Market Research Report
COVID-19 Rapid Antigen Test Kits Market - Global Outlook & Forecast 2022-2027
|COVID-19 Rapid Antigen Test Kits Market - Global Outlook & Forecast 2022-2027|
Published: June 20, 2022
Arizton Advisory & Intelligence
Content info: 294 Pages
Delivery time: 1-2 business days
The Global Covid-19 Rapid Antigen test kits market is expected to reach USD 743.07 million by 2027
Antigen tests are commonly used in the diagnosis of pathogens, including influenza viruses and respiratory syncytial viruses. These tests are immunoassays that detect specific viral antigen and confirms the presence or absence of viral infection. Rapid antigen tests are currently authorized to be performed on nasal or nasopharyngeal swab specimens placed directly into the immunoassay's extraction buffer or reagent. The currently available rapid antigen tests include point-of-care (POC) and laboratory-based tests, as well as self-tests performed at home, and they are commercially available to people of any age. A rapid antigen test is one of the widely used diagnostic tests to diagnose COVID-19 presence in an individual with or without symptoms. It offers a faster result and is relatively less expensive than PCR (polymerase chain reaction) or antibody tests.
The global COVID-19 rapid antigen tests market is a new demanding market. The market is growing at a rapid pace due to the COVID-19 pandemic and will become a normal market like other infectious diseases.
The testing plays a significant role in containing and mitigating the pandemic by identifying the infected individual and stopping further person-to-person transmission. Rapid antigen testing is one of the primarily performed COVID-19 tests globally. This diagnosis determines the portion of virus protein and can give results within 15 minutes. Initially, the PCR was considered the gold standard for COVID-19 diagnosis. However, over time, usage of rapid diagnostics kits has increased, and also, the vendors have introduced highly sensitive COVID-19 rapid tests kits.
Benefits of COVID-19 Rapid Antigen Testing
One of the significant advantages of people preferring rapid antigen testing devices is its quick results and more economic ability than other testing devices in the market. The demand for rapid COVID-19 antigen test kits is growing due to their low cost and easy use. The government in many countries is widely making the test kits available at a discounted price, which is one of the major factors boosting the adoption rate of home test kits.
Raise in Infection Spread
Multiple variants of the COVID-19 virus were identified across the globe. Governments started providing authorization for the emergency use of numerous test kits to increase access to COVID-19 tests. Countries such as the US and the UK started providing free home test kits, which has led to the high adoption of home test kits as these devices can be used without professional guidance.
Technological Advancements in COVID-19 Rapid Testing
Vendors designed various new rapid testing kits such as cups and cards and smart test kits, which were more sensitive and provided better results, almost equal to gold-standard PCR testing. There were painless rapid testing kits that used saliva samples. Test kits providing results in a shorter time were also introduced in the market. These advancements drive the usage of rapid testing over other COVID-19 testing kits. For instance, CoviFind COVID-19 Rapid Antigen Self-Test, a non-prescription product manufactured by Meril Diagnostics, an India-based, global medical company, has approval from ICMR for regular use in India self-test and is easily accessible.
Large academic institutes, and companies distributed home test kits at no cost to their stakeholders. This was a precautionary measure and peace of mind for the students and workers, helping people decide on the pandemic. Several steps are taken by the government, corporate companies, and academic institutes to increase the usage of COVID-19 rapid testing kits.
Mass Testing Strategy Among Countries & Robust Fundings for COVID-19 Testing
Robust testing strategies are seen as a significant aspect of preparedness and response to the COVID-19 pandemic, early detection of infection rates, and transmission, among others. Many countries started conducting COVID-19 mass testing strategies to reduce the spread of infections. People traveling from other countries were tested in airports, and migrating within-country required covid-19 certificates. Many were also tested on the spot using rapid test kits to reduce the spread of infections. Many NGOs, large regulatory bodies, and companies started manufacturing the COVID-19 test kits to tap the opportunity in the market. The increased investments made the companies increase their production volume. This, in turn, vastly increased the opportunities for COVID-19 rapid testing in the market.
One of the major limitations of rapid testing is the increased number of false-positive and negative results. There were cases with false-negative and false-positive reports in a set of
COVID-19 test kits. People with COVID-19 symptoms were tested negative and tested positive when checked with alternative COVID-19 testing. These instances reduced the usage of COVID-19 rapid test kits in a few countries. Some countries like China still consider using RT-PCR tests for screening people.
Developed countries like the US, Germany, the UK, France, Italy, Canada, and Spain are conducting many COVID-19 rapid tests through OTC/Home tests and healthcare settings. People in developed countries purchase home testing kits and preserve them for future use. This is not the case in developing countries. Only symptomatic people prefer buying the kits to get tested. This trend differentiates the consumption pattern among the nations. A country like Canada has ordered more rapid test kits than its population count, whereas India has not.
GLOBAL COVID-19 RAPID ANTIGEN TESTING MARKET SHARE ANALYSIS
Europe dominated the COVID-19 rapid testing market by geography segment. However, APAC is expected to grow at a faster rate. Due to the increased adoption of rapid testing and quicker approval of COVID-19 rapid home test kits in Europe, the COVID-19 rapid antigen test kits market in Europe will remain dominant. North America was the second-largest market with faster product approvals, launches, and better distribution of home test kits. The United States launched new initiatives like testing with treatments, which means the treatment is provided as soon as the person is tested positive. These kinds of initiatives will primarily drive the usage of rapid test kits in the US. Hospitals & Clinics were the most significant users in the COVID-19 antigen test market. Mainly professional rapid testing was used in the hospitals & clinics segments. Individual segments had faster Covid-19 antigen test kits market growth rates. The demand for home test kits is increasing, and many companies are investing in manufacturing large volumes as there is a surge for home test kits in the market.
Other Prominent Vendors
Market Segmentation by Prescription
Market Segmentation by End-User
Market Segmentation by Geography
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