Rapid Diagnostics Market Size to Grow at a Highest CAGR of 21.4% from 2023-2030: Report by Delvens

New York, April 21, 2023 (GLOBE NEWSWIRE) — The latest research report “Rapid Diagnostics Market” is expected to reach USD 135.9 billion by 2030, at a CAGR of 21.4% during the forecast period 2023-2030. The Rapid Diagnostics Market report includes a microscopic perspective on the extreme business competition. Significant aspects such as sales, income, benefits, creation, costs, import, send out, supply, request, and so forth identified with these market bodies are focused internally and externally in the investigation report dependent upon Rapid Diagnostics industry.  It also highlights the market value, growth rate, and key players operating the Rapid Diagnostics Market. The examination includes profundity information over all the leading market substances. Key market operators have been financing extensively in R&D to enhance the production to provide to the customers changing inclinations. An examination of the current market strategies and other key element is provided in the Rapid Diagnostics Market report. Market dynamics like drivers and restraints are explained within the most elaborate and best manner with the utilization of tables and graphs.

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Key Players of the Rapid Diagnostics Market

• Abbott Laboratories
• ACON Laboratories Inc.
• Alfa Scientific Designs Inc.
• Artron Laboratories Inc.
• Becton, Dickinson, and Company
• BioMerieux
• BTNX Inc.
• Creative Diagnostics
• Danaher Corporation
• F. Hoffmann-La Roche Ltd
• Hologic Inc.
• IDVet
• Qiagen N.V
• Siemens Healthcare GmbH
• Zoetis Inc.

The Rapid Diagnostics Market research report study discusses about market dynamics like drivers, opportunities, restrictions, and challenges. In addition, the report also describes new and developing patterns and their influence on current and future market dynamics. The Rapid Diagnostics Market research report provides information about market penetration that offers thorough data on the market offered by the main market players. It also offers analysis and awareness and analysis about different factors during the projected period.

Due to COVID-19, the landscape of rapid diagnostics has transformed. The majority of emergency departments (A&E) traditionally used rapid diagnostics to assist clinicians in making vital treatment decisions for patients. In response to the necessity for separating infected patients and the turmoil of overcrowded hospitals, a rapid COVID-19 antigenic test that delivers immediate results and can be used by a GP, nurse, pharmacy, or patient has been created.

Fast diagnosis and decision-making are now achievable outside of emergency rooms in therapeutic settings. Doctors now have complete control over the patient care process, eliminating the need to wait for a third party to collect a sample, send it to a lab for testing, and discuss the results. While the patient waits for the results for 15 minutes, the entire process can be finished there and then, at the point of care.

Rapid Diagnostics Market Overview

Patients are feeling more empowered and hungry for greater control as a result of taking on this increased responsibility for their health. In other places, like the UK, patients have started asking their primary care doctor or chemist about alternative fast diagnostics, which indicates that demand for at-home testing is likely to increase. HCPs predict that rapid tests will eventually be included in traditional diagnostic processes as they improve in terms of quality, speed, connected health capabilities, and artificial intelligence. These tests will be applied more often across a range of therapeutic modalities and may even be conducted by patients themselves, giving both patients and clinicians more control.

Benefits: Ease of use and support for rapid decision-making are top positives

According to 72% of respondents, it is quick and simple to complete.

According to 68% of responders, it swiftly assists in choosing a patient’s course of action or therapy.

71% of responders claim it enables quick triage and decision-making in the ER.

65% claim that it makes testing more accessible.

66% recommend using rule-in/rule-out clinical decision-making for diagnosis.

Challenges: Accuracy remains a key challenge across markets

The specificity and sensitivity of tests (i.e., false negatives), according to 49% of respondents,

35% of respondents were informed that the sample was complex (e.g., blood sampling vs. cheek swabs).

38% of respondents claim that medical professionals do not trust tests.

37% of responders mention test costs.

34% of respondents claim that healthcare personnel is unaware of rapid diagnostics.

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Rapid Diagnostics Market Segmentation Analysis

In 2022, over-the-counter (OTC) products dominated the market with a share of 59%. This is attributable to the fact that using these tests in a “close understanding setting” is not difficult and that doing so is more cost-effective than having testing done in an expensive research facility. These tests are frequently used in home consideration settings, providing a convenient and cost-effective alternative to testing in a research institution. Fast Diagnostic Tests (RDTs) typically examine infections by using blood, urine, and saliva.

The largest income component in 2022—38%—was accounted for by the lateral flow innovation segment. The expansion of these tests into a few quick testing applications has been motivated by the low development cost and straightforward assembly of horizontal stream tests. In clinics, facilities, and symptomatic research centers, lateral flow tests are typically used for both subjective and quantitative identification of specific antigens, quality intensification items, and antibodies. This furthers the development of the fragment.

