As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
The North America COVID-19 diagnostics market is anticipated to rise significantly in the forecast period owing to the high demand for testing, especially in countries like the United States of America. The market will further be aided by the growing need for curbing the spread of the virus. For that, the travelers entering the country, or citizens travelling within the country are required to undergo diagnostic tests. This factor has been contributing to the growth of the North America COVID-19 diagnostics industry. However, the development of antibodies is likely to mitigate the market growth, but in the short-term, the market is anticipated to rise significantly.
The demand for COVID-19 diagnostic kits is likely to grow considerably in the forecast period owing to the rising number of cases post ease of lockdown. The surge in cases has resulted in increased demand for COVID-19 testing on a large scale, further compelling manufacturers to produce better diagnostic and testing solutions. This is anticipated to further bolster the market growth.
The United States of America accounts for a significant share in the COVID-19 diagnostics industry in North America. This can be attributed to the increasing number of COVID-19 cases and the presence of key COVID-19 testing kit manufacturers in the country. The country’s reimbursement policies, people’s inclination towards diagnostic kits, growing R&D activities, and the presence of efficient regulatory body such as FDA in the U.S, which is responsible for granting emergency use authorisation (EAU) to COVID-19 test kits meeting the required standards, are some of the factors which are likely to foster the growth of the market in the region. In March 2020, Abbott Laboratories (NYSE: ABT), one of the leading players in the industry, announced to receive the FDA’s approval for emergency use authorisation (EUA) of its molecular test for identifying SARS-CoV-2, which will be used on company’s m2000 RealTime system available in the U.S. hospitals and molecular labs. Such innovations by other players, including Becton, Dickinson and Company (NYSE: BDX) and Thermo Fisher Scientific Inc. (NYSE: TMO) have contributed to the growth of the market.
Market Breakup by Test Type, Product, Sample Type, Business Mode, End Use, and Region:
Key Findings of the Report:
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The major players in the North America COVID-19 diagnostics market are Abbott Laboratories, Becton, Dickinson and Company, LuminUltra Technologies Ltd., Co-Diagnostics, Inc, CTK Biotech, Inc., and Thermo Fisher Scientific, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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