Chicago, June 16, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the global COVID-19 rapid antigen tests market is witnessing robust funding and investments to scale up COVID-19 rapid antigen tests. At-home COVID-19 rapid antigen tests are expected to increase as many companies have been coming up with a greater number of at-home COVID-19 rapid antigen tests with increasing launches and approvals by the FDA in recent times. Currently, at-home COVID-19 rapid antigen tests are trending in many developed countries and have also been made freely available, whereas, in developing countries, they have received increased approval on prescription.
COVID-19 Rapid Antigen Tests Kits Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $743 MILLION | |
| CAGR | (26.33%) | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Prescription, End-User, and Geography | |
| GEOGRAPHIC ANALYSIS | Europe, North America, APAC, Middle East & Africa, and Latin America | |
| COUNTRIES COVERED | UK, France, Russia, Italy, Spain, Germany, Netherland, Poland, US, Canada, India, Australia, South Korea, Malaysia, China, Philippines, Japan, Turkey, Saudi Arabia, South Africa, Iran, Brazil, Mexico, Argentina, Peru, Columbia, and Chile | |
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The global COVID-19 rapid antigen test kits market is growing at a rapid pace due to the COVID-19 pandemic and will soon turn into a normal market. The number of checked COVID-19 cases has crossed millions across the globe. Each country has its own challenges in controlling the spread of COVID-19 cases across the globe.
The latest development in rapid antigen test kits includes instant testing at home. For instance, there are many vendors who have actively been manufacturing and selling home self-test kits, which is helping to control the large pool of patients going to hospitals and clinics to get tested. ANP Technologies, BD, BioSynex, Getein Biotech, Hangzhou Clongene Biotech, Abbott, and Mylab have been offering self-test home kits.
Key Highlights
- Professional COVID-19 rapid antigen kits dominated the prescription segment with the highest market share of 86.5% in 2021 because the governments have permitted the use of only professional COVID-19 rapid antigen kits in several diagnostic centers.
- Hospitals and Clinics dominated the end-user segment as they are the first point of contact for diagnosis. Most hospitals and clinics have procured the COVID-19 rapid antigen test kits highly due to the surge in the COVID-19 cases.
- Europe dominated the market due to the growing investments in research and developments of rapid COVID-19 antigen test kits and the presence of the key players in the region.
- APAC is anticipated to exhibit the highest CAGR during the forecast period. Rising cases of COVID-19 are supporting the growing demand for COVID-19 rapid antigen test kits and increasing approval of COVID-19 rapid antigen kits is driving the growth of COVID-19 rapid antigen test kits in the region.
- Major players are focusing on inorganic growth as a strategy to expand their business to increase their market share and presence.
Market Segmentation
Prescription
- Professional
- At-Home/OTC
End-User
- Hospitals & Clinics
- Laboratories
- Individuals/Homecare
- Others
Geography
- Europe
- UK
- France
- Russia
- Italy
- Spain
- Germany
- Netherland
- Poland
- North America
- US
- Canada
- APAC
- India
- Australia
- South Korea
- Malaysia
- China
- Philippines
- Japan
- Middle East & Africa
- Turkey
- Saudi Arabia
- South Africa
- Iran
- Latin America
- Brazil
- Mexico
- Argentina
- Peru
- Columbia
- Chile
Robust Funding and Investments to Scale-up COVID-19 Test Kit Production
In September 2020, with the aim of scaling up the production of rapid antigen tests, the Global Fund, (an international financing and partnership organization to finance or fund AIDS, tuberculosis, and malaria prevention) announced that it has made available an initial $50 million from its COVID-19 response mechanism to enable countries to purchase at least 10 million new rapid tests at the guaranteed price.
COVID-19 Rapid Antigen Tests Kits Market – Vendor Analysis
Key Vendors
- Abbott
- BD
- F. Hoffmann-La Roche
- Thermo Fisher Scientific
- Bio-Rad Laboratories
Other Prominent Vendors
- AccuBioTech
- AIVD Biotech
- AMEDA LABORDIAGNOSTIK
- ANP Technologies
- Angstrom Biotech
- ARISTA Biotech
- Assure Tech (Hangzhou)
- Biolidics
- BioMaxima SA
- Biopanda Reagents
- Biosynex
- BIOHIT Healthcare
- BioSpeedia
- BioMedomics
- BioTeke
- BTNX
- CTK Biotech
- CERTEST BIOTEC
- Celltrion
- Chembio Diagnostics
- Ellume
- Empowered Diagnostics
- FUJIFILM
- GUANGZHOU DECHENG BIOTECHNOLOGY
- Getein Biotech
- GenBody
- Hangzhou Alltest Biotech
- Hangzhou Clongene Biotech
- Healgen Scientific
- Wondfo
- KH Medical
- Lepu Medical Technology
- LumiraDx
- Mylab Discovery Solutions
- Meril Life Sciences
- Medicofarma
- nal von minden
- OraSure Technologies
- PerkinElmer
- Quidel
- Siemens Healthineers
- SD Biosensor
- Tianjin Era Biology Technology
- Xiamen Boson Biotech
- Zhejiang Orient Gene Biotech
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