The global rapid diagnostics market size to cross USD 43 billion by 2025, growing at a CAGR of 10% during 2020-2025. The global rapid diagnostics market is one of the major segments of the global in-vitro diagnostics market. The segment has experienced unprecedented growth after the outbreak of the novel coronavirus. The pandemic, which was initially identified in Wuhan, Hubei Province, China, in December 2019, infected over 35.7 million people, resulting in approximately 1.05 million deaths across the globe till the end of September 2020. In response to the growing COVID-19 pandemic and the shortage of laboratory-based molecular testing capacity and reagents, multiple diagnostic test manufacturers have developed and begun selling rapid and easy-to-use devices to facilitate testing outside of laboratory settings. These simple test kits are based either on the detection of proteins from the COVID-19 virus in respiratory samples (e.g., sputum, throat swab) or the detection in blood or serum of human antibodies generated in response to the infection.
- The consumables segment is expected to grow at the highest CAGR during the forecast period because of the growing usage of rapid tests in several POC sites.
- The blood glucose testing segment is likely to reach over $26 billion by 2025 due to the high prevalence of diabetics and other comorbidities.
- The at-home testing segment is projected to observe a revenue of close to $23 billion by 2025 because of the increased preference for home-based healthcare services convenient and cost-effective.
- North America is expected to observe an incremental growth of over $6 billion by 2025 because of the eruption of several contagious diseases, such as COVID-19.
GLOBAL RAPID DIAGNOSTICS MARKET SEGMENTATION
This research report includes a detailed segmentation by
INSIGHTS BY APPLICATION
In 2019, the blood glucose testing segment accounted for over 61% of the rapid diagnostics market. Point of care testing (POCT) for glucose levels is a common procedure performed several times a day in different medical settings worldwide. POCT glucose devices deliver rapid and relatively precise glucose measurements performed on the blood at patients’ bedsides, thereby offering quick results. New technology is constantly being introduced. Implantable sensor devices for continuous glucose monitoring that last three to seven days have been approved by the FDA and allow for strict glycemic controls with less discomfort for the patient.
The rapid cardiometabolic testing segment constituted a share of over 11% of the global market. The prevalence of chronic cardiovascular and metabolic diseases is increasing across the globe. Cardiovascular diseases (CVDs) are a major cause of death across the globe. An estimated 17.9 million deaths take place annually due to CVDs. Moreover, the prevalence of cardiovascular diseases is increasing due to lifestyle changes and an increase in diabetes, hypertension, obesity/overweight among young and elderly groups. Hence, the rise in cardiovascular and lifestyle diseases is expected to affect the market positively.
Rapid infectious disease tests are critical for early disease detection for improving global health. Advances in diagnostics could improve clinical management of a range of diseases in the healthcare system. The ability to rapidly diagnose infectious disease has been identified as a strategic priority by several institutes, thereby increasing the infectious disease diagnostic market's growth.
INSIGHTS BY PRODUCT
In 2019, the consumables segment accounted for a share of over 73%. The increasing share can be attributed to the high usage of a wide array of standard reagents and test kits to perform several tests. The usage of consumables is reoccurring in nature; the consumables segment generates continuous revenue for vendors. Therefore, several renowned vendors are manufacturing consumables required for analyzers.
The instruments/analyzers segment is growing at a slower pace than the consumables segment. The purchase of instruments/analyzers requires large investments and budget allocations. However, the usage of POC instruments is increasing slowly. An increase in the prevalence of several acute and chronic diseases such as cardiovascular diseases, hepatitis, HIV, cancer, chronic kidney disease, diabetes, and sexually transmitted diseases (STDs) contributes majorly toward the growing demand for rapid test kits POC analyzers.
