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.