Rapid Medical Diagnostic Kit Market

Rapid Medical Diagnostic Kit Market Outlook (2024 to 2034)

The global rapid medical diagnostic kits market size is anticipated to reach a value of US$ 17.6 billion in 2024. Worldwide revenue from the sales of rapid medical diagnostic kits is projected to increase at a CAGR of 4% to reach US$ 26 billion by the end of 2034.

The increasing prevalence of infectious diseases is contributing to the rising sales of rapid medical diagnostic kits and technologies. The outbreak of COVID-19 significantly boosted the demand for rapid infectious disease diagnostic kits. Reluctance to visit healthcare facilities, either due to the absence of one in the vicinity or apprehension of contracting an infection during the visit, broadened the popularity of rapid medical diagnostic solutions during the COVID-19 pandemic.

However, after that, increasing traveling activities across the globe are also driving up the use of rapid medical diagnostic kits. Airports, hospitals, and offices are some of the key places where such tests are still widely used.

Rapid medical diagnostic kits are not just limited to the detection of contagious infections such as COVID-19 they are also used for the diagnosing of chronic ailments, most notably elevated blood sugar levels. Rapid medical diagnostic solutions aid patients and doctors in detecting the disease source and making effective and quick treatment decisions.

Rising number of assays that are compatible with point-of-care (POC) testing is contributing to the efficiency of such tests. Innovations in molecular diagnostics, biosensors, and immunoassays are some of the notable rapid medical diagnostic kit market trends. Furthermore, the integration of digital technologies such as artificial intelligence (AI), advanced data analytics, machine learning (ML), and predictive analysis is set to boost the efficiency of predictive diagnostics.

Rapid detection tests such as real-time polymerase chain reaction (RT-PCR) facilitate a quick diagnosis, provide important information for early intervention, and limit the amount of unnecessary laboratory testing for common syndromes such as respiratory tract and gastrointestinal infections.

• North America is forecasted to capture 23.4% of the global rapid medical diagnostic kit market share by 2034.
• The East Asia rapid medical diagnostic kit market size is approximated at US$ 3.9 billion in 2024.

Report Attribute	Detail
Rapid Medical Diagnostic Kit Market Size (2024E)	US$ 17.6 Billion
Forecasted Market Value (2034F)	US$ 26 Billion
Global Market Growth Rate (2024 to 2034)	4% CAGR
South Korea Market Value (2034F)	US$ 1.4 Billion
Cholesterol Monitoring Test Demand Growth (2024 to 2034)	4.4% CAGR
Key Companies Profiled	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.

Which Dynamics are Influencing Sales of Rapid Medical Diagnostic Kits?

“Increasing Prevalence of Infectious Diseases Pushing Demand for Advanced Diagnostic Solutions”

Rising prevalence of contagious diseases both inside and outside the home is increasing the use of rapid testing kits. Diagnostic results can be delivered at the point of care thereby decreasing the need for multiple visits to obtain the results of diagnostic tests and thereby improving the specificity of the diagnosis. As a result, the chances of the patient receiving treatment increase, and the likelihood of presumptive treatment is reduced, where the patient is more likely to become ill in the interim. In response to the growing need to detect pathogens and to know the infection source quickly, critical care diagnostics is gaining popularity.

• According to the World Health Organization, around one billion cases of seasonal influenza are detected across the globe annually and three to five million cases are of serious nature.

This data highlights the high prevalence of infectious diseases and the growing need for effective diagnostic and treatment measures. This is also boosting the demand for influenza diagnostic solutions across the globe.

“Integration of Digital Technologies Leading to Development of More Accurate and Quick Diagnostic Solutions”

Using advanced medical technologies, researchers are developing and modifying rapid medical test kits to use in home health care settings, hospitals, clinics, and health care centers, ensuring they provide accurate test results. Researchers and scientists are focused on designing highly advanced rapid medical diagnostic kits considering the market demands.

• In June 2021, Scientists at SANKEN at Osaka University demonstrated that machine learning is accurate enough to identify one virus particle passing through a nanopore. Test platforms they developed were so effective that they were able to discern between coronaviruses responsible for SARS, common cold, MERS, and COVID-19. This study is leading to the development of rapid, easy-to-use, and highly accurate diagnostic tests for COVID-19 and other viral diseases.

Rising demand for multi-disease diagnostic testing solutions is further generating profitable opportunities for rapid medical diagnostic kit producers. Consumers across the globe are increasingly demanding advanced testing solutions for the diagnosis of multiple health conditions. Detection of multiple health conditions from single sample collections is set to offer greater convenience and contribute to a more efficient testing process.

Which Factors Do Rapid Medical Diagnostic Kit Suppliers Need to Contend With?

“Strict Regulatory Approval Process Delaying Launch of Novel Diagnostic Products”

The manufacturers are investing heavily in their product production to launch cycle due to the implementation of strict regulatory standards to ensure, the accuracy, reliability, and safety of the rapid medical diagnostic kits. Stringent regulatory approvals lead to delays in the launch of products, which ultimately hampers the profits of producers. This time-consuming and expensive process acts as a barrier to the entry of new and small-scale manufacturers.

