The growth in rapid diagnostics market is mainly attributed to growing demand for POC diagnostics, rising prevalence of chronic diseases coupled with aging population, increasing demand for rapid decision making in emergency departments, and emerging technological innovations. However, variance occurring in test results is expected to hinder the growth of the market.
According to this latest publication from Meticulous Research®, the global rapid diagnostics market is expected to grow at a CAGR of 1.4% from 2022 to 2029 to reach $26.40 billion by 2029.
Here are the top 10 companies in Rapid Diagnostics Market :
Abbott Laboratories (U.S.)
Abbott Laboratories develops, manufactures, and markets a broad and diversified range of healthcare products. The company operates through four reportable business segments, namely, Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company operates in the rapid diagnostics market through its Diagnostics business segment. The Diagnostic Products segment offers a broad line of diagnostic systems and tests manufactured, marketed, and sold to blood banks, hospitals, commercial laboratories, clinics, physicians’ offices, retailers, government agencies, alternate care testing sites, and plasma protein therapeutic firms globally.
Abbott has its presence across various countries like Germany, Japan, India, Switzerland, Russia, France, Brazil, Italy, the U.K., the U.S., the Netherlands, Colombia, and Vietnam. The company operates through its 92 manufacturing facilities across the globe, of which 23 are for diagnostic product manufacturing. The company has its R&D centers in the U.S., Canada, Germany, Norway, and the U.K.
Becton, Dickinson and Company (U.S.)
Becton, Dickinson and Company (BD) is a medical technology firm engaged in developing, manufacturing, and selling a broad line of medical devices, supplies, laboratory equipment, and diagnostic products. The company offers its products to healthcare institutions, life science researchers, physicians, clinics, diagnostic laboratories, and the pharmaceutical industry. BD operates through three reportable business segments, namely, BD Medical, BD Life Sciences, and BD Interventional. The BD Life Sciences segment offers products for the safe collection and transportation of diagnostic specimens and instruments and reagent systems to detect a broad range of infectious diseases, healthcare-associated infections, and cancers. In addition, this segment also produces research and clinical tools that promote the study of cells, and the components of cells, to acquire a better understanding of normal and disease processes. The BD Life Sciences segment consists of two organizational units: Integrated Diagnostic Solutions and Biosciences. The company operates in the rapid diagnostics market through Integrated Diagnostic Solutions, an organizational unit of the BD Life Sciences business segment.
The company has its manufacturing facilities outside the U.S. in Bosnia and Herzegovina, Brazil, Canada, China, Dominican Republic, France, Germany, Hungary, India, Ireland, Italy, Japan, Mexico, the Netherlands, Singapore, Spain, and the U.K. The subsidiaries of the company operating in the rapid diagnostics market include Becton Dickinson Canada Inc., Becton Dickinson GmbH (Germany), BD Rapid Diagnostic (Suzhou) Co., Ltd. (China), Becton Dickinson Asia Limited (Hong Kong), Becton, Dickinson B.V. (Netherlands), and Becton Dickinson India Private Limited.
Bio-Rad Laboratories, Inc. (U.S.)
Bio-Rad is a manufacturer and distributor of life science research and clinical diagnostics products and systems broadly used by life science research, healthcare, and analytical chemistry, among other markets, to separate complex chemical and biological materials and identify, analyze, and purify components. The company has two reportable business segments, namely, Life Science and Clinical Diagnostics.
The company operates in the rapid diagnostics market through its Clinical Diagnostics business segment. The segment designs, manufactures, and sells test systems, informatics systems, test kits, and specialized quality controls and serves hospital laboratories, diagnostic reference laboratories, transfusion laboratories, and physician office laboratories as their end customer.
Bio-Rad has its presence in over 36 countries outside the U.S. through subsidiaries. The company’s principal manufacturing and research sites are in countries namely: the U.S., Singapore, the U.K., France, Belgium, Switzerland, and Germany.
Hoffmann-La Roche Ltd. (Switzerland)
Hoffmann-La Roche is a healthcare company that develops, manufactures, and markets a wide range of healthcare solutions. The company operates through two reportable business divisions, namely, Pharmaceuticals and Diagnostics. The company operates in the rapid diagnostics market through its Diagnostics division. The Diagnostics division develops a wide range of diagnostic products and solutions that include in vitro diagnostics solutions, molecular diagnostics, clinical chemistry & immunoassays, point-of-care testing, tissue diagnostics, patient self-testing, next-generation sequencing, laboratory automation and IT, and decision support solutions.
Roche has its presence across the U.S., Germany, Switzerland, Japan, China, India, New Zealand, Australia, Latin America, and Africa. The company has subsidiaries across the globe to fulfill its production and sales needs. The subsidiaries of the company operating in the rapid diagnostics market include Genentech (U.S.), Roche Diagnostics (U.S.), Roche Diagnostics GmbH (Germany), Roche Diagnostics (Shanghai) Ltd. (China), Roche Diagnostics (Suzhou) Limited (China), and Roche Diagnostics K.K (Japan).