Regional Insights

More than 41% of the global rapid diagnostics market was accounted for by North America. The market is expected to grow as a result of the expanding population of patients who have a few irresistible illnesses such as hepatitis, TB, and HIV. It is projected that the expansion of the North American market will be supported by the increased prevalence of lifestyle illnesses, government measures to assist the wider implementation of point-of-care diagnostics, and the strong presence of key companies in the region.

Due to the rising patient population, expanding number of hospitals and clinical diagnostics laboratories, new manufacturers of rapid diagnostics kits, rising healthcare costs, and expanding player collaborations, Asia Pacific is anticipated to experience the highest growth during the forecast period.

Rapid Diagnostics Market Outlook

The use of rapid diagnostic tests to fight infectious diseases has great potential. Since many microorganisms induce similar symptoms, a clinical examination frequently falls short of identifying the precise causes of infection. Rapid diagnostics to pinpoint specific illness causes can guarantee that patients receive the best care right away, benefiting them and preventing the unnecessary use of antimicrobial resources. Additionally, more complex testing can offer data on the likelihood that organisms will respond well to antibiotics, aiding in the selection of therapy.

Rapid diagnostic tests can also be employed in screening programs to detect asymptomatic illnesses, such as syphilis infections in pregnant women, allowing for the administration of treatment to stop the spread of those infections. Rapid diagnostic tests can significantly improve society and the world while also assisting patients. They can prevent the emergence of antibiotic resistance by minimizing the use of unneeded antibiotics and other antimicrobials. They can also produce useful surveillance information on the prevalence of diseases as well as the distribution, transmission, and evolution of infectious organisms (including strains that are resistant to certain antibiotics). Such data can help local disease control efforts and offer a way to gauge the success of disease management initiatives and programs. Rapid diagnostic tests also offer tools for spotting, monitoring, and managing newly emerging infections.

Impact of COVID-19: Increased, improved, and quicker growth in rapid diagnostic

Rapid diagnostic device development has been significantly impacted by the COVID-19 pandemic. The market for rapid diagnostics has changed, making home testing possible because of the pressing demand for speedy results and population-scale testing. The pandemic has brought attention to the value and practicality of fast diagnostics for making prompt diagnoses and treatment decisions. Rapid diagnostics have expanded beyond the ICU and ER, where they were formerly employed extensively because of the urgency of patient treatment, to other wards, independent practices, and pharmacies. They are currently used in clinical practice in an increasing variety of therapeutic fields.

“Manufacturing and disseminating these fast diagnostics has become a huge industry because of Corona. But that doesn’t mean that is over. Because with advancing technological developments, it’s becoming easier and cheaper to offer a one-off test also for the home at a price which is affordable for the user.”

Due to manufacturers’ hasty entry into the market, the same therapy areas now offer a greater variety of fast diagnostics with differing degrees of quality. There has been an upsurge in locally produced testing devices (such as blood glucose meters) in China, although HCPs claim that their quality is typically poorer than that of non-local producers. Due to competition, tests in several therapy fields have also gotten more economical.

Rapid diagnostics utilization is increasing across more medical specialties because of “innovation”, which also increases physician oversight.

In all markets, the majority of HCPs say that devices connect directly to the EMR system of the hospital or practice, delivering results to patient files in real time (the doctor is typically alerted about any aberrant results). HCPs are positive about the future growth of AI in general and can see its advantages in terms of supporting rather than replacing physicians, notably in the UK and China.

Rapid diagnostics have lately been created in additional therapy fields outside of COVID-19 to aid in quick diagnosis and treatment. HCPs in the US and Europe refer to tests for TBI and sepsis. Rapid uric acid tests to identify renal illness and gout have gained enormous popularity in China during the past two years.

In addition to pharmacists and EMTs/paramedics (who also give rapid diagnostics), more HCPs are increasingly conducting rapid diagnostics without the requirement for a laboratory. Initially, more control for physicians in their place of practice was the driving force behind this trend. As soon as the patient arrives at A&E or the ER, EMTs use the tests to notify the appropriate specialists.

Before COVID-19, certain alterations were taking place, but the pandemic has sped up the evolution. For instance, some tests (such as glucose and PT/INR testing) now have higher standards and more precise results. Cartridge equipment has shrunk, producing outcomes faster and delivering more data from a single or smaller sample.

Which therapy areas would benefit from rapid diagnosis?

