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North America COVID-19 Diagnostics Market to Witness a Considerable Growth During 2021-2026, Aided by the Growing Technological Advancements and Innovation

According to a new report by EMR titled, ‘North America COVID-19 Diagnostics Market Report and Forecast 2021-2026’, the market is being supported by the increasing cases of COVID-19 infections in the United States of America, which has performed nearly 390 million tests for COVID-19 as of March 2021.

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 Model, End Use, and Region:

  • Based on test type, the market is segmented into PCR test, antigen test, and antibody test, among others.
  • The market, on the basis of product, is divided into RT-PCR assay kits, immunoassay test strips, and others. 
  • The significant sample types in the industry include nasopharyngeal swab, oropharyngeal (OP) swab, nasal swab, and blood test, among others. 
  • On the basis of business model, the market can be segmented into point-of-care (POC) testing and non-point-of-care (POC) testing.
  • The major end-use sectors of the product include hospitals, diagnostic centres and clinics, and laboratories, among others.

Key Findings of the Report:

  • The COVID-19 diagnostics industry in North America is being driven by the growing high number of COVID-19 cases, especially in countries like United States of America and Canada.
  • The reimbursement policies offered by the government, along with the growing inclination of population towards testing kits, is likely to aid the market growth in the forecast period. 
  • The growth of the travel industry, both domestic and international, and high rate of migration will further augment the market growth. 
  • The growing R&D activities by the leading players are expected to further boost the industry growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the North America COVID-19 diagnostics industry for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the test types, products, sample types, business models, end uses, and regions of COVID-19 diagnostics in North America. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at these vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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