The Covid-19 pandemic has driven the growth of the global Covid-19 Rapid Antigen Test market, which was valued at USD 5.96 billion in 2022 and is expected to have a revenue compound annual growth rate (CAGR) of 6% over the forecast period, according to a recent report by Reports and Data.

The market growth is attributed to the increased demand for fast antigen tests due to their simplicity, lower cost compared to molecular diagnostic processes, and suitability for use in remote or resource-constrained areas. The rise in Covid-19 infections has also increased the need for Covid-19 antigen testing in healthcare facilities, clinics, and diagnostic institutions, driving the market revenue. Additionally, the adoption of antigen testing as a screening tool in workplaces, airports, and schools is expected to further increase global revenue growth.

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The demand for point-of-care testing is another factor contributing to the revenue growth of the Covid-19 Rapid Antigen Test market. Point-of-care testing allows for rapid identification of Covid-19 at the point of service, which can help relieve the load on labs and healthcare institutions. The market is predicted to grow further due to the increasing trend of decentralised testing and the availability of user-friendly diagnostic tools. The development of next-generation antigen tests with increased sensitivity and specificity is also expected to boost market revenue growth, with large players investing heavily in research and development (RD) to improve antigen test performance and reduce false-negative results.

Governments worldwide have established stricter laws and regulations in response to the Covid-19 pandemic, which has aided the market revenue development. Regulatory agencies have granted emergency use authorisations for Covid-19 antigen testing, increasing the usage of these tests in the healthcare business. The increasing availability of Covid-19 antigen testing in developing countries is also driving market revenue growth, as many countries are developing initiatives to make Covid-19 testing accessible and affordable to all citizens.

The report also highlights some key segments of the market, including platforms, diagnostic labs, and the Asia Pacific region. The platforms segment is anticipated to have the largest revenue share due to the rising need for point-of-care testing and home-based testing, while 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 largest revenue share due to the growing incidence of Covid-19 cases in countries such as China and India.

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Some of the prominent players in the global Covid-19 Rapid Antigen Test market include 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. These players are investing in RD to improve the performance of antigen tests and reduce false-negative results. For instance, Abbott Laboratories has received emergency use authorisation from the US Food and Drug Administration (FDA) for its BinaxNOW Covid-19 Ag Card fast antigen test for non-prescription, over-the-counter (OTC) usage, while Quidel Corporation has received EUA for its QuickVue At-Home Covid-19 Test, an at-home, fast antigen test that does not require a prescription.

In summary, the global Covid-19 Rapid Antigen Test market is growing rapidly, driven by the increased demand for fast antigen tests, the adoption of antigen testing as a screening tool, and the availability of user-friendly diagnostic tools. The development of next-generation antigen tests with increased sensitivity and specificity, along with the increasing availability of Covid-19 antigen testing in developing countries, is expected to further drive market revenue growth.

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