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 expected to grow at a formidable rate of 12.27% during 2020-2025 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 molecular tests segment is expected to witness significant growth during the forecast period. 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 Inc., a subsidiary of Danaher Corporation, has developed a rapid coronavirus diagnostic test with detection time of about 45 minutes and has got the approval from the 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.
F. Hoffmann-La Roche Ltd, Abbott Laboratories, Danaher Corporation, Siemens AG, Thermo Fisher Scientific Inc., Mylab Discovery Solutions Pvt. Ltd., Bio-Rad Laboratories, Inc., BioMerieux SA, GSK Biologicals SA, Altona Diagnostics GmbH, Seegene Inc. 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 Discovery Solutions Pvt. Ltd. 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 both 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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