SCRN Longs will be rewarded !! A vast pool of local industry participants and intense competition among players impact the buying behavior of consumers. The growing prevalence of chronic diseases is leading to an increase in the need for rapid disease diagnosis, which is further positively impacting the buying behavior process of rapid medical supplies for diagnostic applications.
The increasing prevalence of multidrug-resistant bacterial infections is set to propel the demand for rapid medical evaluation. Moreover, the outbreak of COVID-19 has created a significant opportunity for manufacturers to develop rapid diagnostic test supplies to contain the spread of COVID-19 infection. Expanding population, genetic variation in hosts and pathogens, and environmental change are some of the aspects contributing to the increased demand for rapid medical supplies, thereby boosting the industry expansion.
Contrastingly, with the advent of advanced technologies, such as lab-based PCR and molecular diagnostics, the demand for rapid diagnostic tests is expected to observe a sluggish growth. Although rapid diagnostic tests have high sensitivity and specificity for detecting malaria, PCR and molecular diagnostic technologies have proved to be more sensitive. Thus, infectious disease diagnosis has been revolutionized through advanced molecular techniques, such as PCR, which may emerge as a threat to the market.
Product Insights
Over the counter (OTC) kits dominated the market in 2020 with a share of 54.3%. This is attributed to the fact that these tests are easy to use in the “near-patient setting” and are a cost-effective alternative to expensive laboratory testing. These tests are typically used in home care settings, providing an easy and cost-effective alternative to laboratory testing. Rapid Diagnostic Tests (RDTs) commonly make use of saliva, urine, and blood to diagnose diseases.
According to the Consumer Healthcare Products Association, clinical cost savings amounted to over USD 77 billion owing to the low pricing of OTC diagnostic products. These tests also aid in the detection of various infectious and chronic diseases with limited or no symptoms, facilitating early treatment and reducing other complications associated with the disease. While these tests are most often used in home care settings, these tests are also used in hospitals, clinics, and diagnostic laboratories.
Professional rapid diagnostic test kits accounted for a significant revenue share in 2020. These tests most often make use of techniques, such as PCR and molecular diagnostics, providing higher test sensitivity and specificity. Professional laboratory tests are typically performed after a positive RDT has been obtained to confirm disease diagnosis. As RDTs have low sensitivity, they often provide false negatives, thus the use of professional tests is considered to be the gold standard in diagnostic settings.