flow-through segment is projected to reach USD 17.3 billion by 2032.

• The increasing adoption of flow-through technology/platforms in rapid diagnostic kits reflects a significant advancement in diagnostic capabilities, particularly in terms of speed, accuracy, and user-friendliness. Flow-through technology enhances the efficiency of diagnostic tests by facilitating the rapid movement of samples through various stages of analysis, typically within a single device.
• Some of the key advantages of flow-through technology are its ability to streamline the testing process, reducing the time required for sample preparation and analysis. This is particularly beneficial in settings where quick decision-making is crucial, such as point-of-care testing in healthcare or field testing in environmental monitoring. These factors are estimated to accelerate the growth of the flow-through technology segment during the forecast period

Based on distribution channel, the rapid diagnostics market is segmented into hospital pharmacies, brick & mortar, e-commerce, and other distribution channels. The brick & mortar segment is projected to reach USD 22.6 billion by 2032.

• Brick-and-mortar stores provide a physical presence where consumers can directly access and purchase rapid diagnostic kits. This immediacy is crucial, especially for consumers seeking quick solutions for health concerns or specific testing needs. Being able to see and physically handle the products can enhance consumer confidence in their reliability and ease of use.
• The majority of rapid diagnostic kits require proper storage conditions to maintain their effectiveness and accuracy. Brick-and-mortar pharmacies and healthcare supply stores are equipped with controlled environments that ensure the integrity of these products. Temperature-sensitive tests, for instance, can be stored under appropriate conditions to prevent degradation, which is crucial for maintaining test accuracy.

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Based on end-use, the rapid diagnostics market is segmented into diagnostic centers, homecare settings, hospitals & clinics, and other end users. The homecare settings segment held leading revenue share in 2023 and is projected to reach USD 22.2 billion by 2032.

• Rapid medical diagnostics enable patients to take control of their health by facilitating convenient and timely testing at home. This accessibility is particularly beneficial for individuals with chronic conditions requiring regular monitoring, such as diabetes or cardiovascular diseases. By eliminating the need for frequent visits to healthcare facilities, home-based testing reduces inconvenience and improves patient compliance with monitoring protocols.
   
• Further, advancements in technology have made rapid diagnostic tests more user-friendly and accurate, contributing to their suitability for home use. Devices such as glucose meters, pregnancy tests, and cholesterol monitors are designed for simplicity, enabling patients to perform tests independently with minimal training.

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North America rapid diagnostics market size was valued at USD 11.3 billion in 2023 and is predicted to grow at a CAGR of 8.2% over the analysis timeframe.

• The rising geriatric population and higher levels of healthcare expenditure are key factors contributing to North America's major share in the market. Additionally, technological advancements and the growing demand for advanced rapid diagnostics are playing a pivotal role in regional market growth.
• Furthermore, the emphasis by governments on implementing screening programs is anticipated to offer lucrative opportunities for market growth in North America. For instance, in April 2024, the Centers for Disease Control and Prevention (CDC) announced the launch of an updated Public Health Data Strategy for 2024-2025. The strategy is being updated to incorporate new tactics for rapid detection and response to disease threats.

U.S. rapid diagnostics market is anticipated to witness healthy growth to reach USD 21.5 billion by the end of the forecast timeframe.

• The increasing target population base with cardio metabolic disorders and diabetes is expected to provide better growth platform during the forecast timeline. For instance, according to the CDC, more than 31% of population in the U.S. suffers from bad cholesterol or LDL. Diabetes is also reported to be 7th most common cause of death in the U.S with more than 29.1 million Americans suffering from diabetes.
• Well-established healthcare infrastructure, high amount of disposable income, and demand for rapid diagnostics are other factors estimated to boost market growth.  

UK rapid diagnostics market is projected to grow remarkably in the coming years.

• The demand for advanced diagnostic and treatment products in the UK is projected to rise due to increasing rates of chronic diseases, a growing elderly population, and heightened consumer awareness. Despite molecular diagnostic services currently being limited in many regions, initiatives led by the National Health Service (NHS) to train healthcare professionals and provide funding are expected to boost the adoption of rapid diagnostic devices.
• Furthermore, the application of molecular diagnostic tests in predicting drug responses and facilitating targeted drug delivery is anticipated to drive market growth in the coming years. Government plans to privatize UK pathology services and explore outsourcing options are likely to reshape market dynamics over the forecast period.

China is experiencing high market growth in the rapid diagnostics market.

• China is anticipated to confront the world’s largest diabetes epidemic, characterized by a steady increase in cases. Additionally, the country grapples with a range of infectious diseases such as malaria, schistosomiasis, tetanus, leishmaniasis, diarrhea, diphtheria, measles, tuberculosis, sexually transmitted diseases excluding HIV, hepatitis C, and hepatitis A, among others.
• This rising prevalence of both infectious diseases and lifestyle-related disorders, such as cardiovascular diseases, is expected to drive the adoption of rapid diagnostics and home care solutions, thereby influencing market growth.

Rapid Diagnostics Market Share

The market industry is characterized by the presence of several established and emerging players that offer a variety of treatments across the globe. The market players compete based on factors such as treatment quality, product innovation, regulatory compliance, customer service, and pricing strategies. Emerging companies are also gaining traction by developing advanced, user-friendly diagnostic tools. Strategic partnerships, acquisitions, and investments in R&D are common strategies used to enhance market presence and drive growth. The competitive intensity is further fuelled by the growing focus on early disease detection and personalized medicine, shaping a robust and competitive market environment.

Rapid Diagnostics Market Companies

Prominent players operating in the rapid diagnostics industry industry include

• Abbott Laboratories
• ACON Laboratories Inc.
• Alfa Scientific Designs Inc.
• Artron Laboratories Inc.
• Becton, Dickinson and Company
• BioMerieux
• Bio-Rad Laboratories
• Danaher Corporation (HemoCue & Radiometer)
• Hologic
• McKesson Medical-Surgical, Inc.
• Meridian Bioscience, Inc.
• QIAGEN N.V.
• Quidel Corporation
• F. Hoffmann-La Roche Ltd.
• Sight Diagnostics Ltd.
• Trinity Biotech

Rapid Diagnostics Industry News

• In July 2023, EMPE Diagnostics announced the launch of its novel MDR -TB test kit. This development helped the company expand its product portfolio and better their sales prospects.
  In January 2022, OraSure Technologies announced the launch of its OraQuick HIV Self-Test, the oral swab in-home HIV-1 and HIV-2 test in Europe. This development enabled the company to improve its customer base in the region.   

The rapid diagnostics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments

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Market, By Product

• Infectious disease testing
  • Respiratory infection testing products
  • Influenza
  • Hepatitis
  • HIV
  • Other infectious disease tests
• Glucose monitoring
• Cardiometabolic testing
• Coagulation testing products
• Pregnancy and fertility testing
• Tumor/Cancer marker testing products
• Urinalysis testing products
• Cholesterol testing products
• Hematology testing products
• Drug-of-abuse (DoA) testing products
• Fecal occult testing products
• Other products

Market, By Purchase

• OTC
• Prescription-based tests

Market, By Technology/Platform

• Flow-through
• Solid phase
• Lateral flow
• Agglutination assays
• Other technologies

Market, By Distribution Channel

• Hospital pharmacies
• Brick & mortar
• E-commerce
• Other distribution channels

Market, By End Use

• Diagnostic centers
• Homecare settings
• Hospital pharmacies
• Other end users

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa