Rapid Medical Diagnostic Kits Market Size, Share & Trends Report

Rapid Medical Diagnostic Kits Market Size, Share & Trends Analysis Report By Product (OTC Kits, Professional Kits), By Technology (Lateral Flow, Solid Phase), By Application, By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-987-6
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the rapid medical diagnostic kits market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for rapid medical diagnostic kits market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of rapid medical diagnostic kits market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Rapid Medical Diagnostic Kits Market Categorization:

The rapid medical diagnostic kits market was categorized into four segments, namely product (Over the Counter (OTC) Kits, Professional Kits), technology (Lateral Flow, Agglutination, Solid Phase), application (Blood Glucose Testing, Infectious Disease Testing, Cardiometabolic Testing, Pregnancy and Fertility Testing, Fecal Occult Blood Testing, Coagulation Testing, Toxicology Testing, Lipid Profile Testing), end-use (Hospitals & Clinics, Home Care, Diagnostic Laboratories), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The rapid medical diagnostic kits market was segmented into product, technology, application, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The rapid medical diagnostic kits market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-three countries, namely, the U.S.; Canada; Germany; the UK; France; Spain; Italy; Denmark; Sweden; Norway; Japan; China; India; South Korea; Australia; Thailand; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; and Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Rapid medical diagnostic kits market companies & financials:

The rapid medical diagnostic kits market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • BIO-RAD LABORATORIES, INC. - Bio-Rad Laboratories, Inc. provides tools & services for clinical diagnostics, food sciences, and life sciences research markets. The company operates through two segments: clinical diagnostics and life sciences. The clinical diagnostics segment involves designing, manufacturing, supporting, and selling informatics systems, test systems, quality control, and test kits. These products serve clinical laboratories in the global market. Life sciences segment involves creating and discovering tools required in biological processes. The company manufactures reagents, apparatus, and laboratory instruments used in producing biopharmaceuticals, research techniques, and food testing regimes. Bio-Rad products are used in hospitals, research institutions, laboratories, biotechnology companies, and pharmaceutical firms. The company has direct distribution channels in more than 35 countries.

  • CARDINAL HEALTH - Cardinal Health is a healthcare products & services company specializing in customized products serving hospitals, ambulatory surgical centers, pharmacies, and clinical laboratories worldwide. Cardinal Health is ranked among the top 25 companies in the Fortune 500 list. It provides one of the largest networks of radio pharmacies. The company has around 31,000 employees in nearly 60 countries. It manufactures and supplies more than 2.5 billion healthcare products each year. The company also distributes rapid diagnostic kits of various companies, including Abbott Laboratories and Quidel Corporation.

  • DANAHER CORPORATION - Danaher Corporation designs, manufactures, & markets industrial, medical, and commercial products & services worldwide. The company primarily offers products and services through three segments: Diagnostics, Life Sciences, and Environmental & Applied Solutions. Its life sciences segment offers technologies for purification, filtration, & separation for various fields, such as medical research, biopharmaceuticals, and food & beverages. It also provides reagents, analytical instruments, consumables, and services for laboratories, hospitals, & other care centers. The company was earlier known as Diversified Mortgage Investors, Inc. and was renamed as Danaher in 1984. The company's Major subsidiaries include Beckman Coulter, Leica Biosystems, and Cepheid. Amongst them, Beckman Coulter and Cepheid offer testing solutions for the diagnosis of COVID-19.

  • CREATIVE DIAGNOSTICS - Creative Diagnostics supplies and manufactures viral antigens, antibodies, innovative diagnostic components, and critical assay reagents. The company also provides manufacturing services and contracts biologic R&D to various GMP biologics manufacturers for biopharmaceutical market and diagnostic manufacturers. They also assist clients in manufacturing, developing, and commercializing POC flow through, ELISA assays, and lateral flow for any market segment. Creative Diagnostics develops reader-based quantitative and high-sensitivity tests using visual colloidal gold, fluorescent, and pragmatic labels.

  • MERIDIAN BIOSCIENCE, INC. - Meridian Bioscience, Inc. develops, manufactures, and distributes diagnostic platforms and tests. The company provides tests for diagnosing gastrointestinal infections, pediatric- & neonatalrelated infections, respiratory infections, sexual health related infections, Lyme disease, serology, and fungal infections. It also provides molecular and immunoassay platforms. Molecular platforms include Alethia & Revogene and immunoassay platforms include LeadCare, Latex Agglutination, Quantum Blue, TruQuick, LIAISON, Immunodiffusion, TRU, ImmunoCard STAT, Merifluor, Premier, ImmunoCard, BUHLMANN, ScheBo, and serology. Meridian Bioscience has its distributors in more than 60 countries.

  • F. HOFFMANN-LA ROCHE AG - F. Hoffmann-La Roche AG is a multinational healthcare company that operates in two segments: diagnostics and pharmaceuticals. The company is engaged in R&D & production of molecular diagnostic reagents, test kits, and test systems. In addition, it provides automated instruments, software, IT solutions, and consumables, which are extensively used in in-vitro research & diagnostics. The company caters to hospitals, private medical laboratories, research laboratories, patients, and practicing physicians. It operates as a subsidiary of Roche Holding AG and is present in more than 100 countries.

  • MCKESSON MEDICAL-SURGICAL INC. - McKesson Medical-Surgical, Inc., a subsidiary of McKesson Corporation delivers wholesale medical supplies, medical surgical equipment & products, and tools & services to support a wide range of specialties in healthcare. It serves assisted living facilities, medical education institutes, e-commerce, emergency medical services, government & military organizations, healthcare systems, home health agencies, and hospital laboratories. The company offers educational webinars, business solution network, and inventory management services. It also offers clinical resources such as infection prevention, care management, flu management, online education, laboratory resources, and regulatory roundups.

  • SIGHT DIAGNOSTICS LTD - Sight Diagnostics Ltd provides affordable and accurate diagnostics to POC. The company began with the introduction of Parasight OLO, which is a diagnostic solution for accurate and quick detection of malaria by using computer vision algorithms & fluorescent microscopy. Parasight has been sold to healthcare providers in about 24 countries. Around 600,000 kits have been sold worldwide. Some of the investors of Sight Diagnostics are Innovation Endeavors, New Alliance, Our Crowd, Go Capital & EOC, and Clal Biotechnology Industries Ltd.

  • TRINITY BIOTECH - Trinity Biotech specializes in manufacturing, development and marketing of diagnostic tests. The kits manufactured are used in PoC and clinical laboratory of the diagnostic market. Kits provided by Trinity Biotech are used to help detect infectious diseases, autoimmune disorders, sexually transmitted diseases, hemoglobin disorders and are used to monitor, detect & control diabetes. The company also provides raw materials to the life science industry. Trinity Biotech’s products are sold in more than 110 countries.

  • ZOETIS - Zoetis discovers, manufactures, develops, and commercializes vaccines, medicines, & diagnostic products. These products are complimented by genetic tests, biodevices, and variety of services. The company serves livestock producers, veterinarians, and individuals who take care and raise companion & farm animals with sales of its products in more than 100 countries. Zoetis offers products for companion animals, diagnostic tests, genetics, and farm animals. The company also offers animal health solutions and services across wide animal species. It provides customer service, technical education, and business support to help individuals raise and care for animals.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Rapid Medical Diagnostic Kits Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Rapid Medical Diagnostic Kits Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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