Albany, NY -- (ReleaseWire) -- 04/04/2014 -- According to a new market report published by Transparency Market Research "Rapid Medical Diagnostic Kits Market (Applications: Clinical Testing, Home-Use, Infectious Disease and Veterinary; Technologies: Lateral Flow Technology, Agglutination Assays, Flow-through and Solid-phase Assays) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the market for rapid medical diagnostic kits was valued at USD 17.65 billion in 2012 and is expected to reach a value of USD 25.76 billion in 2019, growing at a CAGR of 5.5% from 2013 to 2019.
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The advent of new technologies enabling better accuracy and rapid results will boost the market growth for rapid medical diagnostic kits. Further, increase in its widespread availability would attract end-users in order to contain the rising incidences of infectious diseases. In addition, rising demand for quick tests in the hospitals, clinical laboratories and home-use is fueling the growth of this market. Other driving factors include rising base of geriatric population, presence of high unmet medical needs and rising worldwide incidences of infectious diseases.
The global rapid medical diagnostic kits market by applications was dominated by the home-use market with a market share of approximately 77.7% in 2012 and will maintain its position till 2019. Presence of untapped population and elevated adoption of rapid diagnostic test (RDT) kits in the developing nations such as India, China, Bhutan, Myanmar, Brazil and Nigeria will be driving the market for home - use RDT kits. However, global clinical testing is the fastest growing application segment for RDT kits on account of factors such as rising patient demand for rapid point-of-care diagnostics, confirming the results from home-use tests and effective testing done by trained professionals. The RDT kits market for infectious disease, cholesterol monitoring, substance abuse testing, pregnancy and fertility testing and blood glucose testing will lead to further expansion of the RDT clinical testing market globally.
Lateral flow technology market dominated the global rapid medical diagnostic kits market by technology on account of factors such as its ease of use and rapid testing technology along with multiple sample testing. Lateral flow technology is used majorly in malarial and home pregnancy testing and is expected to maintain its position till 2019. The fastest growing technology segment is, however, the solid-phase technology, growing at a CAGR of over 6% from 2012 - 2019. The solid phase RDT kits provide quick results with a single strip able to test multiple parameters. These tests find major applications in HIV testing which is one of the major healthcare industry focus for diagnosis and treatment.
North America dominated the market in 2012 and is expected to maintain its market position till 2019. However, the Asia-Pacific market is estimated to grow at a faster pace (CAGR of more than 8% from 2013 to 2019).Europe is expected to grow at a relatively higher rate compared to North America owing to constantly improving regulatory framework, economic conditions in the region and rising investments in healthcare infrastructure.
Some of the key players in the global rapid medical diagnostic kits market include Abbott Laboratories, Abaxis, Inc., Alere, Inc., Becton Dickinson & Company, BioRad Laboratories, F. Hoffmann La Roche, MegaCor, Trinity Biotech, Zoetis, Inc. and others.
The global rapid medical diagnostic kits market is categorized into the following segments:
Rapid Medical Diagnostic Kits Market by Application:
Rapid Medical Diagnostic Kits Market by Technology:
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Rapid Medical Diagnostic Kits Market by Geography:
Rest of the World (RoW)
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