Global Rapid Diagnostics Market Size, Share, Growth Analysis, By product, By platform, By End use, By Application - Industry Forecast 2024-2031

Global Rapid Diagnostics Market size was valued at USD 29.26 billion in 2022 and is poised to grow from USD 35.39 billion in 2023 to USD 162.08 billion by 2031, at a CAGR of 20.95% during the forecast period (2024-2031).

Rapid diagnostic tests (RDTs) are primarily utilized for preliminary or urgent screening of medical conditions in healthcare facilities with limited resources. They enable point-of-care testing in primary care settings through simple and rapid operations. Various traditional diagnostic methods, including rapid antibody tests (e.g., rapid HIV test), rapid plasma reagin, and rapid antigen tests (e.g., rapid influenza diagnostic test and rapid malaria antigen detection assays), incorporate rapid diagnostics. RDTs find extensive use in screening, epidemiology, patient management, and diagnosis. The market expansion is primarily driven by the increased demand for quick diagnostic tests in decentralized settings and growing public awareness of the benefits of early diagnosis. Moreover, the market is expected to grow due to the rising demand for accurate diagnostic tests at affordable prices. However, the growth of the quick diagnostics market is hindered by consumer unawareness of newer rapid diagnostic tests available in the market. Nevertheless, the market for quick diagnostics is expected to benefit from the increasing demand for bedside diagnostic testing. The point-of-care rapid diagnostics market encompasses a range of testing tools, including glucose monitoring kits, pregnancy and fertility testing kits, infectious disease testing kits, urinalysis testing kits, haematological testing kits, cardiometabolic monitoring kits, and similar tools. These tests are utilized in hospitals, professional clinics, and private residences. Market growth in the point-of-care and rapid diagnostics sector is primarily driven by the high prevalence of infectious diseases, supportive government policies, and an increasing number of CLIA-waived POC tests.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Rapid Diagnostics Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Rapid Diagnostics Market Segmental Analysis

The Global Rapid diagnostics market is segmented on the basis of product, platform, end use, application, and region. By product, the market is segmented into kits and equipment. By platform, the market is segmented into Immunoassays, Molecular Detection and other platforms. By end use, the market is segmented into Hospitals & Clinics, Diagnostic Laboratories, Home Care/Self Testing, and Other End Users. By application, the market is segmented into Infectious Diseases Testing , Pregnancy & Fertility Testing, Cardiac Metabolism Testing, Cholesterol Testing, Tumor/Cancer Markers Testing, Blood Glucose Testing, Urinalysis, Hematology Testing, Other Tests. By Region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and MEA.

Drivers of the Global Rapid Diagnostics Market

The increasing prevalence of chronic illnesses such as diabetes, cardiovascular diseases, and various infectious diseases has become notably prominent. This rise in chronic illnesses is a key factor driving the demand for point-of-care diagnostics during the anticipated timeframe. Globally, the frequency of diabetes and other chronic diseases has seen a significant increase, resulting in a higher demand for quick point-of-care diagnostics to effectively treat these conditions. This trend is expected to contribute to favorable global market growth for point-of-care diagnostics.

Restraints in the Global Rapid Diagnostics Market

The lack of accuracy in rapid point-of-care diagnostic tests worldwide, coupled with the low number of FDA approvals for rapid testing, has hindered the growth of the entire industry due to the high cost associated with virus clearing technology. The field of point-of-care testing is susceptible to pre-analytical errors, which may limit the introduction of new products and impede market growth. For instance, Siemens Healthcare issued a Class 2 Device Recall for their BGEM Analyze Card In-vitro Diagnostic Device in August 2020 due to conflicting glucose results on card lot 01-20095-10. Such inconsistencies can delay the diagnosis of hyperglycemia or result in unnecessary hypoglycemia treatment. Consequently, during the projected period, the lack of precision in point-of-care testing is expected to restrict market expansion on a global scale.

Market Trends of the Global Rapid Diagnostics Market

Key market players are increasingly focusing on integrating cutting-edge technologies such as artificial intelligence to develop effective point-of-care diagnostics. Advancements in lab-on-a-chip platforms, wearable technology, and breakthroughs in smartphone-based technologies have led to significant enhancements in point-of-care testing (POCT) devices. The implementation of deep learning systems on the cloud has paved the way for upcoming disruptions. Additionally, advancements in novel biosensors, microfluidics, and chip technology miniaturization have propelled the development of new diagnostic systems. Lab-on-a-chip technology, particularly in the detection of infectious diseases, is a significant driver of POCT advancements. Various bioassays, including microbiological culture, enzyme-linked immunosorbent assays (ELISA), and polymerase chain reaction (PCR), can now be conducted at the point of care, thanks to lab-on-a-chip technology. As a result, the adoption of new technologies for manufacturing point-of-care testing kits is expected to bolster global market growth during the forecast period.