The world went into a pandemic state due to the outbreak of the novel coronavirus or COVID-19. The COVID-19 virus belongs to the coronavirus family and it is the newly discovered infectious disease in 2019. According to the World Health Organization (WHO), dry cough, tiredness, and fever are the common symptoms of COVID-19 infection. Other symptoms of the disease include sore throat, shortness of breath, pains and aches, runny nose, nausea, and diarrhea in few cases. This infection may spread from person to person via discharge from nose or saliva droplets, when an infected person sneezes or coughs.
The number of coronavirus cases have surged dramatically across the globe which have rapidly increased the demand for COVID-19 diagnosis. The COVID-19 diagnostics involve fast diagnosis of corona viral infection in the patient. This diagnosis involves the use of several different kits to conduct tests and receive quick & accurate results or reports on the basis of which the healthcare professionals can ensure proper treatment. Reverse transcriptase PCR or RTPCR is presently the most widely used diagnostic test for COVID-19 detection.
COVID-19 Impact Analysis
The outbreak of COVID-19 across the globe has progressively impacted the global COVID-19 diagnostics market, owing to increasing number of people being affected from the deadly virus. In addition, severe complications related to breathing are observed in coronavirus affected patients. Considering the speed with which the virus is spreading, the global market for COVID-19 diagnostics is showing an exponential growth. Further, it is mandatory to get a COVID-19 negative report during travel due to stringent regulations imposed by various governments on travelling, which is boosting the market growth.
Key Developments in the Industry
The companies operating in the global industry are adopting various growth strategies and business tactics such as partnerships, investments, collaborations, product approvals & launches, and many more to obtain a leading position in the global industry, which is predicted to drive the growth of the global COVID-19 diagnostics market in upcoming years.
For instance, in March 2020, SignalChem, a worldwide leader in cell signaling, announced the launch of coronavirus ELISA kits for diagnostic research and detection of the coronavirus infection. The ELISA kit a sandwich enzyme-linked immunosorbent assay for detection and quantification of SARS-CoV-2 spike protein (RBD) in infected patients.
In May 2020, Bio-Rad Laboratories Inc., a leading life science research and clinical diagnostic products company, announced to have received the US Food and Drug Administration (FDA) EUA (Emergency Use Authorization) approval for its ‘Droplet Digital PCR (ssPCR) SARS-CoV-2’ test kit. The SARS-CoV-2 test runs on Bio-Rad’s QXDx and QX200 ddPCR systems.
In May 2021, Cipla, an Indian multinational pharmaceutical company, entered into a partnership with Ubio Technologies Biotechnology Systems, the leading manufacturers of diagnostic devices, to launch a polymerase chain reaction COVID-19 test kit namely, 'ViraGen' in India. It is the third COVID-19 testing kit by the pharma Cipla that already has partnerships for antigen test kits and antibody detection kit.
Forecast Analysis of Global COVID-19 Diagnostics Market
The global COVID-19 diagnostics market is projected to witness a striking growth during the forecast period, owing to the increased investments and funding by governments and companies across the globe for R&D in the diagnostic therapies and tools. Conversely, the lack of awareness among people in rural areas about getting diagnosed for COVID-19 is expected to hamper the market growth in the projected timeframe.
The growing prevalence of coronavirus infection among the population across the globe abd the increasing initiatives by governments across various nations for mass testing of people are the significant factors estimated to propel the growth of the global market in the coming future. According to a latest report published by Research Dive, the global COVID-19 diagnostics market is expected to garner $65,750.1 million during the forecast period (2021-2028). Regionally, the North America region is estimated to dominate in the global industry, mainly due to the rising demand for COVID-19 diagnostic kits owing to growing cases of coronavirus affected patients. The key players functioning in the global market include Hologic Inc., ADT Biotech Sdn Bhd, Veredus Laboratories, Mylab Discovery Solutions Pvt. Ltd., Luminex Corporation, Neuberg Diagnostics, Quest Diagnostics, and Quidel Corporation.