Americas COVID-19 testing market valuation is at USD 5.1 billion in 2023 and is likely to be valued at USD 9.8 billion by 2033. The sales of Americas COVID-19 testing are expected to rise at a CAGR of 6.7% during the forecast period.
Detection of Early Virus Increase the Adoption of Americas COVID-19 Testing
The outbreak of COVID-19 waves rapidly spread all around the globe with a high risk of morbidity is estimated to raise the demand for Americas COVID-19 testing.
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The rising risk of diagnostic problems in testing is limiting the market growth. In addition, several complications in testing equipment are slowing down the market size.
Launching vaccine doses to control COVID-19 cases may restrain the market growth. In addition, the unavailability of COVID-19 testing may limit the market's growth.
The outbreak of the COVID-19 virus has destroyed human life in the last three years. However, the front-line workers and healthcare experts continue to work overtime to detect diseases and provide vaccination doses, which are rapidly growing market opportunities.
In a report by the WHO, in Mar 2020, in the global market, death rates rose up to 18,000. Therefore, normalizing the situation and treating patients are estimated to increase the demand for Americas COVID-19 testing.
Manufacturers are developing diagnostic kits to reduce the spread of the COVID-19 virus from one person to another. The Drug Controller of India approved Diagnostic Kit for doctors to treat COVID-19 patients in recent times.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6.7% |
| Market Valuation (2023) | USD 5.1 billion |
| Market Valuation (2033) | USD 9.8 billion |
Principal Consultant
According to Future Market Insights (FMI), the sales of Americas COVID-19 testing kits are expected to grow at a CAGR of 6.7% during the forecast period. The SARS-Cov-2 virus is highly infectious and can spread at a very high rate. It can cause health concerns such as mild fever, cough, cold, and body aches. If left unchecked, it might even prove fatal.
To detect the virus early and to reduce its spread, it is essential to diagnose the presence of infection in the human body. Furthermore, early detection aids in timely treatment that can help control symptoms and offer better patient care. Therefore, the market grew at a CAGR of 8.4% from 2017 to 2022.
Short Term (2022 to 2025): The rising demand for Americas COVID-19 testing to detect the virus among patients drives the market growth.
Medium Term (2025 to 2028): The rising awareness of health concerns and symptoms is increasing the adoption of Americas COVID-19 testing.
Long Term (2028 to 2032): Sales from eCommerce channels to drive the market during the forecast period.
The market is estimated to reach USD 9.8 billion during the forecast period. In the historical period, the market stood at a valuation of USD 4.8 billion from 2017 to 2022.
| Segments | Test Type |
|---|---|
| Top Category | SARS-CoV2 IgM/IgG Antibody Rapid Test Kits |
| Historic CAGR | 8.2% |
| Forecast CAGR | 6.0% |
| Segments | Sample Type |
|---|---|
| Top Category | Blood |
| Historic CAGR | 7.9% |
| Forecast CAGR | 5.6% |
Based on test type, the market is categorized into SARS-CoV2 IgM/IgG Antibody Rapid Test Kits, SARS-CoV-2 Antigen Rapid Test Kits, and Multiplex Real-time RT-PCR Assay Kits. SARS-CoV-2 IgM/IgG Antibody rapid test kits have a higher potential for growth in the coming years. As a result, the segment is estimated to capture a high CAGR of 6.0% during the forecast period.
Preference for antibody rapid testing kits among healthcare providers promotes the growth of this segment in the long term. Adopting SARS-CoV-2 IgM/IgG Antibody rapid test kits to screen and detect patients' COVID-19 infections is driving market share. As a result, the category secured a CAGR of 8.2% in the historical period from 2017 to 2022.
The global market is categorized into the blood and nasopharyngeal swabs based on sample type. The blood sample type category dominates the global market by securing a CAGR of 5.6% during the forecast period. Furthermore, collecting blood samples to detect patients' health and bringing out plasma therapy to treat patients significantly increase the demand for blood samples. As a result, the category secured a CAGR of 7.9% in the historical period from 2017 to 2022.
Despite hospital pharmacies leading the market, online sales channels are expected to experience significant growth in the Americas COVID-19 testing market. The online sales channels contribute a CAGR of 6.8% for the duration of the forecast period. The primarily attributed to higher acceptance of online sales and convenience to users along with discounts and offers reducing costs through home deliveries.
