September 14, 2021
According to the research report titled ‘Global COVID-19 Antigen Test Market Size study, by Product & Service (Platforms, Reagents & Kits and Services), by End-Use (Clinics & Hospitals, Home Care, Diagnostic Labs and Others) and Regional Forecasts 2021-2027’, available with Market Study Report, global COVID-19 antigen test market was valued at USD 5.3 billion in 2020 and is reckoned to record a compound annual growth rate of 6.7% over 2021-2027 to accumulate USD 8.35 billion by the end of the analysis timeframe.
Emergence of deadly COVID-19 variants across the globe and growing concerns regarding spread and effects of the virus are catalyzing the growth of global COVID-19 antigen test market.
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Continuous development and launch of new antigen test kits by private companies is also augmenting revenue inflow in the industry. For instance, Mylab Discovery Solutions Pvt. Ltd. launched a product named CoviSelf in May 2021, which is India's first self-use COVID-19 rapid antigen test kit.
Additionally, factors such as increasing cost of COVID-19 tests & delay in receiving results, chances of catching infection at hospitals, and increasing number of new entrants are also fueling the industry expansion.
It is to be noted that COVID-19 antigen tests are easy to use, patient-friendly, and have short test-to-result timespan, thus have been gaining popularity.
Despite the positive outlook, unstable regulatory procedures for approval of products is expected to hamper market growth over the projected timeframe.
From a regional point of view, Latin America, North America, Europe, and Asia Pacific are major contributors to worldwide COVID-19 antigen test industry remuneration. Among these, Asia Pacific presently holds a major market share and is slated to record a considerable growth rate over the projected period. This can be credited to increasing number of startups, spread of infection in areas with large population base, and favorable government regulations.
Elaborating on the competitive landscape, Becton, Dickinson and Company, Princeton BioMeditech Corporation, PerkinElmer, Inc., ADS Biotec, Inc., Access Bio, Inc., F. Hoffmann-La Roche AG, GenBody, Inc., Mylab Discovery Solutions Pvt. Ltd., SD Biosensor, Inc., and Abbott Laboratories are the leading companies influencing global COVID-19 antigen test market dynamics.