COVID-19 Antigen Test Market Size by Product & Service, End-use, Region – Revenue Pool Analysis, Margin Structure Assessment, Capital Flow Trends, Competitive Benchmarking & Forecast to 2030
Overview
The COVID-19 Antigen Test Market size was valued at USD 6.15 Billion in 2023 and the total COVID-19 Antigen Test revenue is expected to grow at a CAGR of 6.8% from 2024 to 2030, reaching nearly USD 9.74 Billion.
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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COVID-19 Antigen Test Market Dynamics
The growing demand for antibody testing is likely to boost the market for market 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 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.
COVID-19 Antigen Test Market Segmentation Analysis
By Product & Service, in 2023, 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.
Regional Insights
The Asia Pacific accounted for 37.0 percent of overall sales in 2023. 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.
COVID-19 Antigen Test Market Scope: Inquire before buying
| COVID-19 Antigen Test Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 6.15 Billion |
| Forecast Period 2024 to 2030 CAGR: | 6.8% | Market Size in 2030: | USD 9.74 Billion |
| Segments Covered: | by Product & Service | Platforms Reagents & Kits Services |
|
| by End-use | Clinics & Hospitals Home Care Diagnostic Labs Others |
||
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 Antigen Test Market Key Players:
1. Abbott
2. SD Biosensor Inc.
3. Mylab Discovery Solutions Pvt. Ltd
4. F. Hoffmann-La Roche AG
5. GenBody Inc.
6. Access Bio., Inc.
7. ADS biotech Inc.
8. PerkinElmer, Inc.
9. Princeton BioMeditech Corporation
10. Becton, Dickinson, and Company
11. Diasorin S.P.A
12. Quidel Corporation
13. Laboratory Corporation of America
14. F. Hoffmann-La Roche AG
15. SD Biosensor Inc
Frequently Asked Questions:
1. Which region has the largest share in Global COVID-19 Antigen Test Market?
Ans: Asia Pacific region holds the highest share in 2023.
2. What is the growth rate of Global COVID-19 Antigen Test Market?
Ans: The Global COVID-19 Antigen Test Market is growing at a CAGR of 6.8% during forecasting period 2024-2030.
3. What is scope of the Global COVID-19 Antigen Test market report?
Ans: Global Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global COVID-19 Antigen Test market?
Ans: The important key players in the Global COVID-19 Antigen Test Market are – Abbott, SD Biosensor Inc., Mylab Discovery Solutions Pvt. Ltd, F. Hoffmann-La Roche AG, GenBody Inc., Access Bio., Inc., ADS biotech Inc.,
5. What was the Global COVID-19 Antigen Test Market size in 2023?
Ans: The Global COVID-19 Antigen Test Market size was USD 6.15 Billion in 2023.