Meticulous Research®, a leading global market research company, has released a new report titled "Rapid Diagnostics Market—Global Opportunity Analysis and Industry Forecast (2024–2031)." According to the report, the rapid diagnostics market is projected to reach $22.65 billion by 2031, growing at a CAGR of 6.5% from 2024 to 2031.

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Growth Drivers of the Rapid Diagnostics Market

The growth of the rapid diagnostics market is fueled by:

The increasing demand for point-of-care diagnostics
A rising prevalence of non-communicable diseases
An expanding population aged 60 and above
The growing need for rapid decision-making in hospital emergency departments
Continuous technological advancements
However, growth may be hindered by discrepancies in test results and the availability of alternative testing options.

Market Segmentation and Insights

The rapid diagnostics market is segmented into Product, Platform, Application, Sample Type, and End User categories. The study evaluates industry competitors and their global and regional market shares.

By Product:

The kits segment is expected to dominate the market, accounting for 67.6% of the total share in 2024.
This growth is driven by the widespread adoption of kits and their repetitive usage.
Disease-specific kits for early chronic disease diagnosis and technological advancements also bolster this segment.
By Platform:

The immunoassays segment is anticipated to lead the market, holding 54.2% of the share in 2024.
Immunoassay kits deliver rapid and accurate results with high sensitivity in point-of-care settings.
The COVID-19 pandemic has accelerated the demand for innovative immunoassay solutions.
For example, Brightline Diagnostics (DX), a joint venture of Stream Bio and Chelsea Technologies, introduced the Claritas platform, combining fluorescent lateral flow tests with a sensitive handheld reader.
By Application:

The infectious disease testing segment is set to dominate in 2024 due to:
The rising prevalence of infectious diseases
Growing demand for affordable testing solutions in emerging markets
By Sample Type:

The blood segment is expected to hold a significant market share in 2024.
Blood remains the preferred diagnostic sample for its ability to provide critical health insights, ease of collection, and compatibility with frequent testing.
Innovations in sample storage and transport also contribute to this segment's growth.
By End User:

The hospitals & clinics segment is projected to lead the market in 2024.
Rising global healthcare expenditures and increasing demand for point-of-care diagnostics drive this growth.
In India, for instance, the government plans to invest over $200 billion in medical infrastructure by 2024, boosting POC testing services in hospitals and clinics.
Regional Market Analysis

The report provides a comprehensive analysis of five key regions:

North America:
Expected to dominate the market with a 41% share in 2024.
Growth factors include advanced healthcare infrastructure, widespread adoption of at-home rapid testing kits, and a high prevalence of chronic diseases.
The increased rate of emergency department admissions further supports rapid diagnostics adoption.
Europe
Asia-Pacific
Latin America
Middle East & Africa
Leading Players in the Rapid Diagnostics Market

Key companies driving innovation and competition in the global rapid diagnostics market include:

Abbott Laboratories (U.S.)
Becton, Dickinson and Company (U.S.)
Bio-Rad Laboratories, Inc. (U.S.)
F. Hoffmann-La Roche Ltd. (Switzerland)
ACON Laboratories, Inc. (U.S.)
Creative Diagnostics (U.S.)
Danaher Corporation (U.S.)
Thermo Fisher Scientific Inc. (U.S.)
BioMérieux S.A. (France)
Alfa Scientific Designs, Inc. (U.S.)
BTNX Inc. (Canada)
Meridian Bioscience, Inc. (U.S.)
Trinity Biotech plc (Ireland)
This detailed analysis offers insights into the competitive landscape, helping stakeholders navigate the rapidly evolving diagnostics market.

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