Global COVID-19 Antigen Test Market by Product & Services (Platforms, Reagents & Kits, and Services), End-users (Clinics & Hospitals, Home Care, Diagnostic Labs, and Others), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), Forecast, 2021 – 2028

The global COVID-19 antigen test market was valued USD 5.3 billion in 2020 and is estimated to expand at a CAGR of 6.7% during the forecast period, 2021-2028. The COVID-19 antigen tests are gaining acceptance as they are simple to use, patient-friendly, and have a shorter test-to-result time. Antigen-based testing has switched the focus of many operational organizations from traditional PCR-based testing to antigen-based testing.

Market Trends, Drivers, Restraints, and Opportunities

• The concerns about the prevalence and frequency of variations are expected to drive the demand for more comprehensive testing, fueling the market growth.
• Rising demand for low-cost rapid-testing kits for large-scale testing, especially in countries with emerging healthcare systems, to assist manage COVID-19 outbreaks is driving the market growth.
• Growing number of companies entering the market, as well as the increasing number of product approvals by regulatory agencies around the world is expected to spur the growth of the market. For instance, The US FDA has approved 28 antigen diagnostic tests for COVID-19 diagnosis as of June 16, 2021.
• The decrease in number of patients and end of pandemic can restrain the market growth.
• 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 over the world are some of the factors spurring the market growth.

Scope of the report:

The report on the global COVID-19 antigen test market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

COVID-19 Antigen Test Market Segment Insights:

Services segment to dominate the market

Based on products and services, the market can be segmented into platforms, reagents & kits, and services. In 2020, the services segment dominated the COVID-19 antigen tests market, accounting for more than 45% of the market revenue. This is due to the extensive use of rapid antigen tests in a variety of contexts, including clinical laboratories, hospitals, and home health care. Various service providers have began offering rapid antigen testing services in response to the increased requirement to combat the COVID-19 virus. The reagents and kits segment is expected to expand at a substantial rate during the forecast period owing to the rising preference for self-administered test kits.

Clinics & hospitals segment to hold a major market share

On the basis of end-users, the market can be divided into clinics & hospitals, home care, diagnostic labs, and others. In 2020, the clinics & hospitals segment accounted for almost 50% market share in terms of total revenue. Rising adoption of rapid antigen tests resulted in a major revenue share. The antigen tests have been approved by the US Food and Drug Administration for use in PoC diagnosis, with the goal of increasing testing capacity, particularly in the US. The FDA's recognition for the COVID-19 antigen tests has created profitable potential for the COVID-19 antigen testing companies to expand across a variety of end-use scenarios. As a result, these assays have a wide range of applications for COVID-19 infection testing in a variety of settings.

The market in Asia Pacific to expand at a high CAGR

In terms of regions, the market can be classified as North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, Asia Pacific dominated the COVID-19 antigen test market, accounting for more than 35% market revenue. The dominance of the region is due to the existence of homegrown important companies, active development of SARS-CoV-2 antigen testing, and the debut of various new products by start-ups. The US, on the other hand, has launched multiple antigen testing projects in response to the rising number of SARS-CoV-2 cases in the country, driving the market growth in North America. Moreover, the early adoption of the latest technologies, presence of major key players, and heavy investment in R&D activities are major factors fueling the regional market growth.

Segments

Segment Covered in the Report
Product & Services

• Platforms
• Reagents & Kits
• Services

End-users

• Clinics & Hospitals
• Home Care
• Diagnostic Labs
• Others

Regions

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Abbott
• SD Biosensor Inc.
• Mylab Discovery Solutions Pvt. Ltd
• GenBody Inc.
• F. Hoffmann-La Roche AG

Competitive Landscape

Key players of the market are Abbott, SD Biosensor Inc., Mylab Discovery Solutions Pvt. Ltd, GenBody Inc., and F. Hoffmann-La Roche AG. Companies are engaging in partnerships and collaborations to expand their market share.