Global COVID-19 Antigen Test Market to Top $8B by 2027

According to expert analysts, worldwide COVID-19 antigen test industry was worth $5.3 billion in 2020 and is reckoned to attain a valuation of $8.35 billion over the forecast period 2021-2027, registering a 6.7 percent annual growth rate. The advent of new and deadly COVID-19 variants across the world is a key factor stimulating the overall market development.
 
Notably, in July 2021, the U.K. Health Ministry reported that “Lambda,” the newest COVID-19 strain, had been detected in more than 30 countries across the globe.
 
Furthermore, introduction of several new antigen tests by private companies, and convenient features offered by the product such as, ease of use, lower test-to-result timeline, and patient-friendliness are also bolstering the market expansion.
 
Additionally, factors such as high costs of tests in hospital laboratories and long wait-time for results, probability of getting infected in hospitals, and emergence of new players in the market are likely to house several opportunities for growth in this domain.
 
Elaborating on the negatives, inconsistent regulatory approval practices are likely to impede market progression over the forecast period 2021-2027.
 
Based on product and service type, global COVID-19 antigen test market is classified into platforms, services, and reagents/kits. By end-user spectrum, the industry classification comprises clinics and hospitals, diagnostic labs, home care, and others.
 
Considering the regional scope, research from Market Study Report deems Asia Pacific, Europe, North America, and Latin America as the major contributors to overall industry valuation. Asia Pacific COVID-19 antigen test industry currently accounts for significant revenue share and is slated to witness remarkable CAGR over the next seven years. This can be credited to rapid spread of infection across the region’s massive population, supportive government policies, and presence of various new players.
 
Major companies profiled in the report are Becton, Dickinson and Company; PerkinElmer Inc.; ADS Biotec Inc.; Princeton BioMeditech Corp.; Access Bio Inc.; GenBody Inc.; Mylab Discovery Solutions Pvt. Ltd.; SD Biosensor Inc.; Abbott Laboratories; and F. Hoffmann-La Roche AG, among others. These companies are employing several strategies like acquisitions, mergers, investments, and new product launches to elevate their standing in the marketplace.