Press release
Strong Growth Ahead: COVID-19 Antigen Test Market Size To Grow At Arecord 7.4% Cagr By 2029
COVID-19 Antigen Test
How Big Is the COVID-19 Antigen Test Market Size Expected to Be by 2034?
There has been a significant increase in the market size of the COVID-19 antigen test in the past few years. The market, which is expected to be worth $7.13 billion in 2024, is predicted to grow to $7.65 billion in 2025, with a compound annual growth rate (CAGR) of 7.3%. Factors such as the pandemic outbreak, emergency regulatory approvals, challenges in the supply chain, government interventions, and worldwide vaccination campaigns have all contributed to its growth in the historic phase.
The market size for the COVID-19 antigen test is projected to witness significant growth in the coming years, escalating to $10.19 billion by 2029 at a compound annual growth rate (CAGR) of 7.4%. The predicted growth over the forecast period can be linked to the broadening of point-of-care testing, monitoring of new variants, implementation of public health measures, market rivalry, emerging variants, and ongoing threats. Notable trends during the forecast period consist of the evolution and approval of advanced antigen tests, incorporation of digital and mobile technologies for revealing test results, building up testing infrastructure in high-risk zones, rising demand for home-based antigen test kits, focus on cost-effective and easily available testing solutions, and uninterrupted research for variants-specific antigen tests.
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What Are the Emerging Segments Within the COVID-19 Antigen Test Market?
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
Subsegments:
1) By Platforms: Lateral Flow Platforms, ELISA Platforms, Other Platforms
2) By Reagents And Kits: Test Kits, Reagents
3) By Services: Testing Services, Laboratory Services
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What Long-Term Drivers Are Shaping COVID-19 Antigen Test Market Trends?
The growing demand for self-administered test kits is predicted to fuel the expansion of the COVID-19 antigen test market. These kits allow individuals to conduct the test on their own at home without the assistance of healTH*Care professionals or trained staff. Their increased adoption not only boosts the accessibility of COVID-19 antigen tests but also manages the virus spread and identifies infected people within their homes. The Centers for Disease Control and Prevention, a national public health agency in the US, noted in April 2022 a considerable rise in the usage of at-home COVID-19 testing among U.S adults 18 years old and above. This increase from 5.7% to 20.1% indicates a transition from the phase when the Delta variant was dominant (August to December 2021) to the phase when the Omicron variant was dominant (December 2021 to March 2022). Thus, the rising demand for self-administered test kits is boosting the COVID-19 antigen test market. COVID-19 Antigen Test Market Growth Driver: Testing Surge Stimulates the Expansion of the COVID-19 Antigen Test Market
Who Are the Top Competitors in Key COVID-19 Antigen Test Market Segments?
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 Biologicalpharmacy Enterprise Co. Ltd.
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Which Regions Are Becoming Hubs for COVID-19 Antigen Test Market Innovation?
Asia-Pacific was the largest region in the COVID-19 antigen test market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the COVID-19 Antigen Test Market?
2. What is the CAGR expected in the COVID-19 Antigen Test Market?
3. What Are the Key Innovations Transforming the COVID-19 Antigen Test Industry?
4. Which Region Is Leading the COVID-19 Antigen Test Market?
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