COVID-19 Rapid Antigen Test Market: Global Industry Analysis (2023-2029)

COVID-19 Rapid Antigen Test Market size was valued at US$ 5.65 Bn. in 2022 and the total COVID-19 Rapid Antigen Test revenue is expected to grow at 6.7 % through 2022 to 2029, reaching nearly US$ 8.9 Bn.
COVID-19 Rapid Antigen Test Market Overview:
One of the most important applications of these tests is rapid diagnostic screenings for COVID-19. They have brought various benefits to global governments and are commonly referred to as lateral flow tests. They are simple to use and require little training. They provide considerable cost savings, costing a fraction of traditional kinds of PCR testing and providing customers with results in 5–30 minutes. Rapid antigen tests have proven to be most effective when used in conjunction with mass testing or population-wide screening procedures. SARS-CoV-2 testing allows people to find out if they are contaminated. It prevents transmission by enabling individuals to protect themselves, their families, and communities.

To know about the Research Methodology :- Request Free Sample Report

In this report, the COVID-19 Rapid Antigen Test market's growth reasons, as well as the market's many segments (Product, Specimen Type, Technology, End User, and Region), are discussed. Data has been given by market players, regions, and specific requirements. This market report includes a comprehensive overview of all the significant improvements that are presently prevailing in all market segments. Key data analysis is presented in the form of statistics, infographics, and presentations. The study discusses the COVID-19 Rapid Antigen Test market's Drivers, Restraints, Opportunities, and Challenges. The report helps to assess the market growth drivers and determines how to use these drivers as a tool. The report also helps to rectify and resolve issues related to the global COVID-19 Rapid Antigen Test market situation.
COVID-19 Rapid Antigen Test Market Dynamics:
Rising global COVID-19 cases will increase the market share during the forecast timeline: One of the primary factors driving the growth of the market is the global increase in COVID-19 infections. The number of persons infected has grown dramatically. Also, even while vaccination rates are high, infected persons can still transfer the disease and fuel its spread. Such conditions boost demand for COVID-19 Rapid Antigen Test Market growth. There is a considerable demand for low-cost rapid-testing kits for large-scale testing to help control COVID-19 outbreaks, particularly in countries with weak healthcare systems such as India. Currently, India and the United States are the leading contributors to total COVID-19 cases worldwide. The increase in COVID-19 cases can also be attributed to the virus's development into newer forms. These considerations contribute to the demand for rapid mass testing.

The growing number of firms entering this market coupled with increasing product approvals by the regulatory bodies across the globe. The FDA has approved 28 antigen diagnostic tests for COVID-19 diagnosis as of June 16, 2022. As a result, regulatory organizations play an important role in boosting the market growth. For example, Vatic Health, a U.K.-based company, received the CE mark in April 2022 for their COVID-19 viral on-the-spot' saliva antigen test. Many businesses have moved their attention from traditional PCR-based testing to antigen-based testing, believing it will be a valuable source of revenue in the coming years.

Governments and manufacturers collaborate: Manufacturers of COVID-19 rapid test kits are increasingly getting into collaborations with governments for benefit. Governments are increasingly developing partnerships with local and international producers to address supply chain difficulties and the worldwide lack of fast test kits. For example, in May 2022, the Indian government announced a collaboration with Zydus Cadila, a Gujarat-based pharmaceutical company, to mass manufacture Elisa kits created by the Indian Council of Medical Research. Collaborations between governments and industry help in boosting production scale.

Product Recalls: Product recalls owing to quality control issues are expected to hamper the growth of the COVID-19 Rapid Antigen Test Market during the forecast period. The rapid medical device approval due to the outbreak is expected to lead to a higher number of product recalls due to safety, effectiveness, and quality issues.
COVID-19 Rapid Antigen Test Market Segment Analysis:
By Product, RT-PCR test kits held around 76 % of the market in 2022. This is attributed to an increase in advanced product launches as a result of technical advances in COVID -19 RT-PCR test kits. Furthermore, because of its high specificity and sensitivity, the RT-PCR method is used in the majority of commercially available kits.

