Coronavirus Diagnostics Market Scope
Covid-19 is an infectious disease caused by a newly discovered coronavirus. The name Covid-19 represents the virus's membership of the coronavirus family, with its first human interaction noted in 2019. Coronavirus is the term coined for the family of viruses that are transmitted between animals and humans. Hence they are also known as zoonotic viruses. In addition, the virus outbreak was confirmed on March 27, 2020, on six continents and in more than 197 countries. According to the World Health Organization (WHO), fever, fatigue and dry cough are common symptoms of Covid-19 infection. Other symptoms of the disease include shortness of breath, sore throat, pain, and diarrhea in some cases, as well as nausea or a runny nose. In addition, this infection can spread from one person to another through droplets of saliva, or it can leak out of the nose when an infected person coughs or sneezes. The time from a person's exposure to Covid-19 to the onset of symptoms is generally between two and fourteen days, with an average of five days. The current status of lead COVID testing is toward increasing capacity but mixed accuracy. For efficient and accurate COVID-19 diagnosis, doctors need a portable or on-site diagnostic test to be able to manage patients in real-time in the shortest possible time. This has encouraged the introduction of point-of-care (POC) tests for diagnosis, the primary aim of which is to cut test times from hours to minutes. The most common concern of the governments of all nations affected by Covid-19 is the intolerable need to screen and test large numbers of patients for possible Sars-Cov-2 infections. As a result, most of them face significant bottlenecks in the supply of diagnostic kits to test for the virus. Diagnostic virology companies have been under immense pressure so as to provide reliable test kits and also the demand for the in vitro or point-of-care testing capabilities in the laboratories in various countries is also increasing. However, with the introduction of automated SARS-CoV-2 test systems, the diagnosis increases its capacity to carry out such tests considerably. However, currently, only a few companies are focused on developing rapid immunoassay tests for Covid-19 diagnosis.
The market study is being classified by Type (Molecular, Serology and Antigen-Based) and major geographies with country level break-up.
The companies are now exploring the market by adopting merger & acquisition, expansion, investments, a new development in existing products, and collaboration as their preferred strategies. The players are also exploring new geographies and industries through expansion and acquisition so as to avail a competitive advantage through combined strategies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Coronavirus Diagnostics market throughout the predicted period.
F. Hoffmann-La Roche AG (Switzerland), Bio-Rad Laboratories Inc. (United States), Beckman Coulter Inc. (United States), Becton, Dickinson, and Company (United States), Lonza Group AG (Switzerland), Hologic, Inc. (United States), QIAGEN (Germany), GlaxoSmithKline Biologicals SA (Belgium), Abbott Laboratories (United States), Perkin Elmer, Inc. (United States), Neuberg Diagnostics (India), 1drop Inc. (Switzerland), Veredus Laboratories (Hong Kong), ADT Biotech (Malaysia), Quest Diagnostics (United States), LabCorp (United States), altona Diagnostics GmbH (Germany), bioMérieux SA (France) and Mylab Discovery Solutions Pvt Ltd. (India) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Aldatu Biosciences (United States), Quidel Corporation (United States), Luminex Corporation (United States) and Cepheid Inc. (United States).
AdvanceMarketAnalytics has segmented the market of Global Coronavirus Diagnostics market by Type, Application and Region.
On the basis of geography, the market of Coronavirus Diagnostics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 19th March 2019, Baxter International Inc., a global leader in acute care, and bioMérieux, a world leader in the field of in-vitro diagnostics, announced an agreement to develop the future biomarkers with the goal to rapidly identify and inform the treatment of acute kidney injury (AKI). The announcement was made at the International Symposium on Intensive Care and Emergency Medicine (ISICEM).
In July 2020, Becton, Dickinson, and Company launched an on-site SARS-CoV-2 diagnostic test to respond to the growing need for rapid testing. This test enables real-time testing of patients with an easy-to-use, highly portable instrument.
The Centers for Disease Control and Prevention (CDC) and the Food and Drug Administration (FDA) have been addressing the challenges posed by the recent shortage of reagents in the United States. The FDA has approved various COVID-19 detection tests issued for emergencies (EUA). This strategy aims to relax various common standards so that market participants can apply for approval for their kits and reagents easily and quickly. This is expected to increase the range of kits and reagents. In addition, the FDA recently approved the use of a variety of swabs, particularly polyester swabs, to diagnose this infection. In April 2020, the FDA also announced that U.S. cotton had planned to manufacture polyester-based swabs in large quantities that could also be used to collect samples for coronavirus testing.
- A Shift in Focus from Centralized Laboratories to Decentralized Point-Of-Care Testing
- An Upsurge in Validating and Developing Rapid POC Immunodiagnostic Tests to Facilitate Decentralized Testing
- Growing Trend of Incorporation of Artificial Intelligence (AI) in the COVID-19 Tests for Rapid and Efficient Diagnosis
- The Increasing Global Prevalence of COVID-19
- Unavailability of Specific Medicine or a Vaccine for the Coronavirus Disease
- An Increase in the Need for Developing Diagnostic Tests Owing to the Global Conditions
- The Increased Demand for Rapid Immunoassay Tests for Disease Diagnosis
- Growth in Funding For Research on Coronavirus Diagnostics
- Increasing Application of Molecular Diagnostic Technologies in Pharmacogenetics and Point-Of-Care Testing
- The Rise in Integration of Novel Technologies and Software Solutions with COVID-19 Testing
- Lack of Awareness among Developing Countries Regarding the Necessary Precautions to Be Taken
- Shortage of Medical Professionals That Have Sufficient Knowledge Regarding the Use of Diagnostic Kits for COVID-19
Key Target Audience
Providers of Coronavirus Diagnostics, Market Research Firms, Governmental Bodies, End-Users, Potential Investors and Others
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