According to the latest report by Reports and Data, the global Covid-19 Antigen Tests Market size was valued at USD 5.96 billion in 2022 and is expected to register a revenue compound annual growth rate (CAGR) of 6% over the forecast period. The market growth is driven by the increasing demand for Covid-19 antigen testing due to the growing frequency of Covid-19 infections worldwide. The healthcare industry has seen a surge in demand for Covid-19 antigen testing in hospitals, clinics, and diagnostic institutions, which is driving market revenue growth.
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Rapid antigen tests have become increasingly favored by healthcare experts due to their ease of use and ability to deliver results within minutes, rendering them a viable choice for situations with limited resources or in remote settings. Furthermore, fast antigen testing is more cost-effective compared to molecular diagnostic methods like PCR. The incorporation of antigen testing as a screening tool in workplaces, airports, and schools is expected to contribute significantly to global revenue growth in the foreseeable future.
The demand for point-of-care testing, which allows for rapid identification of Covid-19 at the point of service, is also driving revenue growth in the Covid-19 antigen tests market. This trend is further supported by the availability of user-friendly diagnostic tools and the development of next-generation antigen tests with increased sensitivity and specificity.
The Covid-19 pandemic has also prompted governments worldwide to establish stricter laws and regulations, which has aided market revenue development. The regulatory agencies have now granted emergency use authorizations for Covid-19 antigen testing, which has increased the usage of these tests in the healthcare industry. The availability of Covid-19 antigen testing in developing countries is driving market revenue growth, with many countries developing initiatives to make Covid-19 testing accessible and inexpensive to all citizens.
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The report also highlights some key segments that are anticipated to have a significant impact on the global Covid-19 antigen tests market. The platforms segment, which includes rapid antigen testing systems such as lateral flow immunoassays or enzyme immunoassays, is anticipated to have the greatest revenue share over the projected period due to the rising need for point-of-care testing and home-based testing. The diagnostic labs segment is expected to represent the greatest revenue share due to high testing volumes and the availability of cutting-edge testing equipment. The Asia Pacific market is predicted to account for the greatest revenue share over the forecast period, with China and India driving demand for antigen testing due to their high population density and vulnerability to viral propagation.
The report also profiles some of the prominent players in the global Covid-19 antigen tests market, including Abbott Laboratories, Becton, Dickinson and Company, Hoffmann-La Roche Ltd., Quidel Corporation, Danaher Corporation, LumiraDx, Siemens Healthineers AG, bioMérieux SA, PerkinElmer, Inc., and GenMark Diagnostics. The companies are investing heavily in research and development to improve antigen test performance and reduce false-negative results.
In conclusion, the global Covid-19 antigen tests market is expected to experience significant growth over the forecast period due to the increasing demand for Covid-19 antigen testing, the adoption of antigen testing as a screening tool in workplaces, airports, and schools, and the availability of user-friendly diagnostic tools. The report provides valuable insights into the key segments and prominent players in the market, which can help businesses develop effective strategies to tap into this growing market.
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