Rapid Medical Diagnostic Kits Market Trend, Forecast, Drivers, Restraints, Company Profiles and Key Players Analysis by 2027

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Rapid Medical Diagnostic Kits Market
Rapid Medical Diagnostic Kits Market

Rapid diagnostic tests (RDTs) are low-cost, disposable assays based on membranes that provide observable evidence of the presence of liquid analyte samples. In cases where accurate microscopic diagnosis is not possible, RDTs can be utilised as an alternative to microscopy.

Additionally, rising migration is anticipated to support Rapid Medical Diagnostic Kits Market expansion. For instance, the number of international migrants globally increased to over 272 million in 2019, up from 153 million in 1990, according to the United Nations' International Migration 2019 report. In terms of value, North America held the largest market share for quick medical diagnostic kits in 2019 with a 44.4% share, followed by Europe and Asia Pacific.

The market's expansion is anticipated to be hampered if the necessity for microscopy diagnosis is not eliminated. Certain infections with fewer parasites circulating in the sample are undetectable by RDTs. Rapid diagnostic kit accuracy and dependability are frequently questioned after RDT diagnosis by microscope diagnosis. Additionally, the general public's limited purchasing power, lack of knowledge about the availability of innovative quick diagnostic tools, and small- and medium-sized healthcare institutions are all anticipated to restrain market expansion.

The Rapid Medical Diagnostic Kits Market is anticipated to be worth US$38,173.9 Mn by the end of 2027.

Increasing financing for research and development of new quick tests is also anticipated to support market expansion. For instance, a research conducted by the University of Glasgow was given US$1.85 million in funding in January 2018 as part of the Global Challenges Research Fund (GCRF). In order to facilitate quick diagnosis and quick treatment of infectious diseases, this project will create new tests for parasite infections as well as quick testing in remote sites.

Biochip R&D is anticipated to present companies in the global Rapid Medical Diagnostic Kits Market with profitable growth prospects. For instance, researchers from the Russian Academy of Sciences, Russia, reported the creation of 3D biochips and optimised analytical techniques in May 2020. These developments can help with future research leading to practical application for the detection of the hepatitis C virus.

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