Covid-19 Diagnostics Market is likely to secure a CAGR of 7.7% through 2032

Players in the Covid-19 diagnostics market are aiming to create testing kits that are incredibly sensitive and precise.
The most common diagnostic test used worldwide is still RT-PCR.. Leading companies launch automated COVID-19 testing solutions to increase production. Local firms emerging to compete against Covid-19 giving the market a competitive edge.

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The report features unique and salient factors that may make a huge impact on the development of the Covid-19 Diagnostics Market during the forecast period. It can help market players modify their manufacturing and marketing strategies to envisage maximum growth in the market in the years to come. The report provides detailed information about the current and future growth prospects of the market in the most comprehensive way for better understanding of readers.

Key Segments of Covid-19 Diagnostics Market

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.

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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 till 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 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 acceleration of production as well as 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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Key Segment

Product Type

• Instruments
• Test Kits
• Reagents and Consumables

Sample Type

• Oropharyngeal & Nasopharyngeal Swabs
• Blood
• Urine
• Others

Technology

• PCR
• ELISA
• POC

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