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| Global Rapid Diagnostics Market Size |
Rapid diagnostics provide quick means to identify health conditions through
point-of-care testing for diseases and infections. Rapid diagnostic kits offer
portable and easy-to-use testing without the need for central laboratory. The
growing prevalence of infectious diseases and chronic health conditions has
driven the demand for rapid diagnostic tests that can provide results within
minutes.
The global
Rapid Diagnostics Market is estimated to be valued at US$ 80.96 Bn in 2024 and is
expected to exhibit a CAGR of 8.2% over
the forecast period 2024 to 2031, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing demand for point-of-care testing is one of the major trends
fueling the growth of the rapid diagnostics market. Point-of-care testing
provides diagnostic results quickly and is performed at or near the site of
patient care unlike traditional tests that require samples to be shipped to a
laboratory. It eliminates transportation time and enables real-time clinical
decisions. The convenience and rapidity offered by point-of-care diagnostic
kits are seeing increased adoption, especially in settings with limited access
to laboratory facilities. This is contributing significantly to the expansion
of the rapid diagnostics market.
Segment
Analysis
The global rapid diagnostics market is segmented based on product, technique,
application and end user. The lateral flow assays segment held the largest
share of the rapid diagnostics market in 2024. Lateral flow assays are simple
to use and economical. They provide results within 30 minutes without any need
of complex laboratory equipment or specialized technical skills, which makes
them suitable for point-of-care applications. This drives their adoption,
especially in home care settings and hospitals.
Key Takeaways
Global
Rapid Diagnostics Market Size is expected to witness high growth over
the forecast period driven by increasing incidences of infectious diseases and
growing demand for point-of-care testing.
Regional analysis: North America currently dominates the rapid diagnostics
market owing to presence of favorable government policies regarding clinical
laboratory tests in the region. However, Asia Pacific is projected to grow at
the highest CAGR during the forecast period due to improving healthcare
infrastructure, growing geriatric population, and increasing purchasing power
in emerging countries such as China and India.
Key players: Key players operating in the rapid diagnostics market are Nxp
Semiconductors N.V., Analog Devices, Inc., and Knowles Corporation. Nxp
Semiconductors N.V. offers lateral flow-based rapid tests and readers with its
MES platform to help accelerate the development of diagnostics application.
Analog Devices, Inc. provides healthcare monitoring solutions to allow
physicians to access real-time patient diagnostics. Knowles Corporation offers
MEMS-based microphones and audio solutions for use in medical devices to
facilitate point-of-care diagnostic applications.
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