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COVID-19 Antigen Test Market Report 2024 - COVID-19 Antigen Test Market Growth And Trends
COVID-19 Antigen Test Market
According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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 Biologicalpharmacy Enterprise Co. Ltd.
COVID-19 Antigen Test Market 2024 Key Insights:
• The covid-19 antigen test market is expected to grow to $9.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Surging Demand For Self-Administered COVID-19 Antigen Tests Reshapes The Market Landscape
• Surge In Testing Fuels Growth Of The COVID-19 Antigen Test Market
• Asia-Pacific was the largest region in the COVID-19 antigen test market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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