Rapid Medical Diagnostic Kits Market Develop Rapidly 2021-2028 | Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc

Published : 3 years ago, on 24/09/2021

Rapid Medical Diagnostic Kits comprises rapid antibody test and rapid antigen tests. Rapid antibody tests are used for HIV test and rapid plasma regain, whereas rapid antigen tests include, rapid influenza diagnostic test, malaria antigen detection tests, rapid strep test, and rapid urease test. Increasing prevalence of infectious diseases along with increasing Approval and launch of new tests is expected to propel growth of the global rapid medical diagnostic kits market over the forecast period. Moreover, increasing awareness regarding hepatitis, and increasing funding for R&D of new rapid tests is also expected to assist the market growth.

According to the report the “Global Rapid Medical Diagnostic Kits Market Size, Analysis, and Top Vendors 2028 – Danaher Corporation, Abbott Laboratories, Acon Laboratories, Inc., Hoffman-La Roche AG, Becton, Dickinson, and Company, Johnson & Johnson, Trinity Biotech Plc, and Siemens Healthineers., and others”

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Increasing prevalence of infectious diseases is expected to propel growth of the global rapid medical diagnostic kits market over the forecast period. For instance, according to UNAIDS Global HIV & AIDS statistics — 2019 fact sheet, 37.9 million [32.7 million–44.0 million] people globally were living with HIV (end 2018).

Moreover, increasing migration of people is also expected to aid in growth of the market. For instance, in 2019, according to United Nations’ International Migration 2019 report, the number of international migrants worldwide reached nearly 272 million, up from 153 million in 1990.

R&D in biochips is expected to offer lucrative growth opportunities for players in the global rapid medical diagnostic kits market. For instance, in May 2020, researchers from Russian Academy of Sciences, Russia, reported development of 3D biochips and optimized analytical procedures that can facilitate further studies towards practical application for hepatitis C virus detection.

Moreover, increasing funding for R&D of new rapid tests is also expected to aid in growth of the market. For instance, in January 2018, University of Glasgow-led project received US$ 1.85 million funding, which is a part of Global Challenges Research Fund (GCRF). This project will develop new tests for parasitic diseases and rapid testing in remote locations to help enable rapid diagnosis and rapid treatment of infectious diseases.

Increasing prevalence of Covid-19 is expected to propel growth of the global rapid medical diagnostic kits market. For instance, as of 2:20pm CEST, June 11, 2020, there have been 7,273,958 confirmed cases of COVID-19, including 413,372 deaths, as reported to the World Health Organization (WHO).

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Unfavorable reimbursement scenario is expected to adversely impact the market growth. For instance, in July 2018, the Centers for Medicare & Medicaid Services significantly reduced reimbursement for evaluation and management of complex cases such as those suffering from infectious diseases.

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