The COVID-19 pandemic significantly impacted the healthcare landscape, and the testing industry experienced a surge in demand. According to a recent market analysis by Future Market Insights (FMI), this trend is expected to continue, with America’s COVID-19 Testing Industry projected to reach US$9.8 billion by 2033. This translates to a robust Compound Annual Growth Rate (CAGR) of 6.7% over the next decade, indicating sustained growth in the market.
The ongoing COVID-19 pandemic has significantly impacted the global healthcare landscape, leading to increased demand for COVID-19 testing. The surge is attributed to the growing number of COVID-19-infected patients, intensified treatment procedures, and continuous research and development activities.
A key driver behind this market growth is the escalating demand for sampling kits and heightened awareness of health concerns. Early detection of COVID-19 symptoms, including cough, mild fever, cold, and body pain, has accelerated the adoption of America’s COVID-19 testing.
The market expansion is further propelled by the rising demand for Nasopharyngeal swab samples due to their high availability. Additionally, the easy availability of COVID-19 self-testing kits for home use is driving the adoption of online purchasing through e-commerce platforms.
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Scope of Online Sales Channel in the Market?
In the last few years, the adoption of online sales channels among the end-users has increased the market expansion. As a result, based on the distribution channel, the online sales channel leads the global market by securing a higher CAGR during the forecast period.
The online sales channel provides certain discounts, coupons, and product offers that will likely attract consumers’ attention and increase market opportunities during the forecast period. In addition, the high acceptance and convenience of end-users primarily increase the adoption of online sales channels due to home delivery and reduced costs.
Top Countries Performance in the America’s COVID-19 Testing Industry
The U.S. market secures a CAGR of 6.5% with a valuation of 3.5 Bn during the forecast period. Technological advancement, innovative products, and license agreements are driving the U.S. America’s COVID-19 testing market size. As a result, the prominent players are making strategies and implementing plans that are driving market expansion.
On the other hand, the U.K. is smoothly capturing a CAGR of 5.8% during the forecast period. Government regulations, high technology, new policies, and essential players are expanding the U.K. Americas COVID-19 testing market opportunities.
In addition, the growing healthcare sector, laboratories, and clinics are uplifting market growth. As a result, the U.S. is estimated to hold a valuation of US$ 412.4 Bn during the forecast period.
America’s COVID-19 Testing Industry Key Takeaways:
- America’s COVID-19 Testing Industry is expected to have a valuation of US$ 9.8 Bn by 2033.
- With a CAGR of 6.7%, the global market is increasing during the forecast period.
- The market in the United States is anticipated to grow at a CAGR of 6.5% through 2033.
- With a CAGR of 5.8%, the UK market significantly uplifts during the forecast period.
- The China market is expected to grow at a CAGR of 6.2% over the forecast period.
Who is Winning?
The market is consolidated by the number of present players globally during the forecast period. The players are innovating and launching new testing equipment to detect COVID-19 infection. These players are capturing end-users’ attention by providing advanced testing equipment.
Prominent vendors are growing the market by adopting several marketing tactics such as mergers, acquisitions, partnerships, collaborations, and agreements.
Some of the Leading Companies Operating in the Americas COVID-19 Testing Industry 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 America’s COVID-19 Testing Industry:
- In Dec 2021, Trusted Laboratory DIPM announced that the FDA approved a COVID-19 emergency RT-PCR test that would detect omicron variants.
- In Oct 2021, PerkinElmer Inc. announced the authorization of Respiratory SARS-CoV-2 RT-PCR issued by the U.S. FDA.
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America’s COVID-19 Testing Industry 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
Author
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 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)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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