The Americas COVID-19 testing market is currently valued at approximately USD 5.1 billion in 2023 and is expected to grow significantly, reaching an estimated USD 9.8 billion by 2033. This represents a robust compound annual growth rate (CAGR) of 6.7% throughout the forecast period.
As the world continues to navigate the impacts of the COVID-19 pandemic, the demand for testing solutions remains critical. The increase in testing capacity and the ongoing need for reliable diagnostic tools are key factors driving the growth of the COVID-19 testing market in the Americas.
Key Drivers of Market Growth:
- Rising Testing Demand: With the persistence of COVID-19 variants and the importance of early detection in managing outbreaks, the demand for COVID-19 testing is expected to remain high.
- Technological Advancements: Innovations in testing technologies, including rapid testing kits and molecular diagnostics, are enhancing the speed and accuracy of COVID-19 testing, further contributing to market growth.
- Government Initiatives: Continued government support and initiatives aimed at increasing testing capacity and accessibility are expected to bolster the market.
- Public Awareness: Heightened public awareness regarding COVID-19 testing and its role in controlling the spread of the virus is leading to increased utilization of testing services.
The Americas COVID-19 testing market presents significant opportunities for stakeholders, including manufacturers, healthcare providers, and investors, as it continues to evolve in response to the ongoing public health needs.
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.
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.
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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.
Americas COVID-19 testing Market by CategoryTest Type:
- SARS-CoV-2 IgM/IgG Antibody Rapid Test Kits
- SARS-CoV-2 Antigen Rapid Test Kits
- Multiplex Real-Time RT-PCR Assay Kits
Sample Type:
- Blood
- Nasopharyngeal Swabs
Distribution Channel:
- Hospital Pharmacies
- Diagnostic Laboratories
- Retail Pharmacies
- Drug Store
- Online Sales Channels
Region:
- North America
- Latin America
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