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Rapid COVID-19 Antigen Testing Kits Market: Funding and Investments to Scale Up in the Next Five Years| Arizton

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The number of confirmed COVID-19 cases has crossed millions across the globe. Each country has its own challenge to control the spread of COVID-19 cases around the world. The Rapid COVID-19 Antigen Testing kits market is a new and exciting business globally. Due to the large number of Rapid COVID-19 Antigen Tests approved by the FDA in healthcare settings, the testing kits for professional use dominate the market.

In recent years, the rising trend of at-home Rapid COVID-19 antigen testing has been gaining traction. As many companies are coming up with advanced at-home Rapid COVID-19 antigen testing kits with increasing launches and approvals by FDA, it is fueling the growth of the global COVID-19 Rapid antigen testing kits market. At-home Rapid COVID-19 antigen testing kits are trending in many developed countries and are available at free of cost. In many countries, these kits have gotten increased approval for prescription, which in turn, is creating enormous growth opportunities for the market players.

Rapid COVID-19 Antigen Testing Kits Market - Funding And Investments to Scale Up

Foundation for Innovative New Diagnostics (FIND) and WHO are working together to accelerate appropriate use by supporting research that will optimize rapid COVID-19 antigen testing kits use in multiple low- and middle-income countries, in line with WHO guidance.

NIH Rapid Acceleration of Diagnostics (RADx) Initiative aimed to accelerate the innovation in the development and commercialization of diagnostic tests. RADx Tech and RADx Advanced Technology Platform (AATP), are the two programs that support the development of point of care and at-home tests to increase the testing capacity in the United States. NIH is funding other several projects with several manufacturers to develop or scale up the rapid antigen test for COVID-19 for both OTC and point of care (POC) use.

More than 300 million at-home, quick tests were available in the United States market in December 2021. An increasing number of testing options available, including at-home, fast tests, The Defense Production Act, industry mobilization, and advance purchase commitments have all been employed by the administration. It contains $3 billion in advance purchase contracts, allowing domestic firms to expand their workforce and accelerate their production schedules.

According to Arizton's market research report, the global rapid COVID-19 antigen testing market value is expected to be USD 743.07 million by 2027.

Read More About the Rapid COVID-19 Antigen Testing Kits Market Report 

The rapid COVID-19 antigen testing kit market in Europe was valued at USD 2.6 Billion in 2021.

  • In Europe, manufacturers are actively developing home-test rapid antigen testing kits. In Russia, RAPIDgen SARS-CoV-2 antigen test sold by BATM Advanced Communications was the first self-test kit to be approved by the Russian public health authorities on December 16, 2021.
  • Several European countries have increased access to rapid antigen tests and have been providing free rapid antigen tests, thus fueling the growth of rapid antigen tests across Europe. For instance, the UK government has been offering 7 tests/day for those who are unable to get from work or school and has recommended testing twice weekly.

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Some of the Key Vendor's Development

  • The rapid COVID-19 antigen testing kits market is dominated by Abbott. Abbott has been a key player in COVID-19 testing around the world, particularly in the United States. Abbott is continuing to increase COVID-19 quick antigen test output across its five platforms and ship to additional clients in the US, assisting thousands more healthcare practitioners.
  • BD (Becton Dickinson) is one of the world's major medical technology firms, specializing in the development and distribution of COVID-19 rapid antigen testing. The company has a global presence and collaborates with organizations all around the world. The business operates in the ever complex and difficult medical technology sector.
  • Thermo Fisher Scientific is a diversified company for COVID-19 rapid antigen test kits. The Rapid COVID-19 Antigen Tests are part of the Biosciences division. The company has reduced its scale and depth of manufacturing capabilities while also partnering with researchers and the government to broaden its product portfolio and develop more innovative items.

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