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As of now, the world is battling Covid-19. The name “Covid-19” says “Corona Virus Disease -2019” as the first traces were found in human body in 2019.
The term “Corona Virus” is coined regarding the family of viruses that get transmitted between humans and animals. As such, they are also called “zoonotic viruses”.
By the end of Mar 2020, the WHO confirmed that Covid-19 outbreak has spread to 213 countries across 6 continents.
The common symptoms observed are dry cough, fatigue, fever, sore throat, shortness of breath, body pain/ache, and even diarrhea in a few cases. At times, runny nose and nausea are also observed.
Till recently, this infection was reported to spread from person to person through saliva or nasal discharge, especially on the infected person sneezing or coughing. However, of late, WHO issued guidelines for airborne transmission as well. The time between a person getting exposed to Covid-19 and onset of symptoms is usually 12-14 days.
RT PCR (Reverse Trascriptase PCR) remains the preferred mode of treatment for coronavirus testing. This technique is advantageous such that primers used can be produced with utmost speed.
As such, multiplex RT PCR is the most preferred diagnostic test with regards to Covid-19. Many molecular diagnostics companies are focusing on developing affordable RT PCR tests.
Along the above-mentioned lines, efforts are being taken by certain players to cater to the increasing number of Covid-19 affected patients. They are likely to substantiate the Covid-diagnostics market in the forecast period (2020 to 2030).
For instance –
Apart from the market players, educational and research institutes are putting their best foot forward to develop safer and quicker coronavirus diagnostic test kits.
For instance –
Recently, several people who had shown no symptoms of Covid-19 have been reported to have contracted Covid-19. This has actually put the healthcare personnel in a fix, as there is no way out other than mass testing.
To enable this testing at a large scale, Covid-19 testing kits also need to be available in large numbers. For instance – Roche’s testing head mentioned that demand for equipment for processing Covid-19 tests has increased to the levels it would normally see over 4 to 5 years.
On these grounds, the company is planning to introduce novel antibody tests by the end of 2020 to widen its offering pertaining to the same.
Moreover, local players across the globe are trying their best to table Covid-19 test kits, so that detection gets speeded up and so do the medications. For instance – In Apr 2020, FastSense Diagnostics, an India-based start-up, developed rapid diagnostic kits to screen Covid-19.
Similarly, South Korea-based SD Biosensor, in Apr 2020, obtained the license to produce Covid-19 test kits in India. Also, Voxtur Bio, around the same time, started manufacturing rapid test kits to address Covid-19.
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The Covid-19 pandemic has taken the entire world on a ride. As of now, the US, Russia, Italy, Spain, Brazil, India, Australia are amongst the worst affected countries. As such, North America, Europe, Latin America, Oceania, Asia-Pacific – all the continents are battling Covid-19. Right now, there are 14,971,036 confirmed cases, inclusive of 618,017 deaths, as reported by the WHO.
Americas is top-seeded with 7,948,513, Europe stands second with 3,124,701, and South-East Asia with 1,571,317 confirmed cases. So, Americas are requiring the highest number of Covid-19 test kits. The status quo is expected to remain the same in the subsequent quarters as it will definitely take time for Covid-19 to reach the “below par” mark.
Also, Switzerland and Czech Republic have increasing testing capacity on their part in the last few months. As far as Asia Pacific is concerned, profitable partnership initiatives amongst India, South Korea, Japan regarding penetration of Covid-19 diagnostic products are expected to bolster the market
The key players are into accelerating production as well as supply of Covid-10 diagnostic test kits for keeping pace with requirement for disease containment. For example – Roche, in Mar 2020, did initiate shipment of Cobas SARS-CoV-2 test kits’ first allotment.
Around 400,000 test kits were shipped all across the US hospitals and reference laboratories. Likewise, it started shipping additional 400,000 additional test kits every week.
Likewise, the players are working on collaborative approach to cope with Covid-19 crisis and also expand business. For instance, Quest Diagnostics, in May 2020, collaborated with Ortho Clinical Diagnostics with the objective of expanding Covid-19 testing across 20+ labs all through the US. Ortho’s VITROS Immunodiagnostic products Anti-SARS-CoV-2 IgG test for speeding up Covid-19 testing in the patients.
The other major players include:
The Covid-19 diagnostics market is expected to go strong in the upcoming period. Even when a vaccine is eventually developed, testing will still be around, as inoculating entire population will take time.
The market players are already on to the expansion spree in terms of production of diagnostic kits. However, they need to devise ways to mellow down on the costs, which is one of the most competitive factors for them at the global level. The local players are already giving them a tough fight in this regard.
The covid-19 diagnostics market is likely to secure a CAGR of 7.7% through 2032.
The covid-19 diagnostics market size is estimated to cross USD 204.51 Billion by 2032.
The covid-19 diagnostics market is likely to record a value of USD 97.4 Billion in 2022.
Europe is likely to lead the covid-19 diagnostics market.
| Estimated Size, 2024 | USD 3,671.4 million |
|---|---|
| Projected Size, 2034 | USD 5,382.5 million |
| Value-based CAGR (2024 to 2034) | 3.9% |
| Estimated Size, 2024 | USD 23,031.7 million |
|---|---|
| Projected Size, 2034 | USD 59,197.4 million |
| Value-based CAGR (2024 to 2034) | 9.9% |
| Market Valuation (2023) | USD 5.1 billion |
|---|---|
| Market Valuation (2033) | USD 9.8 billion |
| Market CAGR (2023 to 2033) | 6.7% |
| Market Base Year Value (2021) | USD 3.7 Billion |
|---|---|
| Projected Market Valuation (2032) | USD 6.9 Billion |
| Value-based CAGR (2022 to 2032) | 5.5% |
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Covid-19 Diagnostics Market
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