The global COVID-19 Antigen Test market size is expected to be worth around US$ 18.3 billion by 2030, according to a new report by Vision Research Reports.
The global COVID-19 Antigen Test market size was valued at US$ 10.3 billion in 2020 and is anticipated to grow at a CAGR of 16.7% during forecast period 2021 to 2030.
Growth Factors
A COVID-19 antigen test can help fill the gap in the testing landscape by enabling fast diagnoses in clinical settings. With the rising number of new infection cases coupled with the increasing popularity of antigen testing, a substantial number of companies are making significant attempts to boost their market presence in this arena, thereby driving the market.
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Antigen-based screening for acute phase diagnosis is gaining momentum, as antigens are more evident in the sputum from the onset of symptoms. Moreover, integration of antigen detection in disease screening enables its use for PoC, community-wide, or door-to-door testing. This mode of testing can deliver results in real-time, and thus, help accelerate patient admission and treatment processes, leading to improved patient outcomes.
With the expected decline in COVID-19 cases, PoC tests can become critical in the determination of infected individuals and asymptomatic carriers to assure their isolation from the general population. While this test mode is currently unavailable for large-scale use, both private and public organizations across the globe are working on prototypes, with over 50 currently in development.
Report Highlights
The services segment dominated the market for COVID-19 antigen tests and accounted for the largest revenue share of 59% in 2020. This can be attributed to the widespread utilization of rapid antigen tests at various end-use settings such as clinical laboratories, hospitals, and home care. With the growing need to curb the COVID-19 virus, various service providers started offering rapid antigen testing services.
For instance, the Boots Company PLC offers an in-store COVID-19 rapid antigen testing service in the U.K. This service is available for adults and children above five years and offers quick results required for reassurance. In addition, several CLIA certified laboratories such as Accel Diagnostics offer these services in turn supporting segment growth.
Given the rising popularity of self-administered test kits, the reagents and kits segment is projected to grow at a significant rate throughout the forecast period. In June 2021, Roche received a CE mark for its at-home SARS-CoV-2 Antigen Self-Test Nasal. An earlier version of this home test is available in the European market since February 2021. Such approvals are expected to propel the segment’s growth.
The clinics and hospitals segment dominated the market for COVID-19 antigen tests and accounted for the largest revenue share of 59.3% in 2020. This end-use segment witnessed the highest penetration of rapid antigen tests thus, contributing to the largest revenue share. The U.S. FDA has recognized the antigen tests as suitable for POC diagnosis, aimed at scaling up testing capacity, especially in the U.S.
Acceptance of the vital role of COVID-19 antigen tests by the U.S. FDA has provided lucrative opportunities for the expansion of the COVID-19 antigen testing business across various end-use settings. Thus, these tests have widespread applications across various locations for the testing of individuals for COVID-19 infection.
The home care segment is expected to contribute significant revenue in the coming years. The rising number of over-the-counter test kits is the major factor for driving the segment growth. Abbott BinaxNOW COVID-19 Antigen Self-Test, Ellume COVID-19 Home Test Kit, and Pixel by LabCorp Home Collection Kit are some commercially available OTC COVID-19 rapid antigen tests.
Asia Pacific dominated the COVID-19 antigen test market and accounted for the largest revenue share of 47.0% in 2020. The presence of home-grown key players, actively developing SARS-CoV-2 antigen tests and the introduction of several new products by emerging start-ups have majorly contributed to the dominance of the region.
For instance, in May 2021, Pune-based Mylab Discovery Solutions Ltd. received approval from the Indian Council of Medical Research (ICMR) for its rapid antigen test kit. This kit delivers results within 15 minutes. Furthermore, in February 2021, the Ministry of Health, Indonesia announced the use of rapid antigen tests for the screening of SARS-CoV-2 infections. Such initiatives are expected to accelerate the usage of antigen tests in Asia Pacific.
| Report Coverage | Details |
| Market Size | US$ 18.3 billion by 2030 |
| Growth Rate | CAGR of 16.7% From 2021 to 2030 |
| Base year | 2020 |
| Historic Data | 2017 to 2020 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Product and service, End Use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | Abbott; SD Biosensor Inc.; Mylab Discovery Solutions Pvt. Ltd.; GenBody Inc.; F. Hoffmann-La Roche AG; SD Biosensor Inc.; Access Bio., Inc.; ADS biotech Inc.; PerkinElmer, Inc.; Princeton BioMeditech Corporation; Becton; Dickinson and Company; Diasorin S.P.A; Quidel Corporation; Laboratory Corporation Of America |
Key Players
Market Segmentation
In this study, the years considered to estimate the market size of COVID-19 Antigen Test are as follows:
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
The study objectives of this report are:
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