Rapid Medical Diagnostic Kits Market Size Worth $23.04 Billion By 2027

In recent decades the healthcare industry has worked to expedited disease diagnosis through testing. Consequently, rapid diagnostic test kits (a.k.a., immediate test kits) have been developed to provide instant access to diagnose patients with various types of diseases and determine the kind of necessary treatment. These rapid diagnostic test kits are cost-effective and easily accessed (available 24/7). 

Due to the increasing reliance on these kits, the global rapid medical diagnostic kits market size is expected to reach $23.04 billion by 2027 according to Polaris Market Research data.  
 
Recent developments in the global market include the new test launches such as COVID-19 rapid antigen tests, 2019-nCoV IgG/IgM test kit, On-Call Sure Platform, Afinion HbA1c Dx, TruQuick, etc. The launches are associated with the diagnosis of diseases such as cardiac disorder, diabetes, infectious disease, and others, which further leads to drive the market growth.
 
The prominent factors favoring market growth include increasing launches and initiatives by the market players to provide rapid treatment for addressing the diseases of the patients in the healthcare industry. For instance, in July 2020, Bupa U.K. Insurance announced to launch a rapid cardiac assessment service which can be accessible at home and can perform all the diagnostic tests.
 
Market participants include Zoetis, ACON Laboratories Inc.; Trinity Biotech, Abbott Laboratories; McKesson Medical-Surgical Inc.; Sight Diagnostics Ltd.; F. Hoffmann-La Roche AG; Artron Laboratories Inc.; Meridian Bioscience Inc.; Alfa Scientific Designs Inc.; Creative Diagnostics; BD; Danaher Corporation; Bio-Rad Laboratories Inc.; BTNX Inc.; Cardinal Health; and bioMérieux SA, among others.
 
In March 2020, Thermo Fisher Scientific acquired a supplier of sample preparation and molecular diagnostics technologies to enhance the company’s reach globally and therefore drive the market growth. This acquisition strategy by the market players has appeared to dominate a wide share of the global market.