COVID-19 diagnostic tests critical in the management of the current pandemic

Date: 4 June 2020

According to a research report published by Azoth Analytics in May 2020, the Global COVID-19 Diagnostic Testing Market is expected to value at USD 44481.81 million in the year 2020 owing to rapid increase in number of coronavirus cases across the globe which boosts the demand for COVID-19 diagnostic tests. The COVID-19 diagnostic tests are critical in the management of the current pandemic for accurate diagnosis as well as to tackle the spread of the infection.

In March 2020, Abbott received EUA for its molecular POC test that based on a portable ID NOW platform. This platform delivers positive results in five minutes, which assists clinicians significantly. Also, in April 2020, Orchard Laboratories is the first private laboratory in Michigan, U.S., to offer rapid COVID-19 testing by using RT-PCR technology. Initially, it would conduct 400 tests per day.

The FDA has recently approved decentralized testing platforms to diversify testing capabilities across clinics. For instance, Abbott’s ID NOW platform is highly implemented in urgent-care clinics and doctors’ offices in U.S. The small size makes it portable and, thus, its use would not be limited to only hospital settings. 

The Asia Pacific region will occupy the largest market share in year 2020 because of the largest population among other regions. Also, the healthcare sector in the region is not well developed to provide better facilities which will act as a hindrance in the diagnostic testing market. So, it is expected that the countries in this region will only be able to diagnose 2-3% of their population.

Among the Test Type segment in the COVID-19 Diagnostic Testing market (Molecular Tests, Serology Tests), Molecular Test type segment has been gaining popularity. Robust funding and speculations by public as well as private organizations are relied upon to impel molecular diagnostic organizations to create COVID-19 symptomatic products, in this way driving the market. For example, in March 2020, the U.S. Division of Health and Human Services granted USD 0.56 million financing to a U.S. based privately owned business, Mesa Biotech Inc for the advancement of a POC quick sub-atomic symptomatic test for discovery of SARS-CoV-2.

Based on End-User segment, Private or Commercial labs segment holds the major share in the COVID-19 diagnostic testing market followed by Public health labs and hospitals. Due to the growing number of COVID-19 cases across the globe, it has become imperative for the government of the various countries to involve a greater number of private or commercial firms in providing diagnostic testing in order to enhance the testing capacity to detect the virus.

The Azoth Analytics Research Report titled GlobalCOVID-19 Diagnostic Testing Market analyses the global market by Test Type (Molecular Tests, Serology Tests), By End-User (Public Health Labs, Private or Commercial Labs, Others), By Region (Americas, Europe, Asia Pacific) and by Country (United States, Canada, Brazil, Germany, France, Italy, United Kingdom, Spain, Russia, China, Japan, India, South Korea, Singapore) exclusively for the year 2020 and the forecast period of 2020-2025.