According to a report by Reports and Data, the global Antigen Tests market was valued at USD 5.96 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6% during the forecast period. The rising demand for fast antigen tests, which are simple to use and provide results within minutes, is driving the growth of the Covid-19 antigen testing market.

These tests are also more affordable and better suited for use in remote or resource-constrained settings than molecular diagnostic processes such as PCR. Additionally, the increasing incidence of Covid-19 infections has led to a surge in demand for Covid-19 antigen testing in the healthcare industry, driving the growth of the market.

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The demand for point-of-care testing is also driving revenue growth in the Antigen Tests market. Point-of-care testing allows for rapid identification of Covid-19 at the point of service, which can help reduce the burden on laboratories and healthcare institutions. The market for Antigen Tests is expected to grow due to the trend of decentralized testing and the availability of user-friendly diagnostic tools. Furthermore, the development of next-generation antigen tests with increased sensitivity and specificity is likely to boost market revenue growth. Major players are investing heavily in research and development 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 market revenue development. Regulatory agencies have granted emergency use authorizations for Covid-19 antigen testing, which has increased the usage of these tests in the healthcare industry. 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 platforms segment is anticipated to have the greatest revenue share over the forecast 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 over the forecast period 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 due to the growing incidence of Covid-19 cases in countries like China and India.

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Some of the prominent players in the global Antigen Tests 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 companies are investing heavily in research and development to improve the performance of antigen tests and reduce false-negative results. For example, Abbott Laboratories' BinaxNOW Covid-19 Ag Card fast antigen test received emergency use authorization for non-prescription, over-the-counter use in August 2021, making the test more accessible to consumers. Quidel Corporation's QuickVue At-Home Covid-19 Test received emergency use authorization in May 2021 and is designed for those with Covid-19 symptoms, providing results in 10 minutes.

The global Antigen Tests market has been segmented on the basis of product and service outlook, end-use outlook, and regional outlook. The product and service outlook includes platforms, reagents and kits, and services. The end-use outlook includes clinics and hospitals, home care, diagnostic labs, and others. The regional outlook includes North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

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About Reports and Data 

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behaviour shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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