Meticulous Research®, a globally recognized leader in market research, has recently released a comprehensive report titled "Rapid Diagnostics Market by Product (Kits [OTC, Professional], Readers), Platform (Lateral Flow, Serological, PCR), Application (Blood Glucose, Infectious Diseases, Pregnancy, Drugs of Abuse), End User (Hospitals, Diagnostic Labs, Home Care) - Global Forecasts to 2029". This detailed analysis offers invaluable insights into the rapid diagnostics market landscape, forecasting significant growth potential and emerging trends.
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Market Projection
The report forecasts a robust growth trajectory for the global rapid diagnostics market, with a projected value of $26.40 billion by 2029. This growth is anticipated to occur at a Compound Annual Growth Rate (CAGR) of 1.4% from 2022 to 2029. Factors driving this expansion include the escalating demand for Point-of-Care (POC) diagnostics, the increasing prevalence of chronic diseases coupled with the aging population, the imperative need for rapid decision-making in emergency healthcare settings, and the advent of technological innovations. However, challenges such as variances in test results may pose constraints to market growth.
Market Segmentation and Analysis
The global rapid diagnostics market is segmented based on Product (Kits and Test Readers/Analyzers), Platform (Immunoassays, Molecular Detection, and Other Platforms), Application (Blood Glucose Testing, Cardiac Metabolism Testing, Infectious Diseases Testing, Coagulation Testing, Pregnancy & Fertility Testing, Fecal Occult Testing, Hematology Testing, Tumor/Cancer Markers Testing, Drugs Of Abuse Testing, Urinalysis, and Cholesterol Testing), End User (Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users), and Geography.
Insights into Key Segments
• Product Segment: In 2022, the kits segment is expected to dominate the rapid diagnostics market, driven by increasing adoption rates and repeated usage of kits. Additionally, the proliferation of disease-specific kits for early chronic disease diagnosis and ongoing technological advancements further bolster this segment's growth.
• Platform Segment: The immunoassays platform segment is poised to hold the largest share in 2022, attributed to its ability to deliver rapid and accurate results with high sensitivity, particularly in POC diagnostics. The global demand for precise SARS-CoV-19 testing kits amid the COVID-19 pandemic underscores the significance of immunoassay kits.
• Application Segment: Infectious disease testing is forecasted to lead the rapid diagnostics market in 2022, fueled by the escalating prevalence of infectious diseases and the surging demand for affordable testing solutions, especially in emerging markets.
• End User Segment: Hospitals & clinics are projected to be the primary end users in 2022, driven by the increasing demand for POC diagnostics and rising healthcare expenditures worldwide. Notably, India's healthcare sector anticipates substantial growth, with government initiatives supporting infrastructure development.


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Based on product, the kits segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is attributed to the rising adoption and repetitive kits usage. In addition, the growing portfolio of disease-specific kits for the early diagnosis of chronic diseases and the increasing technological advancements are other factors supporting the growth of this segment.
Based on platform, the immunoassays segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is attributed to the capability of immunoassay kits to provide fast and accurate results with high sensitivity in point-of-care diagnostics. Countries worldwide require rapid and accurate SARS-CoV-19 testing kits to tackle the COVID-19 pandemic. Thus, companies have started developing immunoassay kits that provide results with higher sensitivity, accuracy, and speed. For instance, in May 2021, Stream Bio (U.K.) and Chelsea Technologies (U.K.) formed a joint venture, Brightline Diagnostics (DX), and created a unique platform known as Claritas that couples fluorescent lateral flow test with a highly sensitive handheld reader, delivering significant advantages over existing assays.
Based on application, the infectious disease testing segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the rising prevalence of infectious diseases and the growing demand for affordable infectious disease testing in emerging markets. For instance, in the U.S., the number of estimated new hepatitis A virus (HAV) infections increased by nearly three folds in 2017 compared to 2014.
• In 2019, the number of estimated new hepatitis A virus (HAV) infections rose by approximately 51% compared to the previous year due to the significant increase in the homeless population and the population involved in drug abuse. Similarly, there is a large prevalence of infectious diseases in China. According to China’s Centre for Disease Control (CCDC), the country accounts for 3% of new HIV infections every year and reported over 850,000 people living with HIV.

Based on end user, the hospitals & clinics segment is estimated to account for the largest share of the rapid diagnostics market in 2022. The large share of this segment is mainly attributed to the increasing demand for point-of-care diagnostics and the rising healthcare expenditure worldwide. For instance, according to Invest India (National Investment Promotion and Facilitation Agency), the hospital and healthcare industry in India forecasts tremendous growth due to the significant increase in coverage and healthcare spending. In addition, the government announced plans to spend over $200 billion on medical infrastructure by 2024, which will support the establishment of new hospitals & clinics.
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