Americas COVID-19 Testing Market to Grow by 1.61X its Current Valuation, Surpassing US$ 7.2 Bn in 2031: Future Market Insights

As per Future Market Insights analysis, COVID-19 Testing Market to Gain Traction in the Americas amid increasing awareness among common people and support from government bodies. The report overs a holistic overview, covering factors enabling growth across key segments in terms of test type, sample type, and distribution channel.

DUBAI, UAE, Aug. 3, 2021 /PRNewswire/ -- The Americas COVID-19 testing market revenue is forecast to grow by 4.9% CAGR, surpassing a valuation of US$ 7.2 Bn by the end of 2031, finds ESOMAR-certified consulting firm Future Market Insights (FMI).

Early diagnosis is essential to provide timely treatment that can aid improved patient care. Rapid test kits are developed to detect the presence of virus at an early stage, making it easier to diagnose COVID-19 infection. Low cost and availability of nasopharyngeal swab samples have made them very popular in low and middle income countries of Latin America.

The World Health Organization (WHO) reported that more than 34 million COVID-19 positive cases are diagnosed in U.S. as of July 2021. The spread of the infection can be controlled by early diagnosis and treatment. The easy to use features of SARS-CoV-2 antigen rapid test kits will increase the demand of these test kits over the assessment period.

Point-of-care testing is gaining traction owing to its quick testing and convenient at home services. These factors are expected to boost the demand for point of care testing during the forecast period.

However, the demand for the Americas COVID-19 testing kits is expected to decline by the end of 2021 due to the development and launch of vaccines and initiation of vaccination drives by the government. However with frequent mutations and emergence of new strains of virus, the testing is expected to continue over the coming years.

"Government rules, mandating COVID-19 testing before international travel and frequent testing for frontline workers and doctors will boost the demand in the Americas COVID-19 testing kits market over the forecast period," says the FMI analyst

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Key Takeaways

• The U.S. market is expected to expand at 5.7% CAGR during the forecast period 2021-2031. The growth can be attributed to high healthcare expenditure, establishment of modern healthcare infrastructure, and presence of leading market players in the country.
• Vigilant government policies to tackle the viral outbreak and easy access to modern technologies will create lucrative opportunities for market growth in Brazil.
• Canada is expected to offer remarkable growth opportunities for COVID-19 testing market and is expected to grow at 4.8% CAGR till 2031. Presence of government funded healthcare system and favorable reimbursement policies in Canada will drive the market.
• Nasopharyngeal swabs are gaining traction for their low cost, ease of application and minimal discomfort. The segment will hold around 87% market share by the end of 2021.
• Online sales channel are forecast to grow at 6.8% CAGR over the assessment period due to high convenience through home delivery and thriving online sales.
• Increasing burden on healthcare system due to rise in number of patients seeking treatment and life support system in hospitals will increase the demand for COVID-19 testing kits in hospital pharmacies in North America and Latin America.

Competitive Landscape

Rising severity of COVID-19 due to frequent mutation of virus is prompting the market players to do research and develop new testing kits which will offer early and precise diagnosis of the COVID-19 and effective patient care, says Future Market Insights.

Strategic merger and acquisition and new product launches are on the cards to cater to rising demand. Rapid spreading of the virus in the world will encourage market players to expand their production capacity to cater to the rising demand for testing.

For instance,

• In June 2021, Novacyt Group launched two PathFlow COVID-19 antigen lateral flow tests (LFTs) in order to explore new opportunities in point-of-care (POC) settings and strengthen its COVID-19 test kit portfolio.
• Biomerieux SA recently launched VIDAS anti-SARS-CoV-2 serology tests which is CE mark certified and can detect the presence of antibodies for SARS-COV-2.

Some of the leading companies operating in the Americas COVID-19 testing 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

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More Insights on the Americas COVID-19 testing Market

Future Market Insights, in its new offering, provides an unbiased analysis of the Americas COVID-19 testing market, presenting historical demand data and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the Americas COVID-19 testing market with a detailed segmentation on the basis of

Test 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

 Key Questions Covered in the Report

• The report offers detailed insights into Americas COVID-19 testing market demand outlook for 2021-2031
• The market study also highlights projected sales growth for Americas COVID-19 testing market between 2021 and 2031
• Americas COVID-19 testing market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Americas COVID-19 testing market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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SOURCE Future Market Insights