Rapid medical diagnostic tests are widely used for preliminary medical screening of patients. These are quick and easy to conduct diagnostic tests and can be carried out even in home settings. These diagnostic kits find applications in cholesterol testing, glucose testing, pregnancy testing, and many more. In addition to this, rapid medical diagnostic tests are membrane-based and inexpensive that provides visible proof related to the presence of a liquid analyte sample. Patients struggling with chronic diseases are more prone to the risk of heart failure diseases. Therefore, it becomes necessary to carry out early identification as well as the management of such diseases to decrease mortality. This early detection process is possible with the help of diagnostic kits with screening programs targeting patients with high-risk.
The key factors driving the growth of the global rapid diagnostic kits market include an increase in the cases of patients suffering from chronic diseases, a rise in the government efforts or early diagnosis of infectious diseases, and growing awareness regarding the benefits of rapid diagnostic kits. In addition to this, increased funding by private-public institutions for awareness programs and research studies are supporting the market growth. A growing trend among patients to opt for home healthcare is one of the key factors responsible for a surge in demand for rapid medical diagnostic kits that brings prevention and treatment care options to the patient’s home.
Increasing prevalence of diabetes and cancer leads to the rise in huge demand for diagnostic kits that result in significant growth of the market. The outbreak of the COVID-19 pandemic is driving enormous demand for rapid medical diagnostic kits for early detection of the virus to avoid further serious issues. Several government bodies are highly investing and encouraging market players to bring more innovation in the medical kits to have a more effective and quick diagnosis of this life-threatening disease. For Instance, in March 2020, Mesa Biotech, Inc., a leading U.S. based molecular diagnostic company has received a USD 561,000 contract from the U.S. Department of Health and Human Services (HHS) to develop rapid molecular diagnostic test kits for COVID-19.
Segmental Growth of Rapid Medical Diagnostic Kits Market
- Based on technology, the lateral flow technology segment is dominating the market with a majority of share due to its key advantages such as portability, ease of use, and cost-effectiveness.
- By product, the over-the-counter (OTC) segment is generating huge revenue for the market and is expected to continue the same trend in the coming years. The growth attributed to the cost-effectiveness and easy to conduct nature of tests.
- Based on application, the blood glucose testing segment is driving traction worldwide owing to a rise in the cases of diabetes and the growing demand for faster testing of blood glucose levels.
- On the basis of end-use, the hospital segment is leading the growth of the rapid medical diagnosis kits market due to the increased rate of patient admissions and advancements in the diagnostic kits to fit the emerging medical needs.
Asia Pacific region is projected to experience substantial growth in the coming years due to an increased patient pool along with unmet medical needs in major economies such as China and India. An increase in the local manufacturers for medical diagnostic kits and a rise in the prevalence of diseases are propelling regional growth. North America holds the major share in the market owing to favorable reimbursement policies, availability of developed healthcare infrastructure, and increased healthcare expenditure. In addition to this, the outbreak of an infectious disease such as COVID-19 has significantly augmented the demand for diagnostic kits in the region.
Deep-dive Insights on Rapid Medical Diagnostic Kits Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/rapid-medical-diagnostic-kits-market