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Rapid Medical Diagnostic Kits Market: Instant Medical Diagnoses Wins Global Market Wider Consumer Base, Reports TMR

Posted on Sep 27, 2016

Transparency Market Research report observes that the infectious disease testing segment of the global rapid medical diagnostic kits market is witnessing intense competition. This segment has a strong presence of large market players optimizing on the strengths and opportunities the market has to offer. The research report has identified Alere, Inc., as the leading player in this segment. The other leading companies such as Abaxis, Inc., Abbott Laboratories Inc., and Zoetis Inc. are focusing on investing in emerging economies of Asia Pacific, Eastern Europe, and Latin America as they hold the promise of lucrative growth opportunities.

Drug Abuse Propels North America Medical Diagnostic Kits Market

According to the research report, the global rapid medical diagnostic kits market is expected to be worth US$25.7 bn by the end of 2019. The market is expected to be led by the growing comfort of using rapid medical diagnostic kits at home. Thus, the home-use application segment is anticipated to expand at a CAGR of 5.0% between 2013 and 2019. North America is projected to lead the global market due to the high prevalence of drug abuse in the region along with rising cases of infectious conditions. Owing to these reasons, North America medical diagnostic kits market is anticipated to be worth US$11.4 bn by 2019.

Awareness about Lifestyle-Related Health Conditions Augments Demand for Rapid Medical Diagnostic Kits

“The advent of rapid medical diagnostic kits has opened up a discussion and a practice of personalizing medical assistance,” states the lead author of this research report. Following this, the global market is poised for growth as these kits provide urgent diagnoses of conditions such as diabetes, blood pressure, and pregnancy amongst others. The growing awareness amongst the global population about lifestyle-related health conditions have largely propelled the demand for rapid medical diagnostic kits. The widespread availability of these kits is also complementing the aforementioned trend. Today, rapid medical diagnostic kits are extensively being used for testing substance abuse, pregnancy, glucose levels, fertility, and infectious disease.

The persistence of infectious diseases such as influenza and malaria, especially in the developing countries, have played a noteworthy role in the high adoption of rapid medical diagnostic kits. As the world witnesses a surge in the number geriatrics it welcomes with it a host of health conditions, which may require regular monitoring. This alone has been a significant market driver for the global rapid medical diagnostic kits market. The high prevalence of diseases that require constant monitoring amongst the elderly population is anticipated to increase the uptake of rapid medical diagnostic kits in the near future. The affordability of these kits and the accurate results delivered by them with the ongoing technological advancements has also led to a surge in their demand.

Inability of Rapid Medical Diagnostic Kits to Match Up to Microscopy Diagnosis Results Deters Market

The inability of rapid medical diagnostic kits to eliminate the need for microscopy diagnosis has been a huge challenge. Currently, patients are unable to rely on the results these diagnostic kits offer. For instance, lack of data about infectious diseases, parasites, and other parameters provided by rapid medical diagnostic kits is compelling patients to opt for microscopy diagnosis. The sales of rapid medical diagnostic kits are also being hampered due to the lack of knowledge about operating them due to a high rate of illiteracy in the developing nations.

The review is based on Transparency Market Research’s report, titled “Rapid Medical Diagnostic Kits Market (Applications: Clinical Testing, Home-Use, Infectious Disease and Veterinary; Technologies: Lateral Flow Technology, Agglutination Assays, Flow-through and Solid-phase Assays) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019.”

The global rapid medical diagnostic kits market is categorized into the following segments:

Rapid Medical Diagnostic Kits Market by Application:

  • Clinical Testing
    • Infectious Disease Testing
    • Cholesterol Monitoring
    • Substance Abuse Testing
    • Fertility & Pregnancy Testing
    • Blood Glucose Testing
  • Home - Use
    • Infectious Disease Testing
    • Cholesterol Monitoring
    • Substance Abuse Testing<
    • Fertility & Pregnancy Testing
    • Blood Glucose Testing
  • Veterinary

Rapid Medical Diagnostic Kits Market by Technology:

  • Lateral Flow
  • Flow-through
  • Solid-phase
  • Agglutination Assays

Rapid Medical Diagnostic Kits Market by Geography:

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World (RoW)

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