The Global Rapid Medical Diagnostic Kits Market is projected to reach $20.23 billion by 2028, from a value of $14.75 billion in 2022, by registering a CAGR of 5.4% during the forecast period. The rising prevalence of chronic infectious and non-infectious diseases, increasing research and development activities for developing novel therapeutics, and the growing need for rapid detection of diseases are the major factors propelling the growth of the market. However, stringent regulatory approval policies for launching novel medical diagnostic kits and frequent product recalls are hampering the market growth. Moreover, increasing demand for technologically advanced medical diagnostic kits is creating ample opportunities across the globe.

Recent Developments

In May 2020, Quidel Corporation announced that Quidel has received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) to market its Sofia® 2 SARS Antigen FIA, a rapid point-of-care test to be used with the Sofia 2 Fluorescent Immunoassay Analyzer for the rapid detection of SARS-CoV-2 in nasal or nasopharyngeal specimens from patients meeting the Centers for Disease Control and Prevention’s (CDC) criteria for suspected COVID-19 infection.

In May 2020, ACON Laboratories, Inc., launched its SARS-COV-2 IgG/IgM Rapid Test. ACON’s test is a lateral flow chromatographic immunoassay for the qualitative detection of antibodies (IgG and IgM) to SARS-CoV-2 (COVID-19) in human serum, plasma, or whole blood.

In March 2020, Thermo Fisher Scientific Inc. acquired QIAGEN N.V. This acquisition provides them with the opportunity to leverage their industry-leading capabilities and R&D expertise to accelerate innovation and address emerging healthcare needs. For shareholders, they expect the transaction to be immediately accretive and to generate significant cost and revenue synergies.

In March 2020, Ozo Life launched its OZO COVID-19 Rapid Test Kits-a latex-enhanced lateral flow immunoassay, which ensures testing of the SARS-CoV-2 infection with enhanced sensitivity. Latex Enhanced LFIA performs significantly better with its high accuracy and sensitivity parameters compared with the Colloidal Gold based method which is presently available in the rapid self-test kits market.

Competitive Landscape

Artron Laboratories Inc., Zoetis, Trinity Biotech, Sight Diagnostics Ltd., Meridian Bioscience, Inc., F. Hoffmann-La Roche AG, Danaher Corporation, Creative Diagnostics, ACON Laboratories, Inc., Cardinal Health, BTNX, Inc., bioMérieux SA, Alfa Scientific Designs, Inc., Bio-Rad Laboratories, Inc., Abbott Laboratories, McKesson Medical-Surgical, Inc., Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Quidel Corporation and Ozo Life are some of the major players in the global Rapid Medical Diagnostic Kits market.