“Inadequate Healthcare Facilities in Several Developing Regions”

Several countries across the world have inadequate availability of healthcare infrastructure. This acts as a challenge to the demand and supply of rapid diagnostic kits. Limited access to healthcare leads to lower adoption of rapid medical diagnostic kits and technologies.

Start-up Ecosystem

• Sona Nanotech is a Canadian start-up that manufactures high-quality gold nanorods for diagnostic tests. The company’s solution uses immunochromatographic assays and nanotechnology for the rapid testing of the COVID-19 virus.
• Indicate Solutions is a Spain-based start-up that offers single-use disposable devices for in-vitro diagnostics. The company’s RepViT solution detects the viral genome from nasal or buccal swabs in just 3 minutes.

Country-wise Analysis

Why is Demand for Multiple Health Condition Testing Solutions Increasing in the United States?

“Rising Cases of Chronic Disorders Driving Manufacturers’ Attention to Development of All-in-one Rapid Medical Diagnostic Kits”

Attribute	United States
Market Value (2024E)	US$ 1.9 Billion
Growth Rate (2024 to 2034)	4.4% CAGR
Projected Value (2034F)	US$ 2.9 Billion

After the world was hit by the COVID-19 pandemic, cases of people suffering from chronic diseases started increasing drastically, which is raising the demand for effective rapid medical diagnostic kits in the country. Several leading companies are involved in the development of rapid diagnostic tests for tests of multiple health conditions and are aiming to gain approval from the FDA to launch these tests in the U.S.

Will Japan Be a Lucrative Market in the East Asia Region?

“Huge Geriatric Population with Chronic Disorders”

Attribute	Japan
Market Value (2024E)	US$ 1.1 Billion
Growth Rate (2024 to 2034)	4.5% CAGR
Projected Value (2034F)	US$ 1.8 Billion

Japan is the world’s fourth-largest economy in the world, with a great standard of living. Healthcare facilities in Japan are provided free of cost to its citizens. The huge presence of the geriatric population who are more prone to chronic disorders are further boosting the sales of rapid medical diagnostic kits

• In June 2020, Otsuka Pharmaceutical Co., Ltd. (Otsuka) and Denka Company, Limited (Denka) announced that they received approval for the commercialization of Quick Navi ™ -Flu + COVID-19 Ag in Japan. This rapid diagnostic test detects both influenza and COVID-19 by using one test sample.

Category-wise Analysis

Why is Blood Glucose Testing a Fast-Growing Segment?

“Rising Cases of Diabetes Increasing Use of Rapid Blood Glucose Testing Solutions”

Attribute	Blood Glucose Testing
Segment Value (2024E)	US$ 2.4 Billion
Growth Rate (2024 to 2034)	4.5% CAGR
Projected Value (2034F)	US$ 3.8 Billion

Increasing number of diabetic patients globally is resulting in high demand for rapid diagnostic technologies such as glucometers. Self-monitoring of glucose levels at home is boosting the demand for rapid blood glucose tests. Along with the senior population growth the chronic condition cases also increase leading to the rising sales of rapid test kits.

According to health experts, diabetes, in combination with COVID-19, may be contributing to the sudden increase in mucormycosis infections. Based on these aforementioned developments, the blood glucose testing solutions are set to boost during the forecast period.

Where are Rapid Medical Diagnostic Kits Most Widely Used?

“High Intake of Patients with Various Disorders in Hospitals”

Attribute	Hospitals and Clinics
Segment Value (2024E)	US$ 2.5 Billion
Growth Rate (2024 to 2034)	3.7% CAGR
Projected Value (2034F)	US$ 3.7 Billion

Rapid medical diagnostic technologies are highly used in hospitals & clinics. High intake of patients and the need for quick diagnostic results, rapid medical diagnostic kits are widely used in hospitals & clinics. Patients with multiple conditions, such as cardiac disorders, cancer, infectious disease, pregnancy, and more visit hospitals & clinics for better diagnostic and treatment procedures. The constant integration of advanced healthcare technologies in hospitals and clinics is further supporting the rapid medical diagnostic kit market growth.

Competitive Landscape

Key players in the rapid medical diagnostic kit market are benefiting from strategic collaborations through which they are increasing their production cycle and meeting consumers' demand.

• In January 2023, LordsMed and Hindustan Antibiotics joined hands for the distribution of affordable rapid antigen kits for the diagnosis of multiple diseases. LordsMed has successfully carried out trials of its saliva-based diagnostics kits for liver and diabetes diseases.
• In January 2021, Innova Medical Group, Inc., announced the production of the INNOVA SARS-CoV-2 Antigen Rapid Qualitative Test Kit for the United States market.

Fact.MR provides detailed information about the price points of key producers of rapid medical diagnostic kits positioned across the world, sales growth, production capacity, and speculative technological expansion, in the recently updated market report.

Key Segments of Rapid Medical Diagnostic Kit Market Research

• By Test :

  • Cholesterol Monitoring
  • Infectious Diseases Testing
  • Fertility & Pregnancy Testing
  • Blood Glucose Testing
  • Substance Abuse Testing
  • Others

• By Technology :

  • Flow-Through Assays
  • Lateral Flow Immunoassays
  • Latex Agglutination Assays
  • Solid-Phase Assays

• By End User :

  • Hospitals & Clinics
  • Homecare Settings
  • Veterinary Settings

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa