By 2032, the Covid-19 Diagnostics Market is anticipated to reach US$204.51 billion. Through 2032, the covid-19 diagnostics market is anticipated to register a CAGR of 7.7%. In 2022, the covid-19 diagnostics market is anticipated to reach a value of US$ 97.4 Bn. The market for covid-19 diagnostics is probably headed by Europe.
Strong focus on 'test trace', and growing clamor for mass testing will continue to drive demand for Covid-19 diagnostics in 2020 and beyond, according to a new research by ESOMAR-certified firm Future Market Insights (FMI).
The study provides a long-term outlook on the Covid-19 testing kits market, providing a likely scenario until 2030. Although successful vaccines are likely to be developed by 2021, a growing body of research is suggesting that Covid-19 will become endemic, as is the case with other coronaviruses.
An exponential rise in the number of Covid-19 patients across the globe followed by requirements of rapid diagnostics will continue to drive demand.
As of now, research is being conducted regarding diagnostics as well as treatments. Diagnostics include PCR-based tests and serological or antibody testing. Antibody tests are best-suited for checking for herd immunities in recovered patients, whereas PCR tests serve the purpose of early detection of coronavirus.
The healthcare industry is emphasizing on the development of immunotherapy, vaccines, cell-based and antiviral therapies. As of May 2020, there were 124 vaccines and 205 different therapies under development.
The core areas of research are inclusive of protein-based vaccines, drug re-purposes, antibodies, cell-based therapies, non-replicating viral vectors, and RNA-based vaccines.
Key Takeaways from FMI's Covid-19 Diagnostics Market Study
- Molecular assay holds the largest share right now and the trend is expected to continue until the end of 2020. This could be attributed to the fact that molecular assays have been looked upon as a gold standard to detect novel viral infections
- Diagnostic labs contributed to more than 60% of the total market share in 2020's first quarter
"The number of Covid-infected patients have been increasing at an alarming rate every single day. This is bound to drive the Covid-19 diagnostics market exponentially" - says the FMI analyst.
Key Challenges for Market Players Researchers
Right now, the challenges faced include lack of information regarding the virus, like genetic information, biologics, duration of immunity in the recovered patients.
Certain treatment options that are expected to be potential game changers include ACE-Mab by Sorrento Therapeutics, HCQ (Hydroxychloroquine and chloroquine), Remdesivir antiviral by Gilead Sciences, and Canakinumab (Ilaris) by Novartis.
Moreover, options like cell-based therapies that involve natural killer cells or Mesenchymal stem cells and plasma therapies are on the verge of providing personalized treatment options.
Key Participant Insights
The key participants are focusing on the acceleration of production as well as the new product approval phase. For example – Novacyt Group, in Mar 2020, received EUA for 2-hour Covid-19 test. Also, in Apr 2020, CE approval was received by Abbott for IgG serology blood test for Covid-19.
The other players in the market include Veredus Laboratories, Thermo Fisher Scientific, Inc., Quidel Corporation, Perkin Elmer, Inc., Neuberg Diagnostics, Mylab Discovery Solutions Pvt Ltd., Luminex Corporation, Laboratory Corporation of America Holdings, Hologic Inc., Danaher , Cepheid, bioMérieux SA, Altona Diagnostics GmbH, ALDATU BIOSCIENCES, ADT Biotech Sdn Bhd, and 1drop Inc.
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Covid-19 Diagnostics Market, a new study from Future Market Insights, gives the detailed study about Covid-19 diagnostics from 2020 to 2030 on the basis of product (instruments, reagents and kits), sample type (blood, urine, oropharyngeal nasopharyngeal swabs), technology (polymerase chain reaction (PCR), serology, point-of-care (POC), ELISA (Antibody or Enzyme-Linked Immunosorbent Assay)), end-use (laboratories, hospitals, diagnostic centers and clinics, and research institutions) across seven prominent regions.
- Test Kits
- Reagents and Consumables
- Oropharyngeal Nasopharyngeal Swabs
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa