The COVID-19 testing market in the Americas is projected to experience steady growth over the next decade, according to recent data. Valued at USD 5.1 billion in 2023, the market is forecasted to expand at a CAGR of 6.7%, reaching an impressive valuation of USD 9.8 billion by 2033. This trajectory underscores the ongoing importance of robust testing mechanisms in managing and monitoring the virus’s impact in the region.
The market’s expansion is driven by the need for continuous COVID-19 diagnostics as part of broader public health strategies. Persistent virus mutations and seasonal outbreaks are prompting governments, healthcare organizations, and individuals to prioritize testing as a key tool in containment efforts. Advancements in testing technologies, including rapid antigen tests and next-generation PCR solutions, are also enhancing market growth by improving accuracy and accessibility.
Additionally, the market benefits from increasing investments in healthcare infrastructure and diagnostic capabilities across the Americas. Countries are strengthening their healthcare systems to ensure preparedness against future pandemics, which includes building capacities for large-scale testing. The rise of at-home testing kits and point-of-care diagnostic solutions further diversifies the testing landscape, catering to changing consumer preferences for convenience and speed.
Key Takeaways:
- Market Growth: Americas COVID-19 testing market to grow from USD 5.1 billion in 2023 to USD 9.8 billion by 2033, driven by a 6.7% CAGR.
- Technological Innovations: Advancements in testing solutions, such as rapid antigen and next-gen PCR tests, are fueling growth.
- Public Health Focus: Persistent virus mutations and seasonal outbreaks highlight the need for ongoing diagnostic efforts.
- Consumer Trends: Increased demand for at-home testing kits and point-of-care diagnostics is reshaping market dynamics.
Competitive Landscape in the Americas COVID-19 Testing Market
Manufacturers in the Americas COVID-19 testing market are primarily aiming at strategic acquisitions, collaborations, and launches of innovative products to cater to the market demand. In addition, production capacity expansion is also likely to gain traction as global demand for testing continues to rise rapidly.
The prominent manufacturers keep their eye on the patient’s requirements to launch better testing equipment during the forecast period. Moreover, prominent vendors are setting goals to fight against several COVID-19 variants. At present, the fast-spreading coronavirus variant in other countries is estimated to raise the production of Americas COVID-19 testing by manufacturers.
Some of the leading companies operating in the market are
- 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
- Danaher
Recent Developments in the Americas COVID-19 Testing Market:
- For instance, Sugentech, Inc. began the distribution of the SGTi-flex COVID-19 IgM/IgG test kit after gaining FDA approval in April 2020.
- In August 2020, Novacyt Group launched Winterplex&trade, a CE-Mark-approved polymerase chain reaction (PCR) respiratory test panel, which is a real-time PCR detection of multiple viruses.
- In May 2020, Biomerieux SA announced the launch of the VIDAS anti-SARS-CoV-2 serology tests, which detect the presence of antibodies in the body for SARS-COV-2. The product has received a CE mark.
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Americas COVID-19 Testing Market by Category
By Test Type:
- SARS-CoV2 IgM/IgG Antibody Rapid Test Kits
- SARS-CoV-2 Antigen Rapid Test Kits
- Multiplex Real-time RT-PCR Assay Kits
By Sample Type:
- Blood
- Nasopharyngeal Swabs
By Distribution Channel:
- Hospital Pharmacies
- Diagnostic Laboratories
- Retail Pharmacies
- Drug Store
- Online Sales Channel
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa (MEA)
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
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