Coronavirus Diagnostics Market to Witness Robust Growth
Surging cases of COVID-19 to drive global coronavirus
diagnostics market
According to TechSci Research report, “Global Coronavirus
Diagnostics Market By Type of Test, By User, By Full Test Time, By End
User, By Region, Competition, Forecast & Opportunities, 2025”, the global coronavirus diagnostics market is forecast to surpass
$ 2.2 billion by 2025 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 methods 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 expected to positively impact the growth of market in the coming
years. However, high cost of diagnostics can hamper the growth of market,
especially in the developing economies in the near term. Additionally, limited availability
of diagnostic kits can hinder the growth of market.
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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. 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 hour
to 12 hours, 13 hours - 24hours and more than 1 days. 1 hour to 12 hours segment
is expected to dominate the market since most of the 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 2020, the company intends to roll out its testing kits.
Based on end user, the market can be segmented 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, and Altona Diagnostics are some of the
leading players operating in the global coronavirus diagnostics market. The companies operating in the market are increasing
focusing on developing low cost diagnostic kits that offer high efficiency and
accuracy. 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 and
Europe are expected to dominate the coronavirus diagnostics market during
the forecast period. Increasing investments in R&D activities along with
strong support from the governments in the regions are further expected to
create huge market opportunities for diagnostic players 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, By User, By Full Test Time, By End User, By Region, Competition, 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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