Global Rapid Medical Diagnostic Kits Market: Snapshot
The rise in occurrence of infectious diseases in the past decade has been alarmingly increasing the demand for rapid medical diagnostic kits globally. Need for detecting new pathogens that are causing infections is boosting the market. There is also noticeable decrease in the immune system of various people due to sedentary and unhealthy lifestyle which makes them vulnerable to infections thus, supplementing the global rapid medical diagnostic kits market. Rise in geriatric population worldwide is also anticipated to increase the demand for rapid medical diagnostic kits in the market. The cheap cost of rapid medical diagnostic kits are fueling the market rapidly. Emerging economies are also adopting the rapid medical diagnostic kits due to increase in technological advancement taking place in these regions. Whereas, due to disposable income, developed economies have already adopted the rapid medical diagnostic kits in the market. These factors are potentially increasing the demand of the global rapid medical diagnostic kits market.
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According to a report by Transparency Market Research, the global rapid medical diagnostic kits market is anticipated to rise at healthy CAGR of 5.5% during the forecast period of 2013 to 2019. The global market was worth US$17.65 during 2012 and is expected to attain a valuation of US$25.76 bn by the end of the forecast period.
Rise in Home Use Application to Boost the Global Market
The global rapid medical diagnostic kits market is segmented into application and technology. The application segment is further sub segmented into clinical testing, home use, and veterinary. Among these, the clinical testing and home use applications are further bifurcated into blood glucose testing, fertility & pregnancy testing, substance abuse testing, cholesterol monitoring, and infectious diseases testing. The home use rapid medical diagnostic application segment held major share in the market during 2012 owing to blood glucose testing and is expected to dominate the market in the coming years.
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According to technology, the global rapid medical diagnostic kits market is segmented into agglutination assays, solid phase assays, flow through, and lateral flow. Among these, the lateral flow technology led the global rapid medical diagnostic kits technology segment. This segment is leading the market due to presence of approved rapid medical diagnostic kits in large number with this technology. The ease of using this technology has boosted the demand for the segment in the global rapid medical diagnostic kits market. Malaria and pregnancy test at home has proved quick turnaround for the global market and is anticipated to rise in the coming years.