April 1, 2020 Local News Only.com
Coronavirus Diagnostics Market to Witness Significant Growth until 2025 | TechSci Research
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.
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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 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.