Global Rapid Medical Diagnostic Kits Market Is Estimated To Witness Significant Growh Due To Growing Prevalence Of Multidrug-Resistant Bacterial Infections And Growing Demand For Rapid Medical Evaluation

 Overview:

Rapid medical diagnostic kits are used to diagnose a wide range of diseases and conditions that patients might be suffering from. These tests are easy to use and provide results within about 20 minutes, with little or no special equipment required. They can be done by non-medical workers or volunteers who have been trained to do the test. Rapid tests are used to help identify infections in the early stages, when they are more treatable, before they can spread. They do not have the same sensitivity as lab tests, which means that they may fail to find some diseases that are not yet symptoms. These tests can be performed by people at home, and they are often cheaper than lab tests. They are also able to detect certain types of bacteria and viruses, which can be difficult to diagnose using traditional lab tests.

Market Dynamics:

Growing technological advancements are estimated to augment growth of the global Rapid Medical Diagnostic Kits Market over the forecast period. For instance, COVIHOME, an AI-powered rapid test kit for COVID-19 was developed by IIT Hyderabad, India in July 2021. This kit can detect asymptomatic and symptomatic patients within 0 minutes and it can be performed without any medical supervision. Moreover, lack of accuracy and low sensitivity of rapid medical diagnostic kits is anticipated to restrain growth of the global rapid medical diagnostic kits market over the forecast period.

Impact of COVID-19:

The pandemic had long-term effect on healthcare sector of many countries. This was owing to rising cases pf COVID-19 worldwide. Many nations were not prepared for this outbreak, so they were facing many challenges while battling with the virus. Several hospitals were running on full capacity and facing shortage of medical consumables, drugs, medical equipment and skilled professionals. During the pandemic there was an increased demand for rapid diagnostics kits in the market. However, there was a decrease in demand for diagnostic testing kits for lipid profile, cholesterol, cancer, blood glucose and many others. There was an increased demand for rapid medical diagnostic kits for testing COVID-19. Thus, the pandemic had a positive impact on the global rapid medical diagnostic kits market.

Key Takeaways:

The global rapid medical diagnostic kits market is expected to witness high growth, exhibiting CAGR of XX% over the forecast period, due to growing product approval. For instance, Otsuka Pharmaceutical Co., Ltd., gained a grant for their Quick Navi ™ -Flu2, from Japan’s Ministry of Health, Labour and Welfare in October 2020.

North America is anticipated to witness significant growth in the global rapid medical diagnostic kits market over the forecast period, owing to growing product approvals and rising diagnostic tests.

Major players operating in the global rapid medical diagnostic kits market are Trinity Biotech, ACON Laboratories, Inc., Sight Diagnostics Ltd., Abbott Laboratories, Bio-Rad Laboratories, Inc., Artron Laboratories Inc., Meridian Bioscience, Inc., Alfa Scientific Designs, Inc., McKesson Medical-Surgical, Inc., Becton, Dickinson and Company, Danaher Corporation, BTNX, Inc., bioMérieux SA, Creative Diagnostics, and F. Hoffmann-La Roche AG.