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How Has the COVID-19 Antigen Test Market Size Changed, over the years?
In recent years, there has been a significant growth in the COVID-19 antigen test market size. It is projected to escalate from $7.13 billion in 2024 to $7.65 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.3%. The growth experienced in the historic period can be linked to the pandemic outbreak, emergency regulatory sanctions, supply chain issues, governmental programs and worldwide vaccination drives.
How Much Will the COVID-19 Antigen Test Market Be Worth in 2029?
The market for COVID-19 antigen tests is projected to experience significant expansion in the upcoming years, culminating in a market value of $10.19 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in this period is linked to factors such as the broadening of point-of-care testing, surveillance of new variants, implementation of public health protocols, competitive dynamics in the market, emerging variants, and the persisting threat. The forecast period is expected to witness key trends like the creation and approval of next-generation antigen tests, incorporation of digital and smartphone technologies for test result declaration, enhancement of the testing infrastructure in high-risk areas, a rise in demand for home-based antigen test kits, focus on cost-effective and accessible testing solutions, and ongoing research for variant-specific antigen tests.
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Which is the Largest Company in the COVID-19 Antigen Test Market?
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.
What Are the Main Market Drivers in the COVID-19 Antigen Test Industry?
The burgeoning trend of self-administered test kits is forecasted to be a significant driver for the growth of the COVID-19 antigen test market. These kits allow individuals to test themselves without requiring any trained medical personnel, leading to increased availability of antigen tests at home. This not only helps in controlling the spread of the virus but also facilitates the identification of infected individuals. For example, the Centers for Disease Control and Prevention reported in April 2022, a sharp rise in the usage of home-based COVID-19 tests amongst adults 18 and older in the U.S., going from the Delta-predominant period (August to December 2021) to the Omicron-predominant period (December to March 2022). The percentage of self-testing individuals experiencing COVID-19-like symptoms rose from 5.7% to 20.1. Consequently, the upward trend of utilising self-administered test kits is a key contributor to the expansion of the COVID-19 antigen test market. The COVID-19 Antigen Test Market’s growth is also significantly being propelled by the rising rate of testing. The term ‘testing rates’ denotes the regularity of diagnostic tests like COVID-19 within a specific group or over a defined timeframe. As these rates increase, the demand for testing solutions, such as antigen tests, also escalate, contributing directly to the market’s growth since manufacturers and suppliers need to produce and supply more tests to satisfy this increased demand. As evidence, the National Institutes of Health (NIH) reported in October 2023 that the total COVID-19 testing rate varied from 5.13 to 22,386.63 per 1000 people from October 2022 to October 2023. Hence, the rising testing rates are indeed serving as a growth driver for the COVID-19 antigen test market.
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How Is the COVID-19 Antigen Test Market Segments Structured?
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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Which Global Regions Offer the Highest Growth in the COVID-19 Antigen Test Market?
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.
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This Report Delivers Insight On:
1. How big is the covid-19 antigen test market, and how is it changing globally?
2. Who are the major companies in the covid-19 antigen test market, and how are they performing?
3. What are the key opportunities and risks in the covid-19 antigen test market right now?
4. Which products or customer segments are growing the most in the covid-19 antigen test market?
5. What factors are helping or slowing down the growth of the covid-19 antigen test market?
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