The Rapid Diagnostic Kits market is expected to register a CAGR of 7.9 % during the forecast period.
The recent outbreak of COVID-19 is expected to positively impact the rapid diagnostics kits industry, as various rapid diagnostics kits are being developed and commercialized for the detection of the COVID-19 virus. For instance, in December 2020, Cipla Limited entered into its partnership with the Premier Medical Corporation for commercialization of the rapid antigen test kits to detect Coronavirus disease (Covid-19), the kit detects the viral disease in just about 15-20 minutes.
The major factors propelling the growth of the rapid diagnostic kits market include the increasing number of government initiatives for the diagnosis of infectious diseases along with the rising need for fast detection of diseases.
For instance, in January 2021, The United Kingdom’s Department of Health and Social Care (DHSC) launched the free nationwide community testing program for COVID-19 to people without symptoms. This testing program will use rapid lateral flow tests, which can deliver results within 30 minutes without being sent to a lab.
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The government is also proactively investing in many of the research studies that include the diagnosis of infectious diseases. For instance, in September 2020, the National Institutes of Health, United States as part of its Rapid Acceleration of Diagnostics (RADx) initiative reported the funding of USD 129.3 million to nine companies that includes MatMaCorp, Maxim Biomedical Inc, MicroGEM International, etc., to scale-up the manufacturing support for COVID-19 testing technologies.
The patients suffering from chronic diseases are found to have an increased risk of developing end-stage heart failure diseases. Therefore, the early identification and management of patients with chronic diseases are found to be important, in order to decrease morbidity and mortality. The early detection of diseases is possible with the screening programs targeting high-risk patients, such as patients with diabetes mellitus, hypertension, and elderly patients. Thus, there are several rapid diagnostic kits available for many chronic diseases, which diagnose the disease while it is asymptomatic, with no signs or symptoms.
The increase in home healthcare is also driving the use of rapid diagnostics. This brings treatment and prevention care options to the patient’s home, thus, avoiding the long queue in hospitals. This saves the patients’ time and travel costs, thereby, driving the rapid diagnostics kits market. Therefore, owing to all the aforementioned factors the market is expected to register high growth rates.
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