According to a new market research 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", published by Meticulous Research®, the rapid diagnostics market is expected to grow at a CAGR of 8.9% from 2022–2029 to reach $18.20 billion by 2029.

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A rapid diagnostic test (RDT) is a medical diagnostic test intended to provide diagnostic results efficiently and immediately (within 1 hour). RDT kits are widely used in hospitals, clinics, and diagnostic laboratories for the qualitative and quantitative detection of specific antigens, antibodies, and genetic material or proteins associated with a specific health condition or disease.

The growth of the overall RDT market is driven by key factors, such as the growing demand for POC diagnostics, the rising prevalence of chronic diseases coupled with the increasing aging population, the growing necessity for rapid decision making in emergency departments, and emerging technological innovations.

Rapid Diagnostics Market: Outlook

The overall 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 (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

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Based on product type, the kits segment is estimated to account for the largest share of the overall 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. However, the test readers/analyzers segment is expected to witness the fastest growth rate during the forecast period. The high growth rate of this segment is attributed to the capabilities of these devices to simultaneously read multiple tests in one scan and scale large volumes. In addition, healthcare facilities adopt analyzers for quick analysis compared to centralized lab analyzers due to their features, such as compact size, portability, and easy accessibility.

Based on platform, the immunoassays segment is estimated to account for the largest share of the overall 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. However, the molecular detection segment is expected to witness the fastest growth rate during the forecast period. The growing need for advanced diagnostic techniques and the launch of innovative technologies are factors attributed to the high growth rate of this segment. In addition, the high demand for rapid PCR diagnostic kits due to the COVID-19 pandemic further boost the growth of this segment. For instance, countries such as Japan and India rely heavily on RT-PCR kits to diagnose and manage COVID-19 infections. Also, numerous countries worldwide have made negative COVID-19 RT-PCR test reports mandatory for international and local travelers.

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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. However, the tumor/cancer markers testing segment is expected to witness the fastest growth rate during the forecast period. The growing incidences of cancer among the general population is the major factor attributed to the high growth rate of this segment. According to WHO, cancer was the leading cause of death globally in 2020, accounting for approximately 10 million deaths. Furthermore, nearly 70% of deaths out of the total deaths from cancer occur in low- and middle-income countries; therefore, early detection is extremely important to reduce mortality, enhance survival, and save treatment costs. Thus, healthcare workers utilize various rapid diagnostic kits for the early detection of cancer.

Based on end user, the hospitals & clinics segment is expected to witness the fastest growth rate in the forecast period. The rising number of hospitals worldwide and the increase in healthcare access & expenditure are attributed to the high growth rate of this segment. For instance, the American Hospital Association has reported that the total number of registered hospitals in the U.S. was estimated to grow by 12% to 6,210 in 2019 from 5,534 hospitals in 2018. Similarly, in India, according to the Health Management Information System Portal (HMIS), as of 2018, there were around 37,725 hospitals, which was an increase of 7.0% from 35,416 hospitals in 2013.

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Geographically, North America is estimated to command the largest share of the global rapid diagnostics market in 2022, followed by Asia-Pacific, Europe, Latin America, and the Middle East & Africa. The large market share of this region is mainly attributed to the high number of laboratory tests performed annually in North America, the rising prevalence of chronic diseases coupled with the increasing aging population, and the rising number of inpatient hospitalizations. For instance, the U.S. Department of Health and Human Services reported that the number of patients with HIV is growing with a CAGR of 2.5% in the country. It is assumed that 40% of new HIV infections in the U.S. are transmitted by people living with undiagnosed HIV; this boosts the demand for related rapid testing products throughout the country.

However, Asia-Pacific region is expected to be the fastest-growing regional market due to the growing geriatric population, the rising prevalence of infectious & chronic diseases, and various government initiatives to promote health awareness.

Key companies operating in the global rapid diagnostics market are 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.), and Trinity Biotech plc (Ireland) among others.

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