Rapid Diagnostics Market Growth Accelerated by Increasing Demand for Point-of-Care Testing

Author : CMI Blogging | Published On : 02 Feb 2024

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.

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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