COVID-19 Antigen Test Industry Overview
The global COVID-19 antigen test market size is expected to reach USD 8.3 billion by 2027, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 6.7% from 2021 to 2027. 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.
COVID-19 Antigen Test Market Segmentation
Grand View Research has segmented the global COVID-19 antigen test market on the basis of product and service, end use, and region:
Based on the Product Service Insights, the market is segmented into Platforms, Reagents Kits, Services.
- The services segment dominated the market for COVID-19 antigen tests and accounted for the largest revenue share of 49% 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.
- 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.
Based on the End-use Insights, the market is segmented into Clinics Hospitals, Home Care, Diagnostic Labs, Others.
- The clinics and hospitals segment dominated the market for COVID-19 antigen tests and accounted for the largest revenue share of 49.3% 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 in driving the segment growth.
COVID-19 Antigen Test Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Key Companies Profile Market Share Insights
The market is expected to witness tremendous growth in the near future. The increasing number of emergency use authorizations and product approvals by regulatory bodies and technological collaborations between operating entities are factors that have intensified market competition.
Some prominent players in the global COVID-19 antigen test market include
- Abbott
- SD Biosensor Inc.
- Mylab Discovery Solutions Pvt. Ltd
- GenBody Inc.
- F. Hoffmann-La Roche AG
- 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
Order a free sample PDF of the COVID-19 Antigen Test Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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