Rapid Medical Diagnostic Kits Market to Top USD 23 Billion by 2031 due to Successive Outbreaks of Novel Contagious Viruses

By LabMedica International staff writers
Posted on 01 Nov 2021

Illustration

The global rapid medical diagnostic kits market is projected to grow at a CAGR of 4% over the forecast period 2021-2031 to surpass USD 23.1 billion in 2031, driven by the rising prevalence of infectious diseases such as influenza, COVID-19, and others.

Surging application of rapid medical diagnostic kits in substance abuse testing, homecare settings, fertility & pregnancy testing, and veterinary settings is anticipated to further facilitate the market growth over the assessment period. These are the latest findings of Fact.MR (Rockville, MD, USA), a market research and competitive intelligence provider.

In response to the rising prevalence of infectious diseases, the demand for effective testing devices with faster turnaround time has increased. This is expected to create growth opportunities for the market over the coming years. The market is expected to gain traction as an increasing number companies are focusing on receiving approvals to commercially launch their products. The blood glucose testing application is expected to create new growth frontiers for the rapid medical diagnostic kits market through 2031. The blood glucose testing segment is projected to grow by 2x through 2031. Growing diabetic population and rising demand for self-testing devices for monitoring glucose levels at home are key the factors driving the segment’s growth.

Based on test, infectious disease testing is expected to remain a highly remunerative segment, accounting for more than 40% of the total sales by 2031 end. In terms of application, homecare settings is projected to hold contribute 30% of the total revenues by 2021 end. Additionally, the burgeoning adoption of diagnostics kits for testing pregnancies and rising awareness regarding unwanted pregnancies is spurring the sales of rapid medical diagnostic kits across the fertility & pregnancy testing segment. Moreover, increasing research and development activities for developing novel therapeutics for the treatment of various infectious diseases across the US, China, Japan, and India is expected to propel the demand for rapid medical diagnostic kits.

Geographically, the US is anticipated to remain the dominant market for rapid medical diagnostic kits in North America, accounting for nearly 30% of overall sales over the assessment period. China is estimated to witness the fastest growth in the global rapid medical diagnostic kits market, expanding at a CAGR of 7% between 2021 and 2031. Japan is forecasted to account for a substantial revenue share of the East Asia market for rapid medical diagnostic kits, with a projected sales CAGR of 5% through 2031.

“Successive outbreak of novel contagious viruses such as Hantavirus, Ebola, and others along with mutations in COVID-19 and other pathological genes are expected to increase the demand for point-of-care diagnostic solutions. This is expected to augment the growth in the market,” stated a Fact.MR analyst.

Related Links:
Fact.MR