Rapid Antigen Testing Market Trends

Growth Drivers

• Growing adoption of rapid antigen testing kits for diagnosis of other viral infections - For the diagnosis of RSV or influenza, among other viral infections, rapid antigen testing may be helpful. The rapid antigen testing market for these tests may grow if businesses take the opportunity to create quick antigen tests for these additional viral illnesses.
   
• Growing shift towards digitalization in the healthcare industry - The advancement of technology, particularly the internet and mobile devices, has brought about an enormous transformation in the healthcare industry. Tools like electronic health records, online appointments, and safe data storage have been utilized by both patients and healthcare professionals at healthcare institutions. Rapid antigen testing can be combined with digital technology, including cloud-based platforms or smartphone apps, to expedite the reporting and testing procedures.
  
  For instance, a leading global provider of medical technology, BD (Becton, Dickinson, and Company), announced the immediate availability of the ImageMover app in Canada. This mobile app is a companion to the BD VeritorTM Plus System and allows for more efficient management of SARS-CoV-2 antigen testing results, thereby lowering the need for manual documentation.
• Growing incidences of infectious diseases - Rapid and effective diagnostic methods are becoming more and more necessary due to the rising prevalence of infectious disorders like strep throat, influenza, and respiratory infections. As per a report, the average annual death toll from respiratory diseases is over 400,000.
  
  When new strains have emerged in big pandemics, the mortality toll has been significantly higher. Quick antigen testing provides results in a matter of minutes, facilitating prompt identification and suitable treatment of the illness. This facilitates prompt medical attention and helps stop the illness from spreading to other people. Therefore, the growing incidences of infectious diseases have increased the demand for rapid influenza diagnostics, which is propelling the growth of the rapid antigen testing market   

Challenges

• False test results may impede the market growth - Rapid antigen testing does have certain restrictions, though. They have a higher percentage of false negative results and are less accurate than NAAT/PCR testing, especially when it comes to identifying asymptomatic cases.
  
  Therefore, if there is a strong suspicion of COVID-19 infection, negative results from fast antigen tests should be verified by an NAAT/PCR test.
• Limited awareness regarding advanced rapid antigen testing which may restrain the rapid antigen testing market from growing.
• Stringent regulations by the government for the approval of rapid testing products.