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The rapid diagnostics market share is expected to increase by USD 12.74 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.58%.
This rapid diagnostics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers rapid diagnostics market segmentations by application (blood glucose, infectious disease, cardiometabolic, pregnancy and fertility, and others) and geography (North America, Europe, Asia, and Rest of World (ROW)). The rapid diagnostics market report also offers information on several market vendors, including Abbott Laboratories, Atomo Diagnostics Ltd., Becton Dickinson and Co., bioMerieux SA, Cardinal Health Inc., Chembio Diagnostics Inc., DAAN Gene Co. Ltd., Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., GlySens Inc., Johnson and Johnson, Meridian Bioscience Inc., NanoRepro AG, Quidel Corp., Siemens Healthineers AG, Thermo Fisher Scientific Inc., Trinity Biotech Plc, Wuhan EasyDiagnosis Biomedicine Co. Ltd, and OraSure Technologies Inc. among others.
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The increasing incidence of chronic and infectious diseases is notably driving the rapid diagnostics market growth, although factors such as the high cost of rapid diagnostic products may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the rapid diagnostics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Rapid Diagnostics Market Driver
The increasing incidence of chronic and infectious diseases is one of the key drivers supporting the rapid diagnostics market growth. There is growing disposable income among middle-class families due to urbanization which is leading to the adoption of unhealthy lifestyles and ultimately causes chronic diseases such as cardiovascular diseases and diabetes. In 2019, according to CDC, approximately 92.1 million individuals in the US had one type of cardiovascular disease. Meanwhile, there is also a high burden of infectious diseases in developing countries where the healthcare infrastructure and healthcare awareness are still in the developing phase. Infectious diseases such as malaria, influenza, and others are some of the leading causes of hospital admission. In view of all these factors, the rapid diagnostics market will have a positive impact during the forecast period.
Key Rapid Diagnostics Market Trend
The growing presence of OEMs is one of the key rapid diagnostics market trends that is contributing to the market growth. The OEM provides equipment to the manufacturers that develop, distribute, and sell the final furnished goods. Generally, OEM develops certain components of the products. However, sometimes, it may manufacture a complete device. The OEMs are working with contract manufacturing organizations (CMOs) due to the increasing number of combination products such as drug delivery and smart devices. Thus, there is a growing focus on forwarding integration by the OMEs involved in providing diagnostics components. These initiatives will propel the rapid diagnostics market growth during the forecast period.
Key Rapid Diagnostics Market Challenge
The high cost of rapid diagnostic products is one of the factors hindering the rapid diagnostics market growth. For instance, NIH conducted a comparison study between the cost of rapid molecular tests and conventional diagnostics for the detection of tuberculosis in South Africa. The result of the study was Xpert MTB/RIF Assay, a tool to diagnose tuberculosis cost around $12-$15/ sample and MTBDRplus line probe assay costs around $22-$24/sample which are slightly high compared to conventional automated liquid culture-based methods that cost around $14-$16/sample. Moreover, the cost of Xpert and MTBDRplus was mostly influenced by the cost of consumables. Therefore, the high cost of analyzers, assays, and related frequently used consumables create budget constraints for end-users and patients, which may hinder the market growth due to the low adoption of high-priced diagnostic products.
This rapid diagnostics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global rapid diagnostics market as a part of the global pharmaceuticals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the rapid diagnostics market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the rapid diagnostics market encompasses successful business strategies deployed by the key vendors. The rapid diagnostics market is fragmented and the vendors are deploying growth strategies such as product development and expanding their reach to other regions to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The rapid diagnostics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the rapid diagnostics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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38% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for the rapid diagnostics market in North America. Market growth in this region will be slower than the growth of the market in Asia.
The increasing awareness among individuals for healthcare government interventions to reduce the risk of various chronic illnesses and infectious diseases will facilitate the rapid diagnostics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The growth of the rapid diagnostics market had been be positively impacted in 2020 due to the rapid spread of the COVID-19 pandemic. Moreover, the evolution of the coronavirus across the world would further drive the growth of the market in the region during the forecast period.
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The rapid diagnostics market share growth by the blood glucose segment will be significant during the forecast period. Blood glucose testing accounted for the largest share in the global rapid diagnostics market, and it will grow at a moderate growth rate during the forecast period. The increasing prevalence of diabetes cases in both the younger and older population is growing the demand for blood glucose testing products in the market. The increasing number of diabetes cases among the younger and older population and an increasing number of new diabetes cases will increase the market opportunity for blood glucose testing. Also, the growing awareness regarding effective management of diabetes, government initiatives, the presence of reimbursement in a few developed countries, and an increasing number of product launches will boost the rapid diagnostics market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the rapid diagnostics market size and actionable market insights on post COVID-19 impact on each segment.
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Rapid Diagnostics Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.58% |
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Market growth 2022-2026 |
$ 12.74 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.25 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 38% |
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Key consumer countries |
US, Canada, Germany, France, Japan, and China |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Abbott Laboratories, Atomo Diagnostics Ltd., Becton Dickinson and Co., bioMerieux SA, Cardinal Health Inc., Chembio Diagnostics Inc., DAAN Gene Co. Ltd., Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., GlySens Inc., Johnson and Johnson, Meridian Bioscience Inc., NanoRepro AG, Quidel Corp., Siemens Healthineers AG, Thermo Fisher Scientific Inc., Trinity Biotech Plc, Wuhan EasyDiagnosis Biomedicine Co. Ltd, and OraSure Technologies Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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