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.
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.
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.
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.
|Market Size||US$ 18.3 billion by 2030|
CAGR of 16.7% From 2021 to 2030
|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|
SD Biosensor Inc.
Mylab Discovery Solutions Pvt. Ltd
F. Hoffmann-La Roche AG
Access Bio., Inc.
ADS biotech Inc.
Princeton BioMeditech Corporation
Becton, Dickinson, and Company
Laboratory Corporation of America
Product & Service Outlook
Reagents & Kits
Clinics & Hospitals
Middle East & Africa (MEA)
The COVID-19 Antigen Test market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of COVID-19 Antigen Test market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global COVID-19 Antigen Test market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the COVID-19 Antigen Test market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted COVID-19 Antigen Test market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the COVID-19 Antigen Test capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of COVID-19 Antigen Test by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global COVID-19 Antigen Test market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major COVID-19 Antigen Test market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of COVID-19 Antigen Test market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the COVID-19 Antigen Test industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
COVID-19 Antigen Test market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to COVID-19 Antigen Test market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of COVID-19 Antigen Test market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new COVID-19 Antigen Test market. These factors have benefited the growth of the global market for COVID-19 Antigen Test. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for COVID-19 Antigen Test. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
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
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
Audiology Devices Market (By Product: Hearing Aids, Cochlear Implants; By Technology: Digital, Analog; By Sales Channel: Retail, E-commerce) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.Read more...
Micro-pumps Market (By Product: Mechanical, Non-mechanical; By Application: Drug Delivery, Medical Devices; By End Use) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.Read more...
U.S. Behavioral Health Care Software And Services Market (By Component: Software, Support Services; By Delivery Model; By Function; By End Use) - Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.Read more...
Medical Imaging Market (By Product: X-ray, CT, MRI, Ultrasound; By End-use: Hospitals, Diagnostic Imaging Centers) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.Read more...
Medical Imaging Phantoms Market (By Device Type: X-ray, Ultrasound, CT, MRI; By End Use; By Material: Simulating Organs, False Organs) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2022-2030.Read more...