PUBLISHER: The Business Research Company | PRODUCT CODE: 1455205
PUBLISHER: The Business Research Company | PRODUCT CODE: 1455205
COVID-19 is an infectious respiratory illness caused by the Severe Acute Respiratory Syndrome COVID-19 2 (SARS-CoV-2), affecting the human respiratory system and resulting in infections ranging from the common cold to more severe respiratory diseases. The COVID-19 antigen test serves as a diagnostic tool to identify the presence of specific proteins from the SARS-CoV-2 virus in a person's respiratory specimen. This test typically employs a sample collected from a nasal or throat swab.
The primary products and services associated with COVID-19 antigen tests include platforms, reagents and kits, and various services. Platforms refer to specific technologies or systems utilized for conducting particular tests. Nasopharyngeal swabs, oropharyngeal swabs, and nasal swab specimens are commonly used by clinics, hospitals, home care services, diagnostic labs, and other end-users in the process of conducting COVID-19 antigen tests.
The COVID-19 antigen testsCOVID-19 antigen tests market research report is one of a series of new reports from The Business Research Company that provides COVID-19 antigen testsCOVID-19 antigen tests market statistics, including COVID-19 antigen testsCOVID-19 antigen tests industry global market size, regional shares, competitors with a COVID-19 antigen testsCOVID-19 antigen tests market share, detailed COVID-19 antigen testsCOVID-19 antigen tests market segments, market trends and opportunities, and any further data you may need to thrive in the COVID-19 antigen testsCOVID-19 antigen tests industry. This COVID-19 antigen testsCOVID-19 antigen tests market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The COVID-19 antigen test market size has grown strongly in recent years. It will grow from $6.61 billion in 2023 to $7.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The historical period's growth can be attributed to factors such as the outbreak of the pandemic, emergency regulatory approvals, challenges in the supply chain, government initiatives, and global vaccination efforts.
The COVID-19 antigen test market size is expected to see strong growth in the next few years. It will grow to $9.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to the expansion of point-of-care testing, surveillance of new variants, implementation of public health measures, market competition, and the persistent threat posed by emerging variants. Major trends expected in the forecast period include the development and approval of next-generation antigen tests, the integration of digital and smartphone technologies for test result reporting, the expansion of testing infrastructure in high-risk settings, a rising demand for home-based antigen test kits, a focus on affordable and accessible testing solutions, and ongoing research for variants-specific antigen tests.
The anticipated surge in popularity of self-administered test kits is expected to drive the growth of the COVID-19 antigen test market in the future. Self-administered test kits are diagnostic tools designed for individuals to use on themselves at home, eliminating the need for medical professionals or trained personnel. The increased adoption of self-administered test kits contributes to the wider availability of COVID-19 antigen tests, aiding in slowing the spread of the virus and enabling individuals to identify infections in the comfort of their homes. According to the Centers for Disease Control and Prevention in April 2022, there was a significant rise in the use of at-home COVID-19 tests among U.S. adults aged 18 and older during the Delta-predominant period (August to December 2021) to the Omicron-predominant period (December to March 2022). The use of at-home tests among respondents with COVID-19-such as symptoms increased from 5.7% to 20.1%. Therefore, the increasing popularity of self-administered test kits is a driving force behind the growth of the COVID-19 antigen test market.
An upsurge in testing rates is anticipated to fuel the growth of the COVID-19 antigen test market in the future. Testing rates represent the frequency of diagnostic tests, such as COVID-19 tests, performed within a given population or over a specific period. As testing rates increase, there is a growing demand for COVID-19 testing solutions, including antigen tests. This heightened demand directly contributes to the market's expansion, requiring manufacturers and suppliers to produce and distribute more tests to meet the rising needs. According to the National Institutes of Health in October 2023, the total COVID-19 testing rate ranged from 5.13 to 22,386.63 per 1000 people from October 2022 to October 2023. Therefore, the increase in testing rates is a key driver of the COVID-19 antigen test market's growth.
The shortage of skilled healthcare professionals poses a significant challenge to the growth of the COVID-19 antigen test market during the forecast period. The scarcity of experienced healthcare professionals directly impacts COVID-19 antigen testing, causing delays in testing and diagnosis and placing considerable strain on the healthcare workforce. Addressing this challenge requires additional training and education for healthcare professionals. For example, the World Health Organization reported in June 2022 that the global healthcare workforce shortage was 15 million. Therefore, the shortage of skilled healthcare professionals is hindering the growth of the COVID-19 antigen test market.
In December 2021, Becton, Dickinson, and Company, a U.S.-based medical device manufacturer, acquired Scanwell Health Inc. for an undisclosed amount. This strategic acquisition aims to strengthen Becton, Dickinson, and Company's position in at-home medical testing, particularly in the field of COVID-19 antigen testing, with a focus on smartphone-enabled diagnostic solutions. Scanwell Health Inc. is a U.S.-based healthcare technology company specializing in smartphone-enabled at-home medical tests, including COVID-19 antigen tests.
Major companies operating in the COVID-19 antigen test market report are F. Hoffmann-La Roche AG, Abbott Laboratories, Becton And Dickinson and Company, Laboratory Corporation Of America, PerkinElmer Inc., Quidel Corporation, SD Biosensor Inc., Diasorin S.P.A, Biosynex Swiss SA, iHealth Labs Inc., Everlywell Inc., JOYSBIO Biotechnology Co. Ltd., Mylab Discovery Solutions Pvt. Ltd., Access Bio Inc., RayBiotech Life Inc., CTK Biotech Inc., Artron Laboratories Inc., Princeton BioMeditech Corporation, ACON Laboratories Inc., BioLytical Laboratories Inc., BioNote Inc., Assure Tech (Hangzhou) Co. Ltd., ADS biotech Inc., ANP Technologies Inc., BTNX Inc., Cellspect Co.Ltd., Empowered Diagnostics LLC, GenBody Inc., Beijing Wantai Biological Pharmacy Enterprise Co. Ltd.
Asia-Pacific was the largest region in the COVID-19 antigen test market in 2023. The regions covered in the COVID-19 antigen test market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the COVID-19 antigen test market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The COVID-19 antigen test market consists of revenues earned by entities by providing services such as point-of-care testing (POC), telehealth services, travel testing services, and healthcare provider testing. The market value includes the value of related goods sold by the service provider or included within the service offering. The COVID-19 antigen test market also includes sales of sample collection devices, extraction kits, buffers and solutions, and control materials. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
COVID-19 Antigen Test Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on COVID-19 antigen test market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for COVID-19 antigen test ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The COVID-19 antigen test market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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