COVID-19 Antigen Test Market Growth Analysis and Forecast To 2027

COVID-19 Antigen Test Industry Overview

The global COVID-19 antigen test market size was valued at USD 5.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2027.

The COVID-19 antigen tests are gaining traction in the current scenario, as it is easy to use, patient-friendly, and has a shorter test-to result timeline. Timeline and scalability challenges pertaining to SARS-CoV-2 PCR testing are the primary factors that are increasing the uptake of antigen-based test approaches in turn driving the growth of the market. The emergence of COVID-19 variants in the U.K., South Africa, and Brazil, which are found to be more transmissible than the original strain, intensified the need for rapid tests. Rising concern over the spread and frequency of these variants is expected to fuel the demand for widespread testing. Owing to this, the market for COVID-19 antigen tests is expected to witness lucrative growth in the near future.

Gather more insights about the market drivers, restrains and growth of the Global COVID-19 Antigen Test Market

There is a high demand for low-cost rapid-testing kits for large-scale testing to help manage the spikes in incidence of COVID-19, particularly in countries with underdeveloped healthcare systems, such as India. Currently, India, along with the U.S., are the top contributors of total COVID-19 cases across the world. The spike in the incidence of COVID-19 can also be attributed to the evolution of the virus into newer variants. These factors drive the need for rapid mass testing in various settings.

The increasing number of companies entering this space coupled with increasing product approvals by the regulatory bodies across the globe. As of June 16, 2021, 28 antigen diagnostic tests for COVID-19 diagnosis have been authorized by the U.S. FDA. Thus, regulatory bodies play a vital role in augmenting market growth. For instance, In April 2021, the CE mark was granted to Vatic Health – a U.K.-based firm for its COVID-19 virus on-the-spot’ saliva antigen test.

A large number of operating entities shifted their focus from conventional PCR-based testing to antigen-based testing, considering it a lucrative source of revenue in the coming years. Other factors driving the market include the shortage of molecular testing materials, the lesser need for supplies, and the rising demand for mass testing to contain the spread of SARS-CoV-2 across the globe.

Browse through Grand View Research’s Clinical Diagnostics Industry Research Reports.

• COVID-19 Diagnostics Market – The global COVID-19 diagnostics market size was valued at USD 97.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.
• COVID-19 Sample Collection Kits Market – The global COVID-19 sample collection kits market size was valued at USD 6.48 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of (8.7)% from 2022 to 2030.

Market Share Insights

• June 2021: The U.S. FDA granted Emergency Use Authorization (EUA) for OraSure Technologies, Inc.’s InteliSwab -SARS-CoV-2 rapid antigen tests. The approval includes Over-the-Counter (OTC) use without a prescription, prescription home use, and professional use in point of care (POC) CLIA-waived settings.
• May 2021, Pune-based Mylab Discovery Solutions Ltd. received approval from the Indian Council of Medical Research (ICMR) for its rapid antigen test kit. This kit delivers results within 15 minutes.
• February 2021, the Ministry of Health, Indonesia announced the use of rapid antigen tests for the screening of SARS-CoV-2 infections. Such initiatives are expected to accelerate the usage of antigen tests in Asia Pacific.
• May 2021, the Centers for Disease Control and Prevention (CDC) allowed the use of at-home SARS-CoV-2 antigen tests for international travelers arriving in the U.S. Such factors are expected to increase the use of antigen tests in turn supplementing the revenue generation.

Key Companies profiled:

Some prominent players in the global COVID-19 antigen test market include

• Abbott
• SD Biosensor Inc.
• Mylab Discovery Solutions Pvt Ltd.
• Vishat Diagnostic Pvt. Ltd
• GenBody Inc.
• 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 

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