The declining sales of Covid-19-related products worldwide highlight that the world is shifting its focus away from the pandemic. The demand for Covid-19 tests will drop further into next year as people are able to access vaccines more easily and acquire immunity to the virus, which, in turn, will decrease the number of individuals needing to be tested. The Covid-19 nucleic acid amplification tests (NAATs) market value in the US has dropped 35% since last year, according to GlobalData’s Covid-19 tests market model. This large drop is attributed to a decrease in Covid-19 test numbers and increased use of antigen-based tests, as they are cheaper, easier to use and provide faster results than NAATs.
Many major players in the Covid-19 test market such as Abbott, Roche and Danaher have recently released their Q3 financial earnings, which highlight the decline in Covid-19 test sales. Abbott’s Q3 2022 financial report shows that Covid-19 testing-related sales worldwide decreased by $200m from Q3 2021 to Q3 2022, and the company’s diagnostics segment had an overall 0.2% decline in Q3. On the other hand, Roche saw a loss in Covid-19 product sales momentum, with only a 2% growth in its diagnostics division year-to-date (YTD) for this September, whereas in 2021, its growth was up 39%. Similarly, Danaher is anticipating a 50% drop in Covid-19 testing production from 60 million tests this year to 30 million next year. The company has a strong presence in China, however, and since the country is still implementing large volumes of testing on its population due to its strict testing policies, Danaher will continue to receive steady demand for Covid-19 test sales.
Although companies are shifting their resources away from Covid-19-related products, we may see a rise in Covid-19 testing sales in Q4 2022 as countries prepare for the upcoming respiratory disease season of Covid-19, influenza A/B and respiratory syncytial virus.
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