SAN FRANCISCO, July 13, 2021 /PRNewswire/ -- The global COVID-19 antigen test marketsize 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.
Key Insights & Findings:
The services segment dominated the market and accounted for the largest revenue share in 2020 owing to the increasing usage of Rapid Antigen Tests (RATs) by service providers including labs, hospitals, and others
The reagents and kits segment is anticipated to register the fastest CAGR over the forecast period due to the rising popularity of self-administered test kits
The clinics and hospitals segment dominated the market in 2020 with the highest test penetration in terms of usage in this end-use segment
The home care segment is projected to grow at a lucrative pace during the forecast period owing to the increased approval of over-the-counter tests with no prescription required
In Asia Pacific, the market captured maximum revenue share in 2020 with India as one of the key users of antigen tests
On the contrary, the approval and adoption of antigen tests in western countries is relatively slow
However, with the increase in the number of cases, in the U.S., key diagnostic developers have begun antigen test development and are planning to ship test kits in bulk to healthcare practitioners
The key players are engaged in collaboration with biopharma developers to support their product development process
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.
Grand View Research has segmented the global COVID-19 antigen test market on the basis of product and service, end use, and region:
COVID-19 Antigen Test Product & Service Outlook (Revenue, USD Million, 2020 - 2027)
Reagents & Kits
COVID-19 Antigen Test End-use Outlook (Revenue, USD Million, 2020 - 2027)
Clinics & Hospitals
COVID-19 Antigen Test Regional Outlook (Revenue, USD Million, 2020 - 2027)
Middle East & Africa (MEA)
List of Key Players of COVID-19 Antigen Test Market
SD Biosensor Inc.
Mylab Discovery Solutions Pvt Ltd.
Vishat Diagnostic Pvt. Ltd
F. Hoffmann-La Roche AG
Access Bio., Inc.
ADS biotech Inc.
Princeton BioMeditech Corporation
Becton, Dickinson and Company
Laboratory Corporation Of America
Check out more studies related to COVID-19 Diagnostics and related medical devices, by Grand View Research:
COVID-19 Diagnostics Market– The global COVID-19 diagnostics market size is expected to reach USD 104.7 billion by 2027. It is expected to expand at a CAGR of 3.1% from 2021 to 2027.
COVID-19 Sample Collection Kits Market– The global COVID-19 sample collection kits market size is expected to account for USD 16.3 billion by 2027. It is expected to expand at a CAGR of 3.5% from 2021 to 2027.
COVID-19 Detection Kits Market– The global COVID-19 detection kits market size is expected to reach USD 4.63 billion by 2027. It is expected to grow at a CAGR of 5.05% from 2021 to 2027.
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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.