Posted on Wednesday April 29, 2020
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.
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 - 24 hours and more than 1 day. 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, bioMrieux, 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.