Selbyville, Delaware, July 26, 2021 (GLOBE NEWSWIRE) -- According to expert analysts, worldwide COVID-19 antigen test industry was worth USD 5.3 billion in 2020 and is reckoned to attain a valuation of USD 8.35 billion over the forecast period 2021-2027, registering a Y-o-Y growth rate of 6.7% throughout. The advent of new and deadly COVID-19 variants across the world is a key factor stimulating the overall market development.
Proceeding further, the document classifies the marketplace based on product & service type, end-user scope as well as regional terrain. It then defines each of these sub-segments in terms of shares, size, growth rate, and other critical indicators. Moreover, the study elaborates on the competitive landscape of the industry, while delivering a detailed account of the major players in this space.
Notably, in July 2021, the UK Health Ministry reported that 'Lambda', the newest COVID-19 strain had been detected in over 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.
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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.
Market segmentation overview:
Based on product & 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 & hospitals, diagnostic labs, home care, and others.
Geographical outlook:
Considering the regional scope, the research 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 7 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.
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Competitive landscape summary:
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.
Global COVID-19 Antigen Test Market, By Product & Service Type (Revenue, USD Billion, 2018-2027)
- Platforms
- Services
- Reagents & Kits
Global COVID-19 Antigen Test Market, By End User Spectrum (Revenue, USD Billion, 2018-2027)
- Clinics & Hospitals
- Diagnostic Labs
- Home Care
- Others
Global COVID-19 Antigen Test Market, By Geographical Scope (Revenue, USD Billion, 2018-2027)
North America
- U.S.
- Canada
Europe
- U.K.
- Italy
- France
- Germany
- Spain
- ROE
Asia Pacific
- China
- South Korea
- India
- Australia
- Japan
- RoAPAC
Latin America
- Mexico
- Brazil
Rest of the World
Global COVID-19 Antigen Test Market, Competitive Dashboard (Revenue, USD Billion, 2018-2027)
- Becton, Dickinson and Company.
- Princeton BioMeditech Corp.
- PerkinElmer Inc.
- ADS Biotec Inc.
- F. Hoffmann-La Roche AG
- Access Bio Inc.
- GenBody Inc.
- Mylab Discovery Solutions Pvt. Ltd.
- SD Biosensor Inc.
- Abbott Laboratories
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2027 (USD Billion)
1.2.1. COVID-19 Antigen Test Market, by Region, 2019-2027 (USD Billion)
1.2.2. COVID-19 Antigen Test Market, by Product & Service, 2019-2027 (USD Billion)
1.2.3. COVID-19 Antigen Test Market, by End-Use , 2019-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global COVID-19 Antigen Test Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global COVID-19 Antigen Test Market Dynamics
3.1. COVID-19 Antigen Test Market Impact Analysis (2019-2027)
3.1.1. Market Drivers
3.1.1.1. Emergence of new deadly COVID-19 variants worldwide
3.1.1.2. Rising product launches
3.1.2. Market Restraint
3.1.2.1. Unstable regulatory procedures for the approval
3.1.3. Market Opportunities
3.1.3.1. Growing concern among the people related to spread and influence of emerging variants,
3.1.3.2. Increasing number of companies entering in the market
Chapter 4. Global COVID-19 Antigen Test Market Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2018-2027)
4.2. PEST Analysis
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global COVID-19 Antigen Test Market, by Product & Service
5.1. Market Snapshot
5.2. Global COVID-19 Antigen Test Market by Product & Service, Performance - Potential Analysis
5.3. Global COVID-19 Antigen Test Market Estimates & Forecasts by Product & Service 2018-2027 (USD Billion)
5.4. COVID-19 Antigen Test Market, Sub Segment Analysis
5.4.1. Platforms
5.4.2. Reagents & Kits
5.4.3. Services
Chapter 6. Global COVID-19 Antigen Test Market, by End-Use
a. Market Snapshot
6.1. Global COVID-19 Antigen Test Market by End-Use, Performance - Potential Analysis
6.2. Global COVID-19 Antigen Test Market Estimates & Forecasts by End-Use 2018-2027 (USD Billion)
6.3. COVID-19 Antigen Test Market, Sub Segment Analysis
6.3.1. Clinics & Hospitals
6.3.2. Home Care
6.3.3. Diagnostic Labs
6.3.4. Others
Chapter 7. Global COVID-19 Antigen Test Market, Regional Analysis
Related Report:
COVID-19 Detection Kits Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
The COVID-19 detection kits market is expected to see exponential growth by 2027 primarily driven by the proliferating demand for COVID-19 testing worldwide. In addition, government mandates requiring COVID-19 negative reports for various purposes, particularly air travel, are also projected to further drive market demand. After the COVID-19 outbreak, there was a booming need for testing across the globe. Moreover, with the emergence of new variants of the novel coronavirus across different regions has facilitated product development to target newly identified viral mutations.
In order to accommodate the mounting demand for COVID-19 testing, industry players and researchers have been focused on making innovative and cost- and time-efficient detection kits for the COVID-19 infection. As a result, growing emphasis on product development is considerably fostering business outlook. For instance, in May 2021, Fujifilm Wako Pure Chemical, a Fujifilm Holdings Corp subsidiary, launched a detection kit capable of identifying COVID-19 variants that were initially identified in California and India. The kit employs a research reagent that can detect the L452R mutation at high sensitivity.
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