The COVID-19 Antigen Test Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s COVID-19 Antigen Test Global Market Report 2024, 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 growth in the historic period can be attributed to pandemic outbreak, emergency regulatory approvals, supply chain challenges, government initiatives, 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 growth in the forecast period can be attributed to point-of-care testing expansion, new variants surveillance, public health measures, market competition, emerging variants and continued threat. Major trends in the forecast period include development and approval of next-generation antigen tests, integration of digital and smartphone technologies for test result reporting, expansion of testing infrastructure in high-risk settings, increasing demand for home-based antigen test kits, emphasis on affordable and accessible testing solutions, continuous research for variants-specific antigen tests..
The rising popularity of self-administered test kits is expected to propel the growth of the COVID-19 antigen test market going forward. Self-administered test kits refer to medical or diagnostic kits designed for individuals to use on themselves without the need for medical professionals or trained personnel to administer the test at home. The increased use of self-administered test kits helps increase the availability of COVID-19 antigen tests, slowing the spread of the virus and identifying infected individuals at home. For instance, in April 2022, according to the Centers for Disease Control and Prevention, a US-based national public health agency, there was a significant increase in the use of at-home COVID-19 tests among U.S. adults aged 18 and older from 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 who reported COVID-19-like symptoms increased from 5.7% to 20.1. Therefore, the rising popularity of self-administered test kits is driving the growth of the COVID-19 antigen test market.
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The covid-19 antigen test market covered in this report is segmented –
1) By Product And Service: Platforms, Reagents And Kits, Services
2) By Specimen Type: Nasopharyngeal Swab, Oropharyngeal Swab, Nasal Swab
3) By End-Use: Clinics And Hospitals, Home Care, Diagnostic Labs, Other End-Uses
An increase in testing rates is expected to propel the growth of the COVID-19 antigen test market going forward. Testing rates refer to how often diagnostic tests, such as COVID-19, are performed within a given population or over a specific period. As testing rates rise, there is an increased demand for COVID-19 testing solutions, including antigen tests. This surge in demand directly contributes to the market’s growth, as manufacturers and suppliers need to produce and distribute more tests to meet the increased requirements. For instance, in October 2023, according to the National Institutes of Health (NIH), a US-based health organization, the total COVID-19 testing rate ranged from 5.13 to 22,386.63 per 1000 people from October 2022 to October 2023. Therefore, an increase in testing rates is driving the growth of the COVID-19 antigen test market.
The COVID-19 antigen test market report table of contents includes:
1. Executive Summary
2.COVID-19 Antigen Test Market Characteristics
3. COVID-19 Antigen Test Market Trends And Strategies
4.COVID-19 Antigen Test Market analysis
5.COVID-19 Antigen Test Market Size And Growth
6.COVID-19 Antigen Test Segmentation
7.COVID-19 Antigen Test Regional And Country Analysis
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27.COVID-19 Antigen Test Competitive Landscape And Company Profiles
28.COVID-19 Antigen Test Key Mergers And Acquisitions
29.COVID-19 Antigen Test Future Outlook and Potential Analysis
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