Global COVID-19 Antigen Test Marketis anticipated to reach US$ 8.01 Bn by 2027 from US$ 5.4 Bn in 2019 at a CAGR of 6.8% during a forecast period.
Global COVID-19 Antigen Test Market Overview
In the medical equipment sector, companies that make in-vitro quick diagnostic tests create COVID-19 antigen tests. The companies that make these fast test kits are largely involved in the design, research, and manufacture of rapid test kits that are used in hospitals, clinics, home health care, diagnostic laboratories, and research institutes.
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The report has covered the market trends from 2015 to forecast the market through 2027. 2019 is considered a base year however 2020’s numbers are on the real output of the companies in the market. Special attention is given to 2020 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global COVID-19 Antigen Test Market Dynamics
The growing demand for antibody testing is likely to boost the market for COVID-19 antigen test kits. Rapid antigen testing helps public health organizations to identify people who have had COVID-19 disease in the past, learn how the disease spreads, and plan public health treatments. Abbott is known to be the largest manufacturer of Covid-19 rapid antigen testing. Abbott reported 35.3 percent year-over-year growth in the first quarter, fueled by rapid diagnostics, which increased 302.8 percent year-over-year globally. In countries like India, for example, some state governments have requested commercial and government entities to begin utilizing antigen testing as a means of preventing transmission as the country’s unlock stages begin. This is expected to drive demand for the COVID-19 antigen test market during the forecast period.
Artificial intelligence is rapidly being integrated with antigen test kits to improve diagnosis efficiency. To improve the chances of early infection diagnosis, artificial intelligence algorithms are being utilized to combine the findings of chest CT with clinical symptoms, exposure history, and laboratory tests. Thus, artificial Intelligence aids in the early detection of COVID-19 patients, improving the chance of a positive result.
Antigen-based testing has moved the focus of many operational organizations from traditional PCR-based testing to antigen-based testing, which they see as a profitable source of revenue during the forecast period. Other reasons boosting the market include a scarcity of molecular testing materials, a reduced requirement for supplies, and an increase in demand for mass testing to stop SARS-CoV-2 from spreading throughout the globe.
Global COVID-19 Antigen Test Market Segmentation Analysis
By Product & Service, in 2019, the services segment dominated the market for COVID-19 antigen testing, accounting for 49 percent of total revenue. This is due to the extensive use of fast antigen testing in a variety of contexts, including clinical laboratories, hospitals, and home health care. Various service providers began offering rapid antigen testing services in response to the rising need to combat the COVID-19 virus.
Global COVID-19 Antigen Test Market Regional Insights
The Asia Pacific accounted for 37.0 percent of overall sales in 2019. The region’s dominance originates from the presence of local major corporations, the active development of SARS-CoV-2 antigen testing, and the introduction of several other new products by growing start-ups. The market’s growth is further aided by the region’s huge population, favorable government regulations, and the entry of several new companies.
The United States has launched various antigen testing efforts in response to the rising number of SARS-CoV-2 cases in the country. For example, the Centers for Disease Control and Prevention (CDC) permitted overseas visitors coming to the United States to utilize at-home SARS-CoV-2 antigen testing in May 2021. Antigen testing is expected to become more popular as a result of these reasons, resulting in increased income.
Global COVID-19 Antigen Test Market Scope: Inquire before buying
Global COVID-19 Antigen Test Market by Region
- North America
- Asia pacific
- Middle East and Africa
- South America
Global COVID-19 Antigen Test Market: Key Players
- SD Biosensor Inc.
- Mylab Discovery Solutions Pvt. Ltd
- F. Hoffmann-La Roche AG
- GenBody 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
- F. Hoffmann-La Roche AG
- SD Biosensor Inc
Frequently Asked Questions
- What is the projected market size & growth rate of the Global COVID-19 Antigen Test Market?
Ans- COVID-19 Antigen Test Market was valued at USD 5.4 billion in 2019 and is projected to reach USD 8.01 billion by 2027, growing at a CAGR of 6.8% during the forecast period.
- What is the key driving factor for the growth of the Global COVID-19 Antigen Test Market?
Ans- The growing demand for antibody testing is likely to boost the market for COVID-19 antigen test kits.
- Which region accounted for the largest Global COVID-19 Antigen Test Market share?
Ans- The Asia Pacific accounted for 37.0 percent of overall sales in 2019.
- What makes United States a Lucrative Market for the Global COVID-19 Antigen Test Market?
Ans- The Centers for Disease Control and Prevention (CDC) permitted overseas visitors coming to the United States to utilize at-home SARS-CoV-2 antigen testing in May 2021. Antigen testing is expected to become more popular as a result of these reasons, resulting in increased income.
- What are the top players operating in the Global COVID-19 Antigen Test Market?
Ans- Abbott, SD Biosensor Inc., Mylab Discovery Solutions Pvt. Ltd, GenBody Inc., F. Hoffmann-La Roche AG, Access Bio., Inc., and ADS biotech Inc.
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