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Rapid Medical Diagnostic Kits Market: Increasing Prevalence Rates of Infectious Diseases Stimulating Adoption – Fact.MR Study

Rapid Medical Diagnostic Kits Market

Rapid test for Covid-19 Coronavirus, positive result. Laboratory kit for self-testing at home. Blue paper background, copy space.

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

“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.

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).

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