Market Trends of Rapid Diagnostic Kits Industry
The Hospitals and Clinics Segment is Expected to Witness Significant Growth Over the Forecast Period
The hospital and clinics segment is anticipated to offer significant growth during the forecast period, owing to the advanced medical infrastructure of the hospitals and clinics for the rapid diagnosis of infectious and chronic diseases.
Several foreign hospital groups from developed countries and emerging economies are collaborating with diagnostic companies to offer patients effective and extensive diagnostic services. For instance, in June 2022, Kingston Hospital NHS Foundation Trust collaborated with the Royal Marsden Partners to launch the Rapid Diagnostic Cancer Clinic (RDCC) in the United Kingdom. The newly launched facility would offer rapid diagnosis services for timely cancer detection in the United Kingdom. Further, in May 2021, Aster DM Healthcare signed a strategic partnership with Roche Diagnostics. Under the partnership, both companies signed a Memorandum of Understanding (MoU) to expand their diagnostic services in the United Arab Emirates, Saudi Arabia, Qatar, and Oman. Through the partnership, Aster DM Healthcare'sHealthcare's hospitals, clinics, and laboratories across the region would access the advanced diagnostic technology of Roche Diagnostics. The partnership would allow Aster Hospitals and Roche to continue fulfilling their commitment to preventing, diagnosing, and treating various disease areas, including cardiovascular health, women's health, and infectious diseases. Also, in December 2022, the Department of Health launched two rapid diagnosis centers at Whiteabbey Hospital and South Tyrone Hospital of North Ireland to fast-track cancer diagnosis. With such developments, the market penetration of rapid diagnosis is expected to increase in hospitals and clinics, which is likely to drive the segment'ssegment's growth in the coming years.
Therefore, the hospital and clinical testing segment is expected to grow during the forecast period, with factors including recent developments.
North America is Expected to Witness Significant Growth Over the Forecast Period
North America is expected to witness significant growth over the forecast period, owing to the recent development by the market players, the high prevalence of chronic and infectious diseases, and high investments in the research and diagnosis of infectious diseases.
The region has a significant burden of chronic and infectious diseases, which is expected to create more demand for rapid diagnostic tests in the coming years. For instance, according to the data published by the American Cancer Society in 2023, over 18 million Americans were reported to have cancer in 2022. The same source stated that over 1.9 million new cancer cases are estimated to be diagnosed in the United States in 2023. Further, per the data published by the Canadian Cancer Society in November 2022, over 233,900 new cancer cases were estimated in 2021. Also, the burden of infectious diseases is high in the region, which is also expected to drive the growth of the regional rapid diagnostic kits market. For instance, as per the data published by Statistics Canada in March 2023, over 1,904 active tuberculosis cases were reported in Canada in 2021. Further, as per the data published by the World Bank in 2023, the incidence of tuberculosis per 1 million individuals in Mexico was reported to be 25 in 2021. Thus, such a high burden of chronic and infectious diseases is likely to increase the demand for rapid testing kits for the rapid and timely detection of diseases, which is expected to bolster regional market growth.
Furthermore, the rising government investments in researching and diagnosing infectious and chronic diseases in this region will also likely boost market growth. For instance, in August 2022, the United States Agency for International Development (USAID) launched its project, Supporting, Mobilizing, and Accelerating Research for Tuberculosis Elimination (SMART4TB). The project is a five-year initiative under which USAID would invest up to USD 200 million to identify more effective methods and tools for studying, treating, and preventing tuberculosis (TB) in USAID's 24 priority countries for TB programming. Further, in September 2022, the Government of Canada invested over USD 0.75 billion (CAD 1.21 billion) in the Global Fund to curb the acquired immunodeficiency syndrome (AIDS) is a chronic, potentially life-threatening condition caused by the human immunodeficiency virus (HIV), TB and Malaria.
Additionally, the key developments by the market players in rapid diagnostic kits in the region are expected to boost the regional market's growth. For instance, in September 2021, Becton, Dickinson, and Company signed a collaboration with Scanwell Health to develop an at-home rapid test for SARS-CoV-2 using a BD antigen test and the Scanwell Health mobile app. Further, in December 2021, Roche received the Emergency Use Authorization (EUA) from the USFDA for its COVID-19 at-home test, which offers rapid, accurate, and reliable detection of the SARS-CoV-2 and all known variants of concern, including Omicron in 20 minutes. Hence, such developments in the market are anticipated to increase the penetration of rapid diagnostic kits in the region, which is expected to boost the growth of the regional market.
Therefore, the studied market is anticipated to grow in the North America Region due to the factors above, including the high burden of chronic diseases, key developments, and government investments in diagnosing and researching infectious diseases.
