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The North America - Coronavirus Test Kits Market size is estimated to decline at a CAGR of 23.81% between 2022 and 2027. The market size is forecast to decrease by USD -8.77 billion. The growth of the market depends on several factors that play a crucial role in the market's growth, such as the rising adoption of rapid coronavirus test kits, the fastrack approval of coronavirus diagnostic kits,, and government initiatives to boost sales of coronavirus test kits.
This North America Coronavirus Test Kits Market report extensively covers market segmentation by end-user (government and non-government) and type (rapid test kit, rt-PCR, and others). The report also covers an in-depth analysis of drivers, trends, and challenges.
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The rising adoption of rapid coronavirus test kits is notably driving the market growth. Most countries across North America have reported saturation of their healthcare systems in the last five years due to the high patient loads requiring intensive care. To address this situation and ensure timely diagnosis, governments in various countries focused on increasing their mass testing capabilities by making home testing kits available. For instance, in May 2022, more than 70 million test kit packages had been shipped to households across the US. The home test involves pricking a finger to produce a drop of blood. The test detects the presence of IgM, an antibody that arises very early in the infection, and IgG. The finger-prick test produces results in 10-15 minutes, which can assist doctors and nurses who have symptoms to test themselves.
In addition, an increasing number of manufacturers and researchers are offering low-cost and rapid tests based on immunoassays and molecular diagnostics. Furthermore, the high adoption of such test products ensures fast test results and timely treatment, thus reducing the load on testing centers which ultimately leads to the North America coronavirus test kits market expansion. Thus, the rising launch and the adoption of rapid diagnostic coronavirus testing kits will drive the growth of the market in focus during the forecast period.
The launch of new COVID-19 test kits is an emerging trend shaping the market growth. Research studies pertaining to COVID-19 are increasing. These studies are mainly focused on finding vaccines against the novel coronavirus. In addition, product visibility and quality have an important role in the sales of coronavirus test kits and the North America coronavirus test kits market growth. Vendors are promoting the use of test kits through their websites and awareness programs. Several research organizations across the region are researching and developing tool kits for testing multiple samples at a time using a single kit. They are also increasing awareness about the early detection of COVID-19. As product enhancement continues in the market, vendors are beginning to realize the importance of the test kit and launch test kits with enhanced functionality, such as multiple-time test kits.
For instance, in some recent product launches such as in September 2021, Thermo Fisher Scientific launched a new COVID-19 test kit. By detecting the presence of any one of eight SARS-CoV-2 gene targets, the new kit has been modified to allow for the identification of active SARS-CoV-2. By examining numerous genes, it aids in providing reliable results, even for present and potential COVID-19 virus mutations. Thus, the increasing launch of new COVID-19 test kits will spur the growth of the coronavirus test kits market in North America during the forecast period.
Inaccuracy associated with rapid diagnostic tests is a significant challenge hindering market growth. Financial inconsistency and inaccuracy associated with rapid diagnostic test results are likely to hamper the adoption of POC coronavirus test kits by end-users. The adoption of rapid diagnostic products has increased as they provide rapid test results. However, inaccurate test results (false-negative and false-positive results) may lead to misdiagnosis and wrong treatment, which, in turn, may limit the uptake of coronavirus test kits required for rapid diagnostic purposes. POC molecular diagnostics are highly sensitive products and require skilled laboratory professionals to conduct the tests.
Moreover, the inaccuracy associated with the testing of COVID-19 with rapid test kits impeded the growth of the North America coronavirus test kits market in 2020. Some manufacturers developed COVID-19 test kits, which are inaccurate and inefficient. Thus, inaccuracy associated with diagnostic kits is likely to impede the growth of the coronavirus test kits market in North America during the forecast period.
The government segment is estimated to witness significant growth during the forecast period. Governments at various levels, including federal, state, and municipal, are key consumers of coronavirus test kits for public health purposes. Governments at all levels have implemented testing programs and have taken several initiatives to monitor and control the spread of COVID-19.
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These programs involve massive testing campaigns, both for symptomatic and asymptomatic individuals. One such initiative is that the White House introduced COVIDTests.gov in January 2022, which allowed all American households to buy free at-home test kits from the federal government, which were then delivered by the US Postal Service. As a result, governments require a substantial number of test kits to meet the growing demand for coronavirus test kits, driving the growth of the market in focus during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Abbott Laboratories - The company offers coronavirus test kits such as Panbio COVID-19 Ag Rapid Test Device that contains a membrane strip, which is pre-coated with immobilized anti-SARS-CoV-2 antibody on the test line and mouse monoclonal anti-chicken IgY on the control line
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The North America Coronavirus Test Kits Market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
North America Coronavirus Test Kits Market????? Scope |
|
Report Coverage |
Details |
Page number |
147 |
Base year |
2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Decelerate at a CAGR of 23.81% |
Market growth 2023-2027 |
USD -8.77 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
-14.83 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Advaite Inc., Becton Dickinson and Co., Biomedomics Inc., bioMerieux SA, Cellex Inc., Co Diagnostics Inc., Cue Health Inc., Danaher Corp., DiaSorin SpA, F. Hoffmann La Roche Ltd., Hologic Inc., Laboratory Corp. of America Holdings, Mammoth Biosciences Inc., MyBioSource Inc., QIAGEN NV, Quidelortho Corp., RayBiotech Life Inc., Robert Bosch GmbH, SHERLOCK BIOSCIENCES, Talis Biomedical Corp., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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