As per Future Market Insights, the rapid antigen testing market is anticipated to attain a value pool of US$ 24 billion by 2023-end. Demand for rapid antigen testing is expected to rise at a CAGR of 7.6% to US$ 50 billion in 2033.
The rapid antigen testing market is a rapidly growing market that is expected to continue to expand over the coming years. Here are some of the prominent drivers, opportunities, and trends in the rapid antigen testing market
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 24 billion |
| Projected Market Value in 2033 | US$ 50 billion |
| Growth Rate (2023 to 2033) | 7.6% CAGR |
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To sum up, the rapid antigen testing market is a rapidly growing market with many drivers, opportunities, and trends. The need for rapid microbiology testing, cost-effectiveness, ease of use, and regulatory approval are key drivers of growth in the market. There are opportunities to expand into new markets, develop new products, form partnerships and collaborations, and increase adoption in non-COVID settings. The trends in the market include improving accuracy, multiplexing, physical-digital integration, and at-home testing. As the COVID-19 pandemic continues, the rapid antigen testing market is expected to continue to grow and evolve.
The presence of antigens in the body normally triggers an immune response, produced when any foreign agent enters into the body. These agents can be disease-causing microbes such as parasites, fungi, bacteria and other substances such as pollen.
Rapid antigen testing is used to detect antigen of various diseases, most common disease are influenza, malaria and streptococcal sore throat. A rapid antigen testing is a diagnostic test used in the medical emergency that detects the presence or absence of an antigen in the body.
Rapid antigen testing market is expected to grow rapidly over the forecast period with the increasing prevalence of infectious diseases and rising demand for early detection of the diseases. The outbreak of novel coronavirus is believed to have an enduring impact on rapid antigen testing market.
The rapid antigen testing is to be used in specified settings and kits for managing COVID-19 emergency. Scientists are trying to do advancement in the techniques that can provide quick and more accurate results.
The advanced techniques will influence the growth of the rapid antigen testing market post coronavirus pandemic also. Due to the increasing number of coronavirus patients, every part of the world is acquiring rapid antigen testing kit for conducting tests in the region, which in turn is boosting the rapid antigen testing market.
The rapid antigen testing market is growing due to the increasing prevalence of autoimmune diseases and sexually transmitted diseases along with the increasing awareness regarding early diagnosis among the people. The demand for the cost-effective diagnostic test with the increased accuracy level is expected to drive the growth of the rapid antigen testing market.
Apart from drivers, there are some factors which can restrain the growth of rapid antigen testing market such as lack of awareness regarding the newer rapid antigen test. The false-negative result can hamper the growth of the rapid antigen testing market.
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Based on the techniques, the immunosorbent assay is expected to be the most preferred technique in the rapid antigen testing market due to its high efficiency. Based on the application, autoimmune diseases are expected to be diagnosed most in the rapid antigen testing market, followed by sexually transmitted diseases. Based on the end-user, hospitals are expected to be the most profitable segment in the global rapid antigen testing market.
North America is expected to dominate the global rapid antigen testing market, owing to the prominent technological advancements and innovations in diagnostic techniques. North America to be followed by Europe, owing to the increasing incidence of liver diseases.
Increasing population and rising prevalence of autoimmune diseases in developing region like Asia-Pacific is expected to further push the global rapid antigen testing market growth over the forecast period.
The demand for advanced medical infrastructure is further likely to drive the growth of the rapid antigen testing market in these regions. The increase in healthcare expenditure is also expected to drive the growth of rapid antigen testing market in these regions.
Some of the market participants in the global rapid antigen testing market identified across the value chain include:
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Rapid Antigen Testing Market