ACON Laboratories, Inc. (U.S.)
Founded in 1996 and headquartered in California, U.S., ACON manufactures and markets rapid diagnostics and healthcare products worldwide. Some of the brands offered by the company include On Call, Mission, HealthyMe, ACON, Flowflex, Distinct, Foresights, Promotor, and Centrivet. The U.S. office is the center of strategic management, business development, administration, and research & development. The company has a presence in over 130 countries with ISO13485: 2016 certified manufacturing facility in Hangzhou, China.
A report into the projected growth of the current Rapid Diagnostics Market by Meticulous Research® has produced some incredible forecasts for the industry. By 2029, it’s expected to have grown at a CAGR of 1.4%, reaching over $26.40 billion.
Creative Diagnostics (U.S.)
Headquartered in New York, U.S., Creative Diagnostics manufactures and markets antibodies, viral antigens, innovative diagnostic components, and critical assay reagents. The company also offers biologic contract R&D and manufacturing services and GMP biologics manufacturing to diagnostic manufacturers and biopharmaceutical firms. In addition, the company also assists its clients in developing, manufacturing, and commercializing point of care devices such as lateral flow, flow through, and ELISA assays. With a strong distribution network, the company has its presence in over 30 countries worldwide.
Danaher Corporation (U.S.)
Danaher designs, manufactures, and markets professional, medical, industrial, and commercial products and services. The company operates through three reportable business segments, namely, Life Sciences, Diagnostics, and Environmental & Applied Solutions.
Beckman Coulter Inc. (U.S.), Cepheid (U.S.), HemoCue AB (Sweden), and Radiometer Medical ApS (Denmark) are the subsidiaries of the company providing rapid diagnostic kits. These subsidiaries operate in the rapid diagnostics market through its Diagnostics business segment. The Diagnostics business segment offers a wide range of analytical instruments, reagents, consumables, software, and services to diagnose disease and make crucial treatment decisions and serves hospitals, physicians’ offices, reference laboratories, and other critical care settings.
The company has a presence in over 60 countries. The non-U.S. countries in which Danaher has a significant presence include China, Denmark, Germany, Singapore, Sweden, Switzerland, and the U.K. The manufacturing facilities of the Diagnostics business segment are located in North America, Europe, Asia, and Australia.
Thermo Fisher Scientific Inc. (U.S.)
Thermo Fisher offers a wide range of healthcare technologies, software, and services. The company operates through four reportable business segments: Life Sciences Solutions, Analytical Instruments, Specialty Diagnostics, and Laboratory Products and Biopharma Services. The company operates in the rapid diagnostics market through its Life Sciences Solutions and Specialty Diagnostics business segments. The Life Sciences Solutions business segment offers a wide range of reagents, instruments, and consumables used in biological and medical research, the discovery and production of new drugs and vaccines, and the diagnosis of infection and disease. The Specialty Diagnostics business segment offers a broad range of diagnostic test kits, reagents, instruments, culture media, and associated products used in healthcare, clinical, pharmaceutical, industrial, and food safety laboratories.
Thermo Fisher has its operations and a presence in approximately 50 countries outside the U.S. The company has major manufacturing and distribution facilities worldwide, including in the U.S., Australia, Canada, China, Denmark, Finland, France, Germany, Japan, Singapore, Sweden, and the U.K. The company serves more than 400,000 end customers working in pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research & academic institutions, government firms, and environmental, industrial quality, and process control settings.
bioMérieux S.A. (France)
bioMérieux develops, manufactures, and markets in vitro diagnostic solutions. The company operates through two business segments, namely, Clinical Applications and Industrial Applications. The company operates in the rapid diagnostics market through its Clinical Applications segment. The Clinical Applications segment provides in-vitro diagnostic solutions that help doctors and healthcare workers to determine the source of disease. This segment is further categorized into microbiology, immunoassays, and molecular biology.
bioMérieux has its direct presence in 44 countries, and with a strong distribution network, the company serves more than 160 countries globally. The company has manufacturing sites for clinical solutions in the U.S., Canada, Japan, Brazil, and Australia.
Alfa Scientific Designs, Inc. (U.S.)
Founded in 1996 and headquartered in California, U.S., Alfa Scientific manufactures and markets rapid POC diagnostics devices used for screening drugs of abuse, fertility hormones, infectious diseases, cardiac and cancer markers, and other diagnostic areas. Alfa also offers product development and manufacturing services that include latex, lateral flow, fluorescent methodologies, OEM services, custom assay/device assembly, and packing with client-specific labeling. The company has also been granted 28 patents for its products and technologies.
Popular Mentions: BTNX Inc. (Canada), Meridian Bioscience, Inc. (U.S.), and Trinity Biotech plc (Ireland)
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Authoritative Research on the Rapid Diagnostics Market- Global Opportunity Analysis and Industry Forecast (2022-2029)
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