Global COVID-19 Antigen Test Market: Overview
Evolution of new strains of the SARS-CoV-2 virus along with increasing spikes in the instances of new COVID-19 infections are stimulating the demand in the global COVID-19 antigen test market over the forecast period. The research report presents a holistic overview of the various essential components that can promote growth in the global COVID-19 antigen test market during the forecast period of 2021 to 2031. It sheds light on important trends as well as significant developments in the global COVID-19 antigen test market during the analysis period and projects the future trajectory of the industry during assessment period of 2021 to 2031. It also features valuable information regarding the key segments in global COVID-19 antigen test market along with their individual performance potential during the forecast period of 2021 to 2031.
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Global COVID-19 Antigen Test Market: Key Trends and Drivers
Products in the global COVID-19 antigen test market are expected to gain traction during the forecast period owing to their benefits such as shorter test to result timeline, as well as their patient friendly and easy to use nature. Furthermore, scalability and timeline challenges regarding the PCR testing for SARS-CoV-2 virus are among the major factors resulting in increased uptake of the products in the global COVID-19 antigen test market. Moreover, emergence of several COVID-19 variants in countries such as Brazil, the United Kingdom, and South Africa have intensified the requirement for enhanced and rapid testing products in the global COVID-19 antigen test market. Increasing concerns over the frequency as well as spreading of these variants are also anticipated to favour the expansion of the global COVID-19 antigen test market over the forecast period. Furthermore, increase in demand for low cost rapid test kits to conduct large scale testing in order to control the spike in the growing incidence of COVID-19 cases in various underdeveloped economies is also expected to favour the expansion of the global COVID-19 antigen test market in coming years.
Global COVID-19 Antigen Test Market: Key Players and Manufacturers
Few of the leading players functional within the global COVID-19 antigen test market include Abbott Laboratories, Mylab Discovery Solutions Pvt. Ltd., F. Hoffmann La Roche AG, ADS Biotech Inc., PerkinElmer, Inc., Becton, Dickinson and Company, Quidel Corporation, SD Biosensor, Inc., GenBody, Inc., Access Bio., Inc., Princeton bioMediTech Corporation, Diasorin S.p.A., and Laboratory Corporation of America. Rising number of product approvals as well as emergency use authorizations by regulatory bodies coupled with various technological collaborations between several operating entities are key factors expected to intensify the competitive landscape of the global COVID-19 antigen test market in coming years. For example, the FDA of the United States granted emergency use authorization or EUA for InteliSwab SARS-CoV-2 rapid antigen tests by OraSure technologies, Inc. in June of 2021. Rising approvals such as these are anticipated to fuel the demand and favour the growth of the global COVID-19 antigen test market over the forecast period.
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Global COVID-19 Antigen Test Market: Regional Assessment
Regionally, Asia Pacific is anticipated to account for the largest share in the global COVID-19 antigen test market in terms of revenue over the forecast period. Key factors influencing this trend are strong presence of various regional and local players that are actively innovating newer antigen tests as well as introduction of various new products by several up and coming start-ups in the region. For example, an Indian company called Mylab Discovery Solutions Ltd. Received an approval from Indian Council of Medical Research or ICMR for their new rapid antigen test kits. Developments like these are anticipated to favour the growth of the Asia Pacific COVID-19 antigen test market over the forecast period.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.