Rapid Antigen Testing Market
Number of pages: 100 | Report Format: PDF | Published date: May 11, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023 to 2031
|
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 |
According to the deep-dive market assessment study by Growth Plus Reports, the global rapid antigen testing market is expected to register a revenue CAGR of 7.8% by 2031.
Rapid Antigen Testing Market Fundamentals
Rapid antigen testing is a diagnostic method used to detect the presence of a viral antigen in a patient's sample. Antigen are specific proteins present on the surface of a virus. In the case of COVID-19, the rapid antigen test is used to detect the presence of the SARS-CoV-2 virus. The test involves taking a sample, typically from the nose or throat, and using a test kit to detect the viral antigens. The results of the test are usually available within 15-30 minutes, making it a quick and convenient method of diagnosing viral infections. The global rapid antigen testing market has grown significantly in response to the COVID-19 pandemic.
The global rapid antigen testing industry analysis report comprehensively analyzes the market, with factors that either aid or impede the market growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the rapid antigen testing market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the rapid antigen testing market growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
Rapid Antigen Testing Market Dynamics
The global rapid antigen testing market has experienced significant growth due to several key drivers. Rapid antigen tests, among other diagnostic tests, are in high demand as a result of the COVID-19 pandemic. The World Health Organization (WHO) reports that, as of March 2021, over 1 billion COVID-19 tests, including both quick antigen tests and PCR tests, had been conducted globally. Rapid antigen tests are a well-liked option for COVID-19 testing in a variety of settings, including healthcare facilities, businesses, and schools, due to its simplicity of use and quick return time. Rapid antigen tests are frequently used for COVID-19 testing due to its accessibility and affordability. Rapid antigen tests have been created by numerous businesses, which have increased competition and lowered prices.
Governments around the world have launched testing initiatives to contain the spread of COVID-19. These initiatives have included investments in testing infrastructure, increasing the availability of testing supplies, and providing funding for research and development of new testing technologies. The demand for point-of-care testing has increased due to the need for quick and accurate diagnosis in various healthcare settings. Rapid antigen tests are ideal for point-of-care testing as they can be performed on-site with minimal equipment and provide results within a short period. Technological advancements in rapid antigen testing have been critical in improving the accuracy and reliability of these tests. For instance, some newer rapid antigen tests use fluorescent immunoassay technology, which can improve the accuracy and sensitivity of the test. This technology uses fluorescently labeled antibodies to detect viral antigen, which can be measured using a handheld device.
However, rapid antigen tests can produce false negative results, meaning that a person who is infected with the virus may receive a negative test result. This can lead to the spread of the virus and limit the effectiveness of testing programs.
Rapid Antigen Testing Market Ecosystem
Rapid Antigen Testing Market, by Product Type
Rapid Antigen Testing Market, by Application
Rapid Antigen Testing Market, by End User
Rapid Antigen Testing Market by Product Type
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The lateral flow assays segment accounts for the largest revenue share in the global rapid antigen testing market. Lateral flow assays (LFA) are easy to use, require minimal equipment, and produce results within minutes, making them ideal for point-of-care testing. They are also relatively inexpensive compared to other rapid antigen test types, which has contributed to their widespread use in the diagnosis of COVID-19 and other infectious diseases. LFAs work by using a nitrocellulose membrane, which contains immobilized antibodies that can capture viral antigen. The sample is added to the membrane, and if the viral antigen is present, a visible signal is produced, indicating a positive test result. LFAs are commonly used in HIV tests and COVID-19 tests, among others.
The market segmentation sections provide the rapid antigen testing market outlook in terms of the demarcation of different consumer groups. Market segmentation is the split of an industry into subgroups depending on characteristics such as product, technology, services, end user, and other factors. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential rapid antigen testing market demand opportunities.
Rapid Antigen Testing Market by Region
The rapid antigen testing market in North America is expected to be one of the largest and fastest-growing markets globally. Factors such as the high incidence of COVID-19 cases, a large population, and a well-established healthcare infrastructure are driving the growth of the market in this region. In the United States, the demand for rapid antigen testing has been high due to the surge of COVID-19 cases, and the FDA has granted emergency use authorization to several rapid antigen tests. These tests have been used extensively in schools, workplaces, and healthcare settings, allowing for rapid identification of infected individuals and control of the spread of the disease. Further expansion of rapid antigen tests in other disease applications is also a notable trend in the North America market. for instance, an array of immunoassays for infectious diseases has been put together by Kephera Diagnostics, including a point-of-care Chagas disease test that may be able to identify active infections more precisely than existing testing procedures. The company received a US$ 3 million grant from the NIH in the first quarter of 2023 to complete development of its point-of-care fast antigen test for Chagas disease.
Provision of free COVID tests by the Federal government also played a critical role in defining the prominent position of the US market on the global front. The US president promised in January 2022 to distribute 1 billion free quick tests to counteract the omicron surge at the time COVIDTests.gov was initially launched in January 2022. According to newly released federal data, the free COVID-19 at-home tests from this site was used by about one-third of American households (reported in 2023).
Canada has also seen an increase in the demand for rapid antigen testing, particularly in remote and rural areas where access to laboratory-based PCR testing may be limited. Several companies have received authorization from Health Canada to market their rapid antigen tests, contributing to the growth of the market in this region.
Based on the regions, the global rapid antigen testing market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of Rapid Antigen Testing industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level Rapid Antigen Testing market overview.
Key Components of the Report
Rapid Antigen Testing Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Rapid Antigen Testing Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
A diagnostic technique called rapid antigen testing is used to find viral antigens in patient samples. The test is used to identify proteins on a virus's surface known as antigens. The fast antigen test is utilized in the case of COVID-19 to identify the presence of the SARS-CoV-2 virus. Recently the tests have also been approved for diagnosis of flu, RSV and other infections.
North America would have the largest rapid antigen testing market size during the forecast period from 2023 to 2031.
The global rapid antigen testing is expected to grow at 7.8% revenue CAGR during the forecast period from 2023 to 2031.
One of the most prominent trends in the rapid antigen testing industry is the development of more advanced and accurate tests. As the demand for rapid antigen testing has increased due to the COVID-19 pandemic, there has been a need to improve the sensitivity and specificity of these tests to reduce the risk of false negative or false positive results.
The rapid antigen testing market is expected to see significant technological advancements in the coming years, which will improve the accuracy, sensitivity, and speed of the tests.
Rapid antigen testing is subject to regulatory approval in many countries, and obtaining regulatory clearance can be a lengthy and costly process. Moreover, regulatory requirements can vary between countries and regions, making it difficult for companies to develop and market their products globally.
Market players are investing heavily in research and development to improve the accuracy, sensitivity, and speed of rapid antigen testing products. They are developing new testing platforms, such as digital immunoassays, and integrating artificial intelligence and machine learning into testing processes to enhance the accuracy and reliability of results.
Abbott Laboratories Inc., BD & Company, Roche Diagnostics, Quidel Corporation, and Danaher Corporation are the key players in the global rapid antigen testing market.
The lateral flow assay segment has the highest share in the global rapid antigen testing market.
*Insights on financial performance are subject to the availability of information in the public domain