Newly released intelligence from Fact.MR estimates that demand for rapid medical diagnostic kits will be propelled at a CAGR of 4%, reaching US$ 23.1 Bn by the end of the 2021-2031 forecast period. As of 2021, the market is poised to be valued at US$ 15.6 Bn, mostly on the back of unceasing demand for instant COVID-19 testing.
From 2016 to 2020, sales of rapid medical diagnostic kits registered a CAGR of 3%. Throughout 2020, demand remained elevated, with a significant proportion of the global population opting for test results with faster turnaround times. Furthermore, preference for home based rapid medical diagnostic kits to detect COVID-19 presence remained especially high.
With several countries still reeling under the impact of high COVID-19 infection burdens, demand for rapid medical diagnostic kits is not expected to wane anytime soon. As per W.H.O, there are still over 240 million active cases globally, necessitating increased rapid testing frequencies. Moreover, it is expected that 366 million people will suffer from diabetes by 2030, thus requiring patients to undergo rapid diagnostic testing to ascertain blood sugar levels and accordingly seek treatment.
Key Takeaways from the Market Study
- Blood glucose testing to usher in 2x growth of the rapid medical diagnostic kits market
- Testing for infectious diseases to remain prominent, accounting for over 40% market revenue
- Rapid medical testing kits for homecare settings to account for 3 out of 10 sales
- U.S to be an opportunistic market, yielding 30% revenue and surging at 5% CAGR
- Japan to register a CAGR of 5% with regard to rapid medical diagnostic kits demand
- China to be the fastest expanding market, registering a CAGR worth 7% from 2021-2031
“Rising mutations in pathological genes is leading to increased outbreaks of infectious diseases. Furthermore, high sedentary lifestyle frequencies are augmenting diabetes incidences. Both trends will collectively accelerate the need for rapid medical diagnostic kits,” says an analyst at Fact.MR
Competitive Landscape
Manufacturers benefit from strategic collaborations by increasing production and meeting consumer demand. With the help of the latest products on the market, end-users will be able to take advantage of some of these technologies that are fully integrated with the latest products to monitor their health.
- In September 2021, Diagnostics firm LumiraDx, completed a merger with CAHC worth US$ 3 billion. The company offers five tests under the LumiraDx Platform, including the COVID-19 test solutions. Moreover, the company has ten testing products that are scheduled for regulatory approval or submission by the end of 2022, including tests for troponin, flu, and congestive heart failure.
- In June 2021, Healthtech Unicorn Ro purchased Kit as it expanded into at-home diagnostics. With this acquisition, Kit will continue to operate independently of Ro, while the firm still serves its existing B2B clients such as insurance firms and other digital health companies.
More Insights Available
Fact.MR’s, in its new offering, presents an unbiased analysis of the rapid medical diagnostic kits market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on test (cholesterol monitoring, infectious disease testing, substance abuse testing, fertility & pregnancy testing, blood glucose testing and other tests), and application (hospitals & clinics, homecare settings and veterinary), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).