INSIGHTS BY PRESCRIPTION
The blood glucose testing segment is growing at a significant rate. The growth can be attributed to the growing demand for compact and portable benchtop analyzers, handheld analyzers, and professional rapid test kits for diagnosing various acute and chronic diseases in low-resource and ambulatory care settings. Professional healthcare settings, such as physician office labs, clinics, emergency care centers, critical care in hospitals, nursing homes, community care centers, home care centers such as geriatric and pediatric care centers are performing a broad range of POC diagnostic tests for quick diagnosis and deciding on prescribing the appropriate treatment for patients.
The trend of self-testing is slowly growing across developing countries, especially for blood glucose, pregnancy and ovulation, and blood coagulation testing. This trend is in the mature stage in developed countries. The prevalence of chronic diseases and infectious diseases is increasing across the globe. The demand for several at-home tests increases at a steady pace as people have shifted their focus toward home-based healthcare services due to convenience and cost-effectiveness. Self-testing and screening kits continue to garner widespread attention and recognition from major key stakeholders.
INSIGHTS BY END-USERS
In 2019, the home care segment accounted for 51% of the global rapid diagnostic testing market. Home care settings have become popular, and the demand for these settings has been growing globally. The demand is extremely high in developed countries. Several factors, such as changes in demography and epidemiology, have affected the popularity of home settings. A rise in communicable/contagious diseases such as the COVID-19 virus has influenced the demand for home care setting and rapid diagnostics tests for COVID-19. Several lifestyle-related diseases such as diabetes, heart and respiratory diseases, stroke, and cancer could be effectively and efficiently taken care of at home with appropriate support. Moreover, changes in social norms, values, and behavior contribute to the increasing demand for formal home care services.
The hospital's end-user segment accounted for the share of 25% in 2019 due to the high volume of infectious disease diagnosis being performed in this setting. Also, hospitals' market dominance end-user segment is due to an increase in the number of private hospitals that have their own central laboratories performing a huge volume of rapid tests.
The number of private and public laboratories is growing in major cities worldwide due to an increase in epidemic conditions and the increased prevalence of infectious diseases such as malaria, dengue, and HIV. Therefore, the demand for diagnosis testing plays an important role in preventing the spread of acute diseases and making important clinical decisions regarding treatment regimens.
INSIGHTS BY GEOGRAPHY
North America accounted for a major share of over 38% in the global rapid diagnostics market. The growing pool of patient population with several infectious diseases such as hepatitis, TB, and HIV is expected to drive the market growth. There is an increase in the prevalence of various diseases in North America, especially STDs and COVID-19. The outbreak of Ebola and Zika viruses has been among several infectious diseases that have caught the attention of diagnostic testing developers. The COVID-19 virus has affected the US adversely and has increased rapid testing to prevent and spread in the US. The US has conducted the highest number of COVID-19 tests in the world. It conducted more than 87 million tests to prevent the spread of the disease. In March 2020, the US FDA authorized an emergency use authorization of the first point-of-care rapid test to detect the virus.
INSIGHTS BY VENDORS
The global rapid disease diagnostics market is highly dynamic, with several global and local players offering a diverse range of instruments/analyzers and reagents for diagnosing infectious and other diseases. The market is consolidated with global players accounting for dominant shares. Abbott, BD, Danaher, F. Hoffmann-La Roche, Luminex, Quidel, and Thermo Fisher Scientific are the leading players that account for significant shares in the rapid diagnostics market. Global players focus on developing innovative products and expanding their product portfolio to remain competitive in the market. They are investing extensively in R&D and product development activities to expand their product portfolio. Abbott, F. Hoffmann-La Roche, Danaher, Quidel, Luminex, and BD are continuously focusing on product development and offering new diagnostics technology to increase their market presence.
The rapid diagnostics market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Blood Glucose Testing
- Cardiometabolic Testing
- Infectious Disease Testing
- Blood Coagulation Testing
- Hematology Testing
- Cancer Testing
- Drug Abuse Testing
- Pregnancy & Fertility/Ovulation Testing
- Hospitals & Clinics
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa