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.
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.
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.
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.
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