Rapid Antigen Testing Market to Expand at a CAGR of 13.01% during 2023

Newark, New Castle, USA, June 06, 2023 (GLOBE NEWSWIRE) -- The market analysis of the global rapid antigen testing market was conducted by Growth Plus Reports in 2022. The market is expected to hit a revenue CAGR of 13.01% by 2031.

Analysis of the global market for rapid antigen testing indicates that during the forecast period, revenue share is likely to increase significantly. The global Rapid Antigen Testing Market is primarily driven by the ongoing COVID-19 pandemic and the critical need for rapid and accurate testing solutions. Rapid antigen tests have gained immense popularity due to their ability to provide quick results, often within minutes, enabling prompt identification and containment of the virus. The market encompasses a wide range of testing kits, devices, and accessories utilized for the diagnosis of COVID-19 and other infectious diseases.

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Rapid Antigen Testing Market Scope

Report Attribute

Details

CAGR

13.01%

Base Year for Estimation

2022

Forecast Period

2023 to 2031

Historical Year

2021

Segments Covered

Product, Technology, Services, End User and Region

Regional Scope

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

The COVID-19 pandemic acts as a catalyst for the widespread adoption of rapid antigen testing. These tests offer several advantages, including their ease of use, cost-effectiveness, and ability to provide on-the-spot results, making them indispensable tools in managing the virus's transmission. Additionally, the growing emphasis on mass testing in various settings, such as airports, healthcare facilities, workplaces, and educational institutions, has further fueled the demand for rapid antigen testing.

Governments and regulatory bodies worldwide have recognized the significance of rapid antigen testing in controlling the spread of COVID-19. As a result, they have implemented favorable policies and guidelines to promote and facilitate the use of these tests. Furthermore, collaborations between public health agencies, diagnostic companies, and research institutions have accelerated the production and distribution of rapid antigen testing kits, addressing the surging demand.

Despite the market's revenue growth prospects, challenges remain. The emergence of new COVID-19 variants requires continuous adaptation of testing kits to ensure their effectiveness. Additionally, supply chain disruptions and global shortages of testing components have impacted the market's expansion. However, these challenges have spurred further investments in research and development to address these limitations and ensure the availability of reliable testing solutions.

Looking ahead, the rapid antigen testing market is projected to continue its upward trajectory as the world tackles the persisting threat of COVID-19 and prepares for future pandemics. With ongoing advancements in technology, increased accessibility, and widespread awareness about the importance of testing, rapid antigen testing is poised to play a critical role in disease surveillance and public health management.

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Recent Development in the Rapid Antigen Testing Market:

In February 2023, The Food and Drug Administration authorized the first over-the-counter at-home test that can distinguish between a test result for the flu and a test result for COVID-19. A one-time use test, the Lucira COVID-19 and Flu Home Test, is available over the counter. A nasal swab is used, much like with an at-home COVID test, and in 30 minutes or less, the test will reveal if the patient has influenza A, influenza B, or COVID-19.

Innovative technological advancements have also played a vital role in the market's growth. Manufacturers are continuously investing in activities related to research and development to enhance the sensitivity and specificity of rapid antigen tests, ensuring accurate results. Furthermore, the development of portable and user-friendly testing devices has improved accessibility, allowing testing to be conducted in remote locations and resource-limited settings.

Competitive Landscape

A list of the prominent players operating in the global market for rapid antigen testing includes:

Quidel Corporation

Danaher Corporation

LumiraDx

Siemens Healthineers

PerkinElmer Inc.

The rapid antigen testing market has significant collaborations and partnerships between industry players. Leading pharmaceutical and diagnostic companies are joining forces to leverage their expertise and resources, fostering innovation and expanding market reach. Such collaborations result in the development of advanced testing solutions and the establishment of strong distribution networks.

Market Segmentation:

Based on product type, the global rapid antigen testing market is segmented into lateral flow assays, fluorescence immunoassays, and chromatographic immunoassays.

The market for quick antigen testing worldwide is dominated by the lateral flow assays segment in terms of revenue. Lateral flow assays (LFA) are perfect for point-of-care testing since they are quick, simple to use, and need little equipment.

Based on application, the global rapid antigen testing market is segmented into infectious diseases, drug testing, and forensic testing.

Based on end-user, the global rapid antigen testing market is segmented into hospitals & clinics, diagnostic laboratories, and home care settings.

The rapid antigen testing market in North America is expected to be the largest and fastest-growing market globally.

Table of Content

INTRODUCTION

Market Ecosystem

Timeline Under Consideration

Historical Years – 2021

Base Year – 2022

Forecast Years – 2023 to 2031

Currency Used in the Report

RESEARCH METHODOLOGY

Research Approach

Data Collection Methodology

Data Sources

Secondary Sources

Primary Sources

Market Estimation Approach

Bottom Up

Top Down

Market Forecasting Model

Limitations and Assumptions

PREMIUM INSIGHTS

Current Market Trends (COVID-19 Perspective)

Key Players & Competitive Positioning (2022)

Regulatory Landscape

MARKET DYNAMICS

Drivers

Restraints/Challenges

Opportunities

GLOBAL RAPID ANTIGEN TESTING MARKET - ANALYSIS & FORECAST, BY PRODUCT TYPE

Lateral Flow Assays

Fluorescence Immunoassays

Chromatographic Immunoassays

GLOBAL RAPID ANTIGEN TESTING MARKET - ANALYSIS & FORECAST, BY APPLICATION

Infectious Diseases

Drug Testing

Forensic Testing

GLOBAL RAPID ANTIGEN TESTING MARKET - ANALYSIS & FORECAST, BY END USER

Hospitals & Clinics

Diagnostic Laboratories

Home Care Settings

RAPID ANTIGEN TESTING MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

Powered with Complimentary Analyst Hours and Expert Interviews with Each Report

Comprehensive quantitative and qualitative insights at segment and sub-segment level

Covid 19 impact trends and perspective

Granular insights at global/regional/country level

Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment

Blanket coverage on competitive landscape

Winning imperatives

Exhaustive coverage on 'Strategic Developments' registered by leading players of the market.

CUSTOMIZATION OPTIONS:

Distributor Landscape Assessment

Pricing Intelligence

Customer Base Assessment

Investment & Initiatives Analysis

'Business Profile' of Key Players

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