Top Countries Data Table Mentioned Below:
| Country | USA |
|---|---|
| CAGR (2017 to 2022) | 8.1% |
| CAGR (2023 to 2023) | 6.5% |
| Valuation (2023 to 2033) | 3.5 billion |
| Country | United Kingdom |
|---|---|
| CAGR (2017 to 2022) | 7.1% |
| CAGR (2023 to 2023) | 5.8% |
| Valuation (2023 to 2033) | 412.4 million |
| Country | China |
|---|---|
| CAGR (2017 to 2022) | 7.7% |
| CAGR (2023 to 2023) | 6.2% |
| Valuation (2023 to 2033) | 703.2 million |
| Country | Japan |
|---|---|
| CAGR (2017 to 2022) | 6.6% |
| CAGR (2023 to 2023) | 5.3% |
| Valuation (2023 to 2033) | 574.8 million |
| Country | South Korea |
|---|---|
| CAGR (2017 to 2022) | 5.3% |
| CAGR (2023 to 2023) | 4.5% |
| Valuation (2023 to 2033) | 338.1 million |
During the forecast period, the USA is securing a CAGR of 6.5% with a valuation of USD 3.5 billion. Research collaborations and license agreements for healthcare products lead the USA market. Recent technological advancements will create opportunities for the development of innovative products. Key players are currently focusing on strategies, including acquisitions and mergers, in addition to new product launches in the region.
For instance, in June 2020, the Novacyt Group announced the launch of three products for Americas COVID-19 testing market. The products are Exsig™ Direct, Exsig™ Mag, i.e. RNA extraction kits, and COVID-HT test, i.e. a high-throughput test for COVID-19.
These products are going to support the COVID-19 diagnosis segment of the company. As a result, the USA market secured a CAGR of 8.1% in the historical period from 2017 to 2022.
The United Kingdom market is estimated to secure a CAGR of 5.8% with a valuation of USD 412.4 million during the forecast period. The rising prevalence of COVID-19 infections and technological advancements in the healthcare sector are key factors that propel the United Kingdom COVID-19 testing market.
Besides this, favorable reimbursement policies of the United Kingdom government continue to create opportunities for market growth during the forecast period. As a result, the United Kingdom market secured a CAGR of 7.1% in the historical period from 2017 to 2022.
China is contributing a CAGR of 6.2% with a valuation of USD 703.2 million in the global market through the forecast period. Key players in the country mainly focus on expanding their market presence in the Americas. Steps taken by the government in China to contain the virus have been a key growth enabler.
The World Health Organization (WHO) announced the novel coronavirus outbreak as a public health emergency; China actively readied for the pandemic. The Ministry of Health in the country established an Emergency Operations Centre (COE) to prepare the healthcare system to respond actively to a medical emergency.
Substantial progress in actions taken to contain the unprecedented outbreak created attractive prospects for the COVID-19 testing market in the country. The China market secured a CAGR of 7.7% in the historical period from 2017 to 2022.
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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
Recent Developments in the Americas COVID-19 Testing Market:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa |
| Key Segments Covered | Test Type, Sample Type, Distribution Channel, Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
SARS-CoV-2 IgM/IgG antibody rapid test kits was the widely popular COVID-19 test type.
The United States market recorded a CAGR of 8.1% in 2022.
The market recorded a CAGR of 7.1% in 2022.
The market recorded a CAGR of 7.7% in 2022.
Sky Medical Supplies & Equipment LLC., Sugentech, Inc., and Novacyt Group are key Americas COVID-19 testing market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Market Analysis 2017 to 2022 and Forecast, 2023 to 2033 5. Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Test Type 5.1. SARS-CoV-2 IgM/IgG Antibody Rapid Test Kits 5.2. SARS-CoV-2 Antigen Rapid Test Kits 5.3. Multiplex Real-Time RT-PCR Assay Kits 6. Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Sample Type 6.1. Blood 6.2. Nasopharyngeal Swabs 7. Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Distribution Channel 7.1. Hospital Pharmacies 7.2. Diagnostic Laboratories 7.3. Retail Pharmacies 7.4. Drug Store 7.5. Online Sales Channels 8. Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 9. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Country 11. Key Countries Market Analysis 12. Market Structure Analysis 13. Competition Analysis 13.1. Sky Medical Supplies & Equipment LLC. 13.2. Sugentech, Inc. 13.3. Novacyt Group 13.4. Aurora Instruments Ltd. 13.5. PRIMA Lab SA 13.6. SD Biosensor, INC. 13.7. Gold Standard Diagnostics 13.8. Eurofins Technologies 13.9. Biomerieux SA 13.10. Danaher 14. Assumptions & Acronyms Used 15. Research Methodology
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Americas COVID-19 Testing Market