Oncology

• Cancer biomarkers to identify gastric or lung malignancies
• Colorectal cancer detection with a fecal occult blood test.
• Using HPV to find cervical cancer

Neurological

STIs

Infectious diseases (respiratory)

• Different strains of flu
• Different COVID-19 variants
• Meningitis

General Health

• Vitamin and mineral levels (e.g., iron, vitamin D)

Artificial Intelligence + Rapid Diagnostics

HCPs are enthusiastic about connected health & artificial intelligence while discussing future innovations. Particularly in the UK, China, and the US, AI is viewed as a great tool to help doctors with patient care. HCPs will be assisted in their diagnostic decision-making by the algorithmic powers of machine learning. AI will detect the blind spots that the human eye misses in imaging, for instance. To lighten their workload, HCPs anticipate more testing solutions powered by AI and data analytics. They also discuss how AI and linked health will co-evolve in the future, especially for at-home testing (such as when a patient uploads a 3D scan of their skin to an app or piece of software to check for skin cancer).

Future growth in telemedicine-assisted rapid diagnostics is anticipated. A patient who suspects they may have a condition may use a fast diagnostic test before calling their physician. The patient might phone and say, for instance, “I performed this rapid diagnostic test at home and it is positive thus I have a UTI. These are my findings. Can you give me an antibiotic prescription? It would, in my opinion, significantly increase telemedicine.”

“Using AI or big data, this type of auxiliary diagnosis and treatment devices can assist physicians clinically. After all, human thinking and minds can have blind spots. When this patient shows up, AI can quickly sort and assess his data, assisting the physician.”

Delvens Industry Expert’s Standpoint

In the upcoming years, the market expansion is anticipated to be supported by novel products that have higher levels of accuracy, mobility, and cost-effectiveness.

In addition, the development of mobile applications, such as Roche Diagnostics’ cobas infinity point-of-care, to meet coordinator needs and aid in enhancing productivity by completing the task on a smartphone regardless of location is anticipated to drive the adoption of molecular diagnostic products during the forecast period.

The COVID-19 outbreak has accelerated this tendency, as major businesses have redirected their attention to commercializing home-based self-testing products in recent years. Such goods addressed clinical demands while encouraging self-quarantine procedures during government-imposed lockdowns. Companies like Abbott have tools like the COVID-19 and BinaxNOW Card rapid diagnostic tests for influenza that provide results in 15 minutes at home. A virtual manual and application are included with this product to facilitate testing and show test results.

Key Companies & Market Share Insights

• Some of the key players operating in the global rapid diagnostics market are Abbott Laboratories, ACON Laboratories Inc., Alfa Scientific Designs Inc., Artron Laboratories Inc., Becton, Dickinson and Company, BioMerieux, BTNX Inc., Creative Diagnostics, Danaher Corporation, F. Hoffmann-La Roche Ltd, Hologic Inc., IDVet, Qiagen N.V, Siemens Healthcare GmbH, and Zoetis Inc. among others.

Recent Developments

• • • Abbott introduced their COVID-19 home test kit in India in July 2021 at a price point of roughly USD 4.07. With this tactical pricing decision, Abbott was able to address the vast majority of the population in the nation.
    • For a fast antigen test that can simultaneously detect SARS-CoV-2, influenza A, and influenza B, BD was awarded an FDA EUA grant in March 2021.
    • ACON announced the introduction of its FlowflexTM Antigen COVID-19 test in 2020. A lateral flow chromatographic immunoassay is used in the Flowflex SARS-CoV-2 Antigen Rapid Diagnostics Test to detect the nucleocapsid protein antigen from SARS-CoV-2 in nasal swab samples.

Global Rapid Diagnostics Market Table of Contents

Product Outlook

• Over the Counter (OTC) Kits
• Professional Kits

Technology Outlook

• Lateral Flow
• Agglutination
• Solid Phase
• Other Technologies

Application Outlook

• Blood Glucose Testing
• Infectious Disease Testing
  • Covid 19
  • Hepatitis
  • HIV
  • Influenza
  • Others
• Cardiometabolic Testing
• Pregnancy and Fertility Testing
• Fecal Occult Blood Testing
• Coagulation Testing
• Toxicology Testing
• Lipid Profile Testing
• Other

End-use Outlook

• Hospitals & Clinics
• Laboratories
• At-Home Testing
• Other

Regional Outlook 

• Europe
  • • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Sweden
    • Austria
    • Finland
    • Belgium
    • Turkey
    • Russia
    • Poland
    • Hungary
    • Czech Republic
    • Switzerland
    • Netherlands
    • Rest of Europe
• North America
• Asia-Pacific
  • • Japan
    • China
    • India
    • Australia
    • South Korea
    • Vietnam
    • New Zealand
    • Philippines
    • Thailand
    • Malaysia
    • Hong Kong
    • Taiwan
    • Singapore
    • Indonesia
    • Sri Lanka
    • Rest of Asia-Pacific
• South America
  • • Brazil
    • Argentina
    • Chile
    • Colombia
    • Rest of South America
• Middle East And Africa
  • • South Africa
    • U.A.E.
    • Saudi Arabia
    • Oman
    • Qatar
    • Iran
    • Egypt
    • Rest of Middle East and Africa

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