Global Rapid Medical Diagnostic Kits Market: Snapshot
The rise in occurrence of infectious diseases in the past decade has been alarmingly increasing the demand for rapid medical diagnostic kits globally. Need for detecting new pathogens that are causing infections is boosting the market. There is also noticeable decrease in the immune system of various people due to sedentary and unhealthy lifestyle which makes them vulnerable to infections thus, supplementing the global rapid medical diagnostic kits market. Rise in geriatric population worldwide is also anticipated to increase the demand for rapid medical diagnostic kits in the market. The cheap cost of rapid medical diagnostic kits are fueling the market rapidly. Emerging economies are also adopting the rapid medical diagnostic kits due to increase in technological advancement taking place in these regions. Whereas, due to disposable income, developed economies have already adopted the rapid medical diagnostic kits in the market. These factors are potentially increasing the demand of the global rapid medical diagnostic kits market.
According to a report by Transparency Market Research, the global rapid medical diagnostic kits market is anticipated to rise at healthy CAGR of 5.5% during the forecast period of 2013 to 2019. The global market was worth US$17.65 during 2012 and is expected to attain a valuation of US$25.76 bn by the end of the forecast period.
Rise in Home Use Application to Boost the Global Market
The global rapid medical diagnostic kits market is segmented into application and technology. The application segment is further sub segmented into clinical testing, home use, and veterinary. Among these, the clinical testing and home use applications are further bifurcated into blood glucose testing, fertility & pregnancy testing, substance abuse testing, cholesterol monitoring, and infectious diseases testing. The home use rapid medical diagnostic application segment held major share in the market during 2012 owing to blood glucose testing and is expected to dominate the market in the coming years.
According to technology, the global rapid medical diagnostic kits market is segmented into agglutination assays, solid phase assays, flow through, and lateral flow. Among these, the lateral flow technology led the global rapid medical diagnostic kits technology segment. This segment is leading the market due to presence of approved rapid medical diagnostic kits in large number with this technology. The ease of using this technology has boosted the demand for the segment in the global rapid medical diagnostic kits market. Malaria and pregnancy test at home has proved quick turnaround for the global market and is anticipated to rise in the coming years.
North America Leading the Market Owing to Increased Adoption of Diagnostic Kits
The global rapid medical diagnostic kits market is spread across various regions such as Asia pacific, North America, Europe, and the rest of the world. Among these, North America is leading the global market. North America will is expected to hold the leading position till the end of the forecast period. This region is facing rapid rise in growth due to increasing number of healthcare sectors adopting these diagnostic kits to detect various infectious diseases caused by bacteria and viruses. The demand in this region is followed by Europe as it is the second largest consumer of rapid medical diagnostic kits market.
Asia pacific is anticipated to witness highest rate of growth in the global market due to increasing awareness among healthcare sectors and people about the rapid medical diagnostic tools.
The market is also rising in demand due to increasing number of infectious diseases spreading across many countries. Emerging economies in the region are generating increasing amount of disposable income which is leading to higher consumption of rapid medical diagnostic kits market in this region. Rise in infectious diseases in developing countries such as African countries are also potentially boosting the global market.
Some of the leading companies operating in the global rapid medical diagnostic kits market are Alere, Inc., Danaher Corporation, Zoetis, Inc., MegaCor, and BioRad Laboratories.
Global Rapid Medical Diagnostic Kits Market: Overview
The market for rapid medical diagnostic kits is expected to make impressive strides worldwide on the back of a pressing need of precautionary management of communicable conditions. Their hassle-free functionalities and the reduced turnaround time – they deliver results in under two hours – has led to their swift uptake. They now form an indispensable part of the medical diagnostic sector.
Medical diagnostic kits market find application in home-use, clinical testing, and veterinary. In clinical testing they find use in testing of infectious diseases, monitoring of cholesterol, testing of substance abuse, fertility and pregnancy, and blood glucose. In home-use tests, they are used for testing and monitoring of infectious diseases and also for monitoring blood glucose testing. Some of the popular technologies leveraged in rapid medical diagnostic kits market are flow-through, lateral flow, solid-phase, and agglutination assays.
Global Rapid Medical Diagnostic Kits Market: Trends and Opportunities
Rapid medical diagnostics basically find application in detecting different infectious diseases caused by bacteria and virus. In the past one decade such infectious diseases have been on the rise all across the world and this has had a positive influence on the market. The pressing need for the detection of new pathogens causing infections along with the growing pool of elderly, highly susceptible to different infectious diseases owing to a weak immune system, are mainly stoking growth in the market.
Apart from that, the relatively lesser cost of medical diagnostic kits, and the growing knowledge about the available technologies for diagnosis of the infectious diseases caused by virus and bacteria is also boosting the market.
In the foreseeable future, clinics and hospitals are expected to generate substantial revenue in the market for rapid medical diagnostic kits.
Global Rapid Medical Diagnostic Kits Market: Regional Outlook
From a geographical standpoint, North America currently leads the market for rapid medical diagnostics kits. In the years ahead too, the region is expected to retain its leading position. Europe trails North America vis-à-vis market share.
Asia Pacific too is expected to emerge as a lucrative market on account of the swift pace of growth it is expected to clock in the next couple of years. The growth in the region will mainly be effected by the rising prevalence of infectious diseases, the increasing capacity of people to spend, and the growing knowledge about the rapid medical diagnostic tools in the region. African nations too are likely to contribute majorly to demand because of the numerous cases of infectious diseases in most countries.
Companies Mentioned in the Report
Presence of numerous companies makes the global market for medical diagnostic kits fragmented. However, it is the well-entrenched strong players that have a stronghold over the market because of their proprietary products and aggressive growth strategies. Established market players also steal a march over the newcomers on account of their impressive repository of patents.
Abbott Laboratories, Trinity Biotech Plc, Alere, Inc., Abaxis, Inc., Becton Dickinson & Company, BioRad Laboratories, Danaher Corporation, F. Hoffmann La Roche, MegaCor Diagnostik GmbH, and Zoetis, Inc. are to name a few prominent companies operating in the global market for medical diagnostics kits that have been profiled in the report. The report discusses in detail their product offerings, research and development activities, and sales and revenues. It also studies their market shares, areas of stronghold, and possible growth trajectory.