According to Future Market Insights (FMI), the demand for COVID-19 testing is expected to reach a valuation of US$ 4,507.8 Mn in the Americas by the end of 2021. The pandemic is spreading on a global scale at a very high pace. It can cause various health concerns including cardiovascular diseases, kidney failure, and more.
To overcome the problems related to COVID-19, it is important to diagnose the ailment at an early stage of infection. According to the World Health Organization (WHO), more than 180 million positive cases of COVID-19 were diagnosed till June 2021. The rate of positive cases can be controlled with early diagnosis and treatment.
SARS-CoV-2 antigen rapid test kits are the most common type of test that accounted for value USD 2,903.0 Mn in 2020. It is widely accepted due to convenience, ease and rapid nature in the diagnosis process.
The demand for point of care testing is increasing due to advantages such as lower time requirements, at home services, and cost effectiveness. These factors are going to bolster the demand for point of care testing during the forecast period. For instance, on 28 July 2020, Roche announced the launch of the SARS-CoV-2 Rapid Antibody Test in collaboration with SD Biosensor Inc.
With the launch of vaccines and development of mass vaccination programs by governments, the number of COVID-19 cases is expected to drop by the end of 2021, however, it is expected that testing will continue even as lockdown in many countries will be lifted. Key players are focused on strengthening their mergers and acquisitions with new discoveries of technologies.
Key Takeaways from COVID-19 Testing Services Market Study
- SARS-CoV-2 antigen rapid test kits are expected to account for over 67% the Americas COVID-19 testing market share by 2031, owing to higher efficacy in diagnostics.
- Hospital pharmacies accounted for more than 32% of the market share in 2021. The soaring influx of patients for treatment and intensive care support has driven growth.
- Canada will reflect relatively steady growth with a 4.8% CAGR, driven by the matured, government funded healthcare system.
- The U.S. will reflect fast growth at a CAGR around 5.7% through 2021-2031. U.S. holds the lead owing to, high healthcare expenditure, and the presence of leading players.
- Brazil is the leading country in Latin America, estimated to account for about 54% of the regional share in 2021, supported by easier access to required technologies.
“The shift in focus from testing to vaccination is expected to hamper market growth in the near future. However, the focus on testing for international travel, frequent testing of medical staff and testing for patients with flu like symptoms are expected to continue aiding market growth,” says the Future Market Insight analyst.
Who is Winning?
The market is set to expand due to frequent mutations in the virus that may lead to further outbreaks. Leading organizations within the market are set to focus on research and development to offer an early and precise diagnosis of the COVID-19, besides offering effective patient care.
Some of the leading players in the Americas COVID-19 testing market include but are not limited to Sky Medical Supplies & Equipment LLC., Sugentech, Inc., Novacyt Group, Aurora Instruments Ltd., PRIMA Lab SA, SD Biosensor, INC., Gold Standard Diagnostics, Eurofins Technologies, Biomerieux SA, and Danaher.
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Future Market Insights brings the comprehensive research report on forecasted revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2031. The global COVID-19 testing market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader. The study provides compelling insights on the COVID-19 testing treatment market on basis of the test type in detail, cover every aspect of the market such as Test type, sample type, distribution channel across North America and Latin America region.
Scope of the Report
|Historical Data Available for||2020|
|Market Analysis||USD Million for Value/ Units for Volume|
|Key Regions Covered||North America, Latin America|
|Key Countries Covered||US, Canada, Germany, Brazil, Mexico, Argentina, and Chile|
|Key Segments Covered||Test Type, Sample Type, Distribution Channel, and Region|
|Key Companies Profiled||Sky Medical Supplies & Equipment LLC.Sugentech, Inc.Novacyt GroupAurora Instruments Ltd.PRIMA Lab SASD Biosensor, INC.Gold Standard DiagnosticsEurofins TechnologiesBiomerieux SADanaher|
|Report Coverage||Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
- How much is the Americas COVID-19 testing market worth?
As per Future Market Insights’, revenue generated from the Americas COVID-19 testing market is estimated to be valued at US$ 4508 Mn in 2021.
- What is the demand outlook of Americas COVID-19 testing?
The market is expected to reach value of US$ 7264 Mn by the end of 2031 with sales revenue expected to increase at a CAGR of 4.9% over the forecast period.
- What are the key trends prevalent in the Americas COVID-19 testing market?
The demand for COVID-19 testing will continue increasing on account of the rise in point-of-care testing settings, increasing awareness in general population, and support from government bodies.
- Which country is driving the demand for COVID-19 testing in the Americas?
The U.S. is driving the demand for COVID-19 testing in the Americas. This is primarily due to the large number of test kits being approved by the FDA during the pandemic.