COVID-19 Diagnostics Market is expected to clock several billions by the end of the year 2020.
Latest research findings from Market Industry Reports (MIR) report titled “COVID-19 Diagnostics Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030” suggests that global COVID-19 diagnostics market is expected to clock several billions by the end of the year 2020.
COVID-19 has been one of the worst pandemics faced by humans since the Flu pandemic in 1918, which claimed the lives of 20-50 million individuals globally. The COVID-19 has brought about massive destruction of the global economy and an unprecedented loss of human life. To control the spread of the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2)worldwide, countries & governments have been adopting extensive testing strategies. The need for testing is more than ever now, as the COVID-19 to date has no therapeutic solution, including vaccines or drugs. The only possible way to curb the spread of the infection is to prevent further spread of the virus, and testing for COVID-19 cases is the need of the hour, asinfected cases of COVID-19 surge past 1.98 million.
As the number of COVID-19 cases are surging across the globe, scientists have been mobilizing every resource to confront, delay, and stop its spread. The importance of diagnostic testing for COVID-19 is currently of colossal importance to help treat, isolate, or hospitalize infected people. Aggressive testing strategies are being adopted by governments around the globe to diminish the effect of this pandemic. For instance, South Korea, through its stringent diagnostic testing protocols, has managed to limit the spread of the virus, without following any aggressive lockdown strategies, unlike other countries such as India, Italy, U.S., the U.K., and others. Countries around the globe are adopting the South Korean model of mass testing for the virus to reduce the number of new cases and ultimately stop the spread of the virus.
Continuous research on SARS-CoV-2 have presented several data regarding the virus, including its impact on the global economy. However, to date controlling the spread of the virus to a grassroot level seems extremely difficult in the near future. However, on a national level, a country’s ability to test as many people as possible is keyto containing the outbreak and finding out the true fatality rate of the disease.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, COVID-19 Diagnostics Market by Test Type(Molecular Assays, Serologic Immunoassays and Ancillary Diagnostic Tests), and End User (Hospitals, Public Health Labs, and Private or Commercial Labs) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/covid-19-diagnostics-market/317
To keep up to the demand for testing kits used for the detection of COVID-19, pharmaceutical, and biotech companies have substantially increased production capabilities. Moreover, these companies, along with research & medical institutes, and researchers & scientists worldwide, are inventing novel technologies to speed up the testing processess further. Government bodies across the globe have also taken several initiatives to fast-track the development of such products by providing necessary grants, permissions, clearances& approvals. For instance, on March 27, 2020, the U.S. Food and Drug Administration (FDA) granted “emergency use authorization” approval to Abbott’s ID NOW COVID-19 test. The ID NOW COVID-19 test provides positive results in as little as five minutes and negative results in 13 minutes and can be used for point-of-caresettings.
Currently, the two major testing procedures for SARS-CoV-2 are the molecular assay and serology immunoassay technique. However, optimal use offew ancillary diagnostic practices like diagnostic imaging, biomarkers, and other non-microbiological tests have also been evolving in the testing of COVID-19, in recent times. Molecular assay technique, which includes both laboratory-based molecular testing and point-of-care molecular diagnostics, remains the front runner in the COVID-19 diagnostics market. These molecular diagnostic techniques make use of the Real-Time Reverse Transcriptase Polymerase Chain Reaction (RT-PCR).
The highly selective bioanalytical method of serology immunoassay for the detection of antigens & antibodies of COVID-19 has been gaining immense importance, owing to its low output time & point-of-care features. These factors have propelled the adoption of these tests in several countries worldwide, as these tests enable testing for COVID-19 in the hotspot areas with an optimal degree of efficiency. These rapid test kits target the immune response of the infected person, looking out specifically for antibodies against the virus or virus antigens, instead of viral genetic material. Thereby decreasing the accuracy rate of the test significantly, as compared to the molecular diagnostic techniques. The ideality of any diagnostic test is judged by its specificity & sensitivity, and RT-PCR meets both the criteria with rates of above 90% for both the criteria.
Technological advancements have played a pivotal role in dictating the growth of the COVID-19 diagnostics market. The advent of novel technology has been significant in decreasing the time taken to detect the presence of the virus, while simultaneously improving the efficiency & efficacy of the tests.
However, efficiency &effectiveness still remains one of the major concerns for the growth of the global COVID-19 market, as both molecular diagnostic assays & serology immunoassays have their respective drawbacks. Nevertheless, as the crisis unfolds, healthcare companies, scientists, and researchers around the globe are looking into alternative ways to screen this deadly disease.
North America holds the largest market share in the global COVID-19 diagnostic market, owing to widescale testing conducted by the government. The large share of this market can be primarily be attributed to daily number of tests which are being conducted by the U.S. government. Support of government bodies, allocation of substantial budget to tackle this calamity, and a high degree of awareness among the population are some of the other key factors which are triggering its demand in the region. On April 4, 2020, the U.S. conducted a total of 229,268 COVID-19 tests, the highest number of daily tests in the world as compared to Italy, which stood second with a total number of 37,375 tests conducted on the same day.
The prominent players operating in the global COVID-19 diagnostics market are Seegene Inc., F. Hoffmann-La Roche Ltd, altona Diagnostics GmbH, SD BIOSENSOR, Abbott, BIOMEDOMICS INC., Bio-Rad Laboratories, Inc., VivaChek Biotech (Hangzhou) Co., Ltd., Sensing Self, PTE. Ltd, Thermo Fisher Scientific, PerkinElmer Inc., among others.
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