Selbyville, Delaware, June 27, 2023 (GLOBE NEWSWIRE) --
Rapid Diagnostics Market size is set to surpass USD 79 billion by 2032, given the rising awareness regarding early disease diagnosis among patients. Patients are realizing the importance of early detection and prompt treatment for various diseases and conditions. This awareness is driving the demand for rapid diagnostic tests that can provide quick and accurate results, enabling early intervention and better patient outcomes.
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Rapid diagnostic tests, such as point-of-care tests and molecular diagnostics, offer the advantage of delivering results within minutes or hours, eliminating the need for laboratory testing and reducing the time to treatment initiation. The ability to detect diseases at an early stage not only improves patient prognosis but also reduces healthcare costs associated with advanced-stage treatments. With healthcare providers and patients recognizing the value of early diagnosis in improving overall health and well-being.
Glucose monitoring to become key diagnostic tool among diabetics
Rapid diagnostics market size from the glucose monitoring segment will be over USD 8 billion by 2032. The increasing incidence of diabetes is a major contributor to the growing demand for glucose monitoring testing. According to IDF, the global population of diabetics is projected to reach 700 million individuals by 2045, representing a 51% increase from 2019's figure of 463 million.
Furthermore, the increasing prevalence of Type 1 Diabetes mellitus is likely to contribute to the expansion of the rapid diagnostic market. Furthermore, rapid glucose monitoring tests provide a convenient and efficient way for patients to diagnose and manage their diabetes.
E-commerce to remain a major distribution channel
Rapid diagnostics market size from the e-commerce segment will be worth over USD 14 billion by 2032. This is due to the numerous benefits associated with the distribution of these products through online stores, including a shorter lead time, increased convenience, the availability of high-discounted products, and easy customer access, among others.
Furthermore, the availability of high-quality items in online stores due to an increase in product knowledge and awareness. The COVID-19 pandemic also led to a shift toward online stores, since they give businesses easier access to additional customers without the need to invest in a sales and marketing program.
Europe to emerge as a key market for rapid diagnostics
Europe rapid diagnostics market size will be worth more than USD 16 billion by 2032. The adoption of a sedentary lifestyle has resulted in an increase in the prevalence of chronic diseases in the region. According to the European Cardiovascular Disease Statistics, approximately 3.9 million European citizens die annually due to cardiovascular disease. The increasing target population and the availability of high-quality diagnostics are driving the need for novel, rapid diagnostic tests in the region. Market progression is further supported by favorable government initiatives for raising awareness about early disease diagnosis in Europe.
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Rapid Diagnostics Market Players
Abbott, Roche, Danaher Corporation (HemoCue & Radiometer), Quidel Corporation, Bio-Rad Laboratories, ACON Laboratories Inc., and Alfa Scientific Designs Inc. are some of the major players operating in the rapid diagnostics industry.
Rapid Diagnostics Market News
- July 2021, Abbott introduced a new test for the detection of SARS-CoV-2 virus in symptomatic and asymptomatic children and adults. This self-test, dubbed Panbio COVID-19 Antigen Self-Test, was designed to provide faster results within 15 minutes. Through this strategy, the company was able to expand its rapid diagnostics product portfolio and enhance its revenue generation.
Partial Table of Contents (ToC) of the report:
Chapter 3 Rapid Diagnostics Industry Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
.3.2.1.1. Increasing prevalence of infectious disease
3.2.1.2 Technological advancements
3.2.1.3 Increasing popularity of rapid diagnostic tests
3.2.1.4 Rising awareness regarding early diagnosis among People
3.2.1.5 Increasing government initiatives for the diagnosis of infectious diseases
3.2.2 Industry pitfalls & challenges
3.2.2.1 Low accuracy of results
3.2.2.2 Availability of substitute product
3.2.2.3 Stringent regulatory framework
3.3 Growth potential analysis
3.3.1 By product
3.3.2 By purchase
3.3.3 By technology/platform
3.3.4 By distribution channel
3.3.5 By end-use
3.4 COVID-19 impact analysis
3.5 Technology landscape
3.6 Future market trends
3.7 Gap analysis
3.8 Regulatory landscape
3.8.1 U.S.
3.8.2 Europe
3.9 Reimbursement scenario
3.10 Porter’s analysis
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2021
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Company market share analysis, 2022
4.4 Competitive analysis of major market players
4.5 Competitive positioning matrix
4.6 Strategy dashboard, 2022
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