The Global COVID-19 Diagnostics Industry is on the brink of an extraordinary growth phase, as outlined in a comprehensive report by Future Market Insights Inc. The industry is anticipated to achieve a remarkable valuation surpassing US$204.51 billion by 2032, propelled by an impressive compound annual growth rate (CAGR) of 7.7%. This growth signifies the pivotal role of diagnostic tools in effectively managing the ongoing global pandemic.
In the face of unprecedented challenges posed by COVID-19, the exponential expansion of the diagnostics industry underscores its unwavering commitment to advancing technologies. The trajectory not only showcases the resilience of the healthcare sector but also underscores the critical importance of accurate and efficient testing solutions.
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Key Segments of the Global Covid-19 Diagnostics Industry
FMI’s study on the market offers information divided into four important segments— Drug Class, Route of Administration, Application, and Region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Takeaways from FMI’s Global Covid-19 Diagnostics Industry Study
- Molecular assay holds the largest share right now and the trend is expected to continue until 2020. This could be attributed to the fact that molecular assays have been looked upon as a gold standard for detecting novel viral infections
- Diagnostic labs contributed to more than 60% of total market share in 2020’s first quarter
Key Challenges for Global Covid-19 Diagnostics Industry Players & Researchers
Right now, the challenges faced include a lack of information regarding the virus, like genetic information, biologics, and 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.
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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 a 2-hour Covid-19 test. Also, in Apr 2020, CE approval was received by Abbott for an 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.
Global Covid-19 Diagnostics Industry Key Segment
Product Type
- Instruments
- Test Kits
- Reagents and Consumables
Sample Type
- Oropharyngeal and nasopharyngeal Swabs
- Blood
- Urine
- Others
Technology
- PCR
- ELISA
- POC
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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