According to the current analysis of Reports and Data, the global Rapid Antigen Test Market was valued at USD 13.71 Billion in 2020 and is expected to reach USD 24.26 Billion by year 2028, at a CAGR of 7.30%. The initial diagnosis of diseases, as well as accuracy, play an essential role in the treatment of patients. The adoption of rapid diagnostic kits is increasingly recognized for its accuracy and economical testing for diseases such as syphilis, HIV, and tuberculosis. The need for diagnostic tests in several areas of medical care has created significant growth opportunities in the global Rapid Antigen Testing market. Quick tests, see tests that can be used in case of emergency in medical centers or for home treatment. The unique feature of this form of testing is the limited use of resources and simplicity of execution. Increasing the number of preliminary screening procedures in hospitals and increasing the number of Rapid Antigen Tests in developing regions are contributing factors to the growth of the sector. The rapid contagious disease test market is expected to experience the most robust growth over the forecast period. Factors such as the growing need for Rapid Antigen Test results to improve performance, strict government regulations, globalization of the food trade, and the increasing incidence of foodborne illness attributable to increased demand from the Rapid Antigen Testing market.
Increasing patients demand for preventive medical care, and increasing incidence of lifestyle-related diseases, such as cardiovascular disease and diabetes and the high burden of infectious diseases in developing countries. Rising awareness of early diagnosis of the disease, increasing need for inexpensive diagnostic tests, as well as the accuracy of diagnosis, are expected to stimulate growth of the Rapid Antigen Test market during the forecasted period. In addition, the growth of personalized attention and the increase in promotional activities of manufacturers encourage the use of Rapid Antigen Tests, thus stimulating market growth. However, stringent government regulations concerning the approval of Rapid Antigen Tests and the withdrawal of various products due to false results should hinder the growth of the market.
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Further key findings from the report suggest
- Rapid Antigen Test market is growing at a CAGR of 0% in Asia Pacific followed by North America and Europe, with 8.7 % and 8.5% CAGR, respectively. Demand for early diagnosis of disease is the key factor to accelerate the market growth during forecast period across all regions.
- The increasing introduction of combination products such as drug delivery and smart devices is inducing OEMs to work with contract manufacturing organizations (CMOs). The forward integration of OEMs to develop rapid diagnostic products will further drive market growth, owing to the availability of a wide range of products.
- Increasing demand for decentralized assessments is a crucial factor boosting the industry growth.
- The ever increasing consumer consciousness regarding food safety and rise in involvement of several government non-government bodies to provide safe food products to consumers will offer new opportunities to Rapid Antigen Test market players.
- The low cost of Rapid Antigen Tests is the primary reason behind the astral growth of the global market for Rapid Antigen Test. Furthermore, the favorable operational dynamics of Rapid Antigen Tests have also emerged as a key factor contributing towards the growth of the global Rapid Antigen Test market.
- Moreover, the stability of Rapid Antigen Tests at high temperatures coupled with the short span of execution for these tests has given an impetus to the growth of the global market. The use of Rapid Antigen Tests in point-of-care testing wherein the results are obtained on the same day has also driven market demand.
- At present, glucose monitoring is the largest revenue contributor and is anticipated to dominate the market. Easy availability of cost efficient products, high number of diabetic population, and increase in the use of glucose monitoring Rapid Antigen Tests devices among the general population fuel the growth of the market.
- Veterinary rapid diagnostic test has potential application in the diagnosis and management of animal’s disease which increase the growth of the overall global Rapid Antigen Test market.
- Rising healthcare expenditure, rise in pet adoption rate, growth in the demand of animal product and increasing number of veterinary practitioners are the major factors which will drive the overall veterinary rapid diagnostic test market.
- Increase in adoption of Rapid Antigen Tests for preliminary screening, and rise in incidence of infections such as HIV, HPV, hepatitis, and others have driven the growth of Rapid Antigen Tests globally.
Key Players covered in this report are
Akers Biosciences, Inc., Alere Inc. (Abbott Laboratories), Becton, Dickinson and Company, Bio-rad Laboratories, Inc., Cepheid, Inc., Hologic, Inc., Meridian Bioscience, Inc., OraSure Technologies, Inc., Quidel Corporation, and Roche Diagnostics.
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Product Type (Revenue, USD Million; 2018–2028)
- Over-the-Counter (OTC) Rapid Antigen Test Product
- Professional Rapid Antigen Test Product
Application Type (Revenue, USD Million; 2018–2028)
- Infectious Disease
- Cardiology
- Oncology
- Pregnancy Fertility
- Toxicology
- Glucose Monitoring
- Others
End Use (Revenue, USD Million; 2018–2028)
- Hospital Clinic
- Diagnostic Laboratory
- Home Care
- Others
Geographic Segment Covered in the Report:
The Rapid Antigen Test report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
Major Points covered in this report are as below:
• The Rapid Antigen Test industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.
• With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
• Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.
• The Rapid Antigen Test Market report provides key statistics on the market status of the Rapid Antigen Test manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central South America, Brazil, Argentina, Rest of South America, Middle East Africa, Saudi Arabia, Turkey, Rest of Middle East Africa
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