Rapid Medical Diagnostic Devices Market – Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-2025
Rapid medical diagnosis test is performed within very less time by the use of medical devices, which deliver results in less than two hours. Fast and accurate diagnosis helps doctors to prescribe the appropriate medication in a short span of time. Increasing disease rate, such as diabetes, cardiovascular diseases, infectious diseases, sexually transmitted disease, hepatitis, and gastrointestinal diseases are expected to support the growth of rapid medical diagnostic devices market in the near future. According to Centers for Disease Control and Prevention (CDC), in 2014, around 21 million people were diagnosed with diabetes in the U.S. According to National Institute of Allergy and Infectious Diseases, annually 50,000 new cases of HIV are reported and around 33 million people are infected with HIV globally. Rapid medical diagnostic devices are easy to use and do not require trained person to perform the test. Gone are the days when the physician had to rely on laboratory reports which consumed a long time in processing and providing results. Rapid medical diagnostic devices have provided a new direction to the diagnostic industry by reducing human efforts, and time. There is tremendous growth in rapid medical diagnostic devices market due to easy and convenience of devices for home use.
Increase in healthcare facilities and technology expected to fuel the growth of rapid diagnostic medical devices market in near future:
There is a sudden growth in the rapid diagnostic medical device market due to rise in patient awareness level, rising demand of home-based healthcare, constant improvement in healthcare infrastructure and rise in lifestyle disorders such as obesity, which leads to the growth of rapid diagnostic medical devices market. According to World Health Organization (WHO), in 2014, around 13% of adult population was found to be obese globally. Early diagnosis of diseases with the highest accuracy plays a major role in treatment of disease. Tremendous growth in decentralized testing is a major factor driving the growth of rapid diagnostic medical devices market. There is a large scale acceptance of rapid diagnostic medical devices as these devices are available at comparatively low cost than the conventional devices/equipment and gives accurate results for treatment of diseases, such as HIV, tuberculosis, malaria, and syphilis in turn fueling the rapid diagnostic market growth. Advancement in digital technology has boosted the market growth over the forecast period. Due to above mentioned factors, rapid diagnostic market is expected to grow with a higher rate. Increase in healthcare facilities and diseases which support the increase in hospitals and clinics. Increase in pathology labs has propelled the growth of the rapid medical diagnostics market.
Emerging economies are major growth engines of rapid diagnostic medical devices
Globally the rapid diagnostic medical device market is segmented into North America, Latin America, Asia Pacific, the Middle East, and Africa. North America is expected to dominate the rapid diagnostic medical devices market followed by Europe due to high patient awareness, huge healthcare investment, and high prevalence of targeted disease namely HIV in this region. Increasing number of population in with unmet clinical demands in emerging economies such as India and China are expected to fuel growth of rapid medical diagnostics market. Poor healthcare facilities and increase in number of infectious disease such as influenza, malaria, and HIV in African countries will boost the growth of rapid diagnostic medical devices market. According to The foundation for AIDS Research, in 2015, around 36.7 million people were suffering from AIDS in Africa. According to World Health Organization (WHO), in 2015, around 212 million cases of malaria were reported in Africa. Low price of rapid diagnostic medical device as compared with conventional devices is expected to support the growth of rapid diagnostic devices market in this region
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Major players contribute to the growth of rapid diagnostic medical devices market
The global market is represented by the wide range of products to fulfill the needs of diagnostic laboratories and physicians. Market players have adopted different technologies such as clinical chemistry, nucleic acid based technology, immunoassay, cell-based assay for clinical application. Companies are also working on product development and marketing strategies to improve their market position. Key players of rapid diagnostic medical devices market include Alere Inc., F. Hoffmann-La Roche Ltd, Beckman Coulter Inc., Abbott, and Siemens Healthcare, ACON Laboratories, Bayer Healthcare, Lifescan, Nipro Diagnostics, Trinity Biotech, Randox Laboratories, Helena Laboratories, Bio-Rad Laboratories, Clarity Diagnostic, Oasis Diagnostics.
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