The global rapid medical diagnostics market is expected to reach US$ 23.0 billion by 2030, registering a CAGR of more than 3.4%, essentially driven by the growing focus on early detection and reduced healthcare costs
Wilmington, Delaware, Nov. 29, 2023 (GLOBE NEWSWIRE) — According to RationalStat’s recent market report, the Global Rapid Medical Diagnostics Market value is estimated at US$ 18.2 billion in 2023 and is expected to rise at a strong CAGR of over 3.4% over the forecast period of 2023-2030.
Market Definition, Market Scope, and Report Overview                                                             Â
Rapid medical diagnostics refers to methods and systems that are designed to diagnose various medical problems or infections rapidly and efficiently. When compared to traditional diagnostic methods, which can take hours or days, these diagnostics are distinguished by their capacity to offer results quickly, and frequently within minutes. Rapid medical diagnostics encompasses a wide range of applications, such as infectious disorders, cardiovascular issues, pregnancy testing, and others.
Governments and healthcare organizations globally are recognizing the importance of rapid diagnostics in improving healthcare outcomes. Initiatives and investments in healthcare infrastructure, especially in the context of infectious disease control, further drive the market.
According to a deep-dive market assessment by RationalStat, the global rapid medical diagnostics market has been analyzed on the basis of market segments, including type, technology, application, end user and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global rapid medical diagnostics market covers market sizes on the basis of market value (US$/EUR Million), by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global rapid medical diagnostics market. It also includes the industry’s current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Rapid Medical Diagnostics Market: Segmental and Market Share Analysis
- On the basis of type, over the counter (OTC) kits remain dominant in 2022 with a revenue share of 61% and are projected to grow at the fastest CAGR of 8.5% during the forecast period.
- On the basis of technology, lateral flow technology segment accounted for the largest revenue share of 30% in 2022 and is projected to grow at a CAGR of 9.1% over the forecast period.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 18.3 billion |
| Market Size Forecast | US$ 23.0 billion |
| Growth Rate | 3.4% |
| Dominant Segment | Lateral Flow |
| Dominant Region | Asia Pacific |
| Key Market Drivers |
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| Companies Profiled |
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Competition Analysis and Market Structure
Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global rapid medical diagnostics market include.
- In July 2023, In India, EMPE Diagnotics introduced the mfloDX MDR-TB fast test kit for diagnosing tuberculosis. It is a one-of-a-kind kit that has been authorized by CDSCO, recognized by the WHO, and has patents in 19 countries.
Some of the prominent players and suppliers operating and contributing significantly to the global rapid medical diagnostics market growth include ACON Laboratories, Inc., Abbott Laboratories, Artron Laboratories Inc., Alfa Scientific Designs, Inc., Becton, Dickinson and Company, BTNX, Inc., bioMérieux SA, Cardinal Health, Bio-Rad Laboratories, Inc., and Danaher Corporation, among others.
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RationalStat has segmented the global rapid medical diagnostics market based on type, technology, application, end user and region
- Global Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Type Â
- Over The Counter (OTC) Kits
- Professional Kits
- Global Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Technology Â
- Lateral Flow
- Agglutination
- Solid Phase
- Global Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Application
- Blood Glucose Testing
- Infectious Disease Testing
- Cardiometabolic Testing
- Pregnancy and Fertility Testing
- Fecal Occult Blood Testing
- Coagulation Testing
- Others
- Global Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by End User Â
- Hospitals & Clinics
- Home Care
- Diagnostic Laboratories
- Global Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Region
- North America Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- US
- Canada
- Latin America Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Rapid Medical Diagnostics Market Value (US$ Million), Volume (Thousand Units), and Market Share (2019-2030) Analysis by Country
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Key Questions Answered in the Rapid Medical Diagnostics Report:
- What will be the market value of the global Rapid Medical Diagnostics market by 2030?
- What is the market size of the global Rapid Medical Diagnostics market?
- What are the market drivers of the global Rapid Medical Diagnostics market?
- What are the key trends in the global Rapid Medical Diagnostics market?
- Which is the leading region in the global Rapid Medical Diagnostics market?
- What are the major companies operating in the global Rapid Medical Diagnostics market?
- What are the market shares by key segments in the global Rapid Medical Diagnostics market? Â
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Research Methodology
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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About RationalStat LLC Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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