Coronavirus Diagnostics Market to Witness Significant Growth until 2025
Growing cases of COVID-19
disease across the globe to drive growth of global coronavirus diagnostics
market
According
to TechSci Research report, “Global Coronavirus
Diagnostics Market By Type of Test (Molecular v/s Serology), By User
(Single v/s Multiple), By Full Test Time (Less Than 60 Minutes, 1 Hours to 12
Hours, 13 Hours-24Hours, More Than 1 Days), By End User (Hospitals, Public
Health Labs, Private or Commercial Labs, Physician Labs, Others), By Region, Forecast
& Opportunities, 2025”, the global coronavirus diagnostics market is expected to
grow at a formidable rate during the forecast period on account of increasing
R&D activities related to coronavirus diagnostics and treatment by major
companies and research laboratories around the globe. Additionally, increasing
funding & grants by various governments around the world to find out
efficient diagnostic and treatment method is further expected to spur the
market over the next few years. Furthermore, increasing healthcare spending and
rising need to protect the population from such outbreaks are positively
impacting the growth of market. However, high cost of diagnostics can hamper
the growth of market especially in the developing economies. Additionally,
non-availability of diagnostic methods can hinder the growth of market. Also,
time is major factor restraining the growth of market as both time and capital required
for research and clinical trials is a lot.
The global coronavirus diagnostics market is segmented based on type of
test, user, full test time, end user, company and region. Based on type of
test, the market can be bifurcated into molecular and serological tests. The
serological tests segment is expected to witness significant growth during the
forecast period since these tests are done using blood samples and they detect
the antibodies produced by the body against the virus. Such antibodies are
present in an individual who has just recovered from COVID-19. Further, these
tests are helpful in determining patients with mild or no symptoms. Based on
full test time, the market can be fragmented into less than 60 minutes, 1 hours
to 12 hours, 13 hours-24hours and more than 1 days. The 13-24 hours segment is
expected to dominate the market since all those methods that are available
right now take this much duration in the diagnosis of COVID-19 since they
involve real time PCR test followed by gene fingerprinting which usually takes
time. The less than 60 minutes segment is also expected to witness significant
growth during the forecast period because California-based molecular
diagnostics company Cepheid has developed a rapid coronavirus diagnostic test
with detection time of about 45 minutes and has got the approval from FDA also.
By the end of March, the company intends to roll out the availability of its
testing. Based on end user, the market can be grouped into hospitals, public
health labs, private or commercial labs, physician labs and others. The
hospitals segment is expected to dominate the market owing to the presence of
sophisticated diagnostic and treatment facilities in them.
Roche Diagnostics, Abbott, Cepheid Inc, Bio-Rad Laboratories, Beckman
Coulter, Becton, Dickinson and Company, Lonza, bioMérieux, Mammoth Biosciences,
Hologic, Qiagen, GSK Biologicals, PerkinElmer, Ortho-Clinical Diagnostics,
Thermo Fischer Scientific, Mylab, Altona Diagnostics and others are some of the
leading players operating in global coronavirus diagnostics market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share. For instance, recently Pune (India) based molecular diagnostic company
Mylab has become the first Indian company to have received the validation for
its COVID-19 diagnostic test kits also known as the Reverse transcription
polymerase chain reaction (RT-PCR) tests by the Drug Controller of India, after
the National Institute of Virology validated its test.
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“North America is expected to dominate
the coronavirus diagnostics market during the forecast period, owing to the different
coronavirus outbreaks in the recent past. Additionally, increasing investments
in R&D activities, along with strong support from the government in the
region is further expected to create lucrative opportunities for the market
over the next few years.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“Global Coronavirus Diagnostics Market By Type of
Test (Molecular v/s Serology), By User (Single v/s Multiple), By Full Test Time
(Less Than 60 Minutes, 1 Hours to 12 Hours, 13 Hours-24Hours, More Than 1 Days),
By End User (Hospitals, Public Health Labs, Private or Commercial Labs,
Physician Labs, Others), By Region, Forecast & Opportunities, 2025”,” has evaluated the future growth potential of global coronavirus
diagnostics market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global coronavirus
diagnostics market.
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