By Specimen Type, A nasopharyngeal swab segment is a device that is used to collect nasal secretions from the back of the nose and throat. The sample is then tested for the presence of organisms or other disease-related clinical indicators. This type is often working in suspected cases of whooping cough, diphtheria, influenza, and other coronavirus-related conditions.



By End Users, The hospital segment dominated the market for COVID-19 antigen tests and accounted for the highest revenue share of 49% in 2022. The U.S. FDA has recognized the antigen tests as suitable for diagnosis, aimed at scaling up testing capacity, particularly in the U.S.
COVID-19 Rapid Antigen Test Market Regional Insights:
In North America, COVID-19 Rapid Antigen Test Market captured an 18% share in 2022. The regional growth is due to the presence of well-equipped, sophisticated healthcare facilities in the U.S. and Canada. Also, the increasing healthcare expenditure owing to growing awareness will augment the market share. Moreover, the increasing prevalence of Coronavirus infections along with healthcare expenditure is expected to fuel the market outlook in the coming years.

Asia Pacific dominated the COVID-19 rapid antigen test market, accounting for 37.0 percent of total revenue in 2022. The presence of main players, the active development of SARS-CoV-2 antigen tests, and the introduction of various new products by budding start-ups have all contributed to the region's dominance.

The objective of the report is to present a comprehensive analysis of the COVID-19 Rapid Antigen Test market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the COVID-19 Rapid Antigen Test market dynamics, and structure by analyzing the market segments and projecting the COVID-19 Rapid Antigen Test market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the COVID-19 Rapid Antigen Test market make the report investor’s guide.
COVID-19 Rapid Antigen Test Market Scope: Inquire before buying



COVID-19 Rapid Antigen Test Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US$ 5.65 Bn.


Forecast Period 2023 to 2029 CAGR:
6.7%
Market Size in 2029:
US$ 8.9 Bn.


 Segments Covered:
by Product
• RT-PCR Assay Kits
• Immunoassay Test Strips
• Cassettes


by Specimen Type
• Nasopharyngeal Swab
• Oropharyngeal Swab
• Nasal Swab


by Technology
• Chromatographic Immunoassay
• Fluorescent Immunoassay
• Others


by End-User
• Hospitals
• Diagnostic Laboratories
• Clinics
• Homecare
• Others



COVID-19 Rapid Antigen Test Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
COVID-19 Rapid Antigen Test Market Key Players are:
• Abbott
• Cipla
• AMEDA Labordiagnostik GmbH
• Becton Dickinson
• Beijing Lepu Medical Technology
• BIOSYNEX SWISS SA
• CerTest Biotect S.L.
• Hangzhou Clongene Biotech
• Healgen Scientific Limited
• LumiraDX UK Ltd.
• nal von minden GmbH
• Quidel Corporation
• SD BIOSENSOR, Inc.
• Roche
• Siemens Healthineers
• Xiamen Boson Biotech Co.
• Zhejiang Orient Gene Biotech Co., Ltd.

FAQs:

1. Which is the potential market for the COVID-19 Rapid Antigen Test in terms of the region?
Ans. In the APAC region, the presence of main players, the active development of SARS-CoV-2 antigen tests, and the introduction of various new products by budding start-ups have the potential market for the COVID-19 Rapid Antigen Test.

2. What is expected to drive the growth of the COVID-19 Rapid Antigen Test market in the forecast period?
Ans. The Rising global COVID-19 cases will increase the market share during the forecast timeline.

3. What is the projected market size & growth rate of the COVID-19 Rapid Antigen Test Market?
Ans. COVID-19 Rapid Antigen Test Market size was valued at US$ 5.65 Bn. in 2022 and the total COVID-19 Rapid Antigen Test revenue is expected to grow at 6.7 % through 2022 to 2029 reaching nearly US$ 8.9 Bn.

4. What segments are covered in the COVID-19 Rapid Antigen Test Market report?
Ans. The segments covered are Product, Specimen Type, Technology, End User, and Region.