The fight against COVID-19 is still going on, and the number of cases is not expected to go down anytime soon. Also, the development of a vaccine against the global health pandemic is still under process. Diagnostics is the only possible way for timely and accurate detection of COVID-19, which can help prevent the spread of the disease.
Regulatory authorities have given emergency use authorizations (EUAs) to companies to curb this pandemic situation, considering the shortage of diagnostic tools and test kits. At present, several technologies are being used for diagnostic purposes, including fluorescence detection, in-situ hybridization, and immunohistochemistry. These technologies have been in use due to their reliability over the years.
Molecular assays and immune assays are the two major types of technologies that are being used in the COVID-19 diagnostic testing. Lately, an improvement has been witnessed in the efficiency of the molecular tests, along with the reduced turnaround time. These include molecular tests such as reverse transcriptase-polymerase chain reaction (RT-PCR), droplet digital polymerase chain reaction (ddPCR), and isothermal amplification.
Due to the technological advancements, actionable results for COVID-19 testing can be achieved using molecular diagnostics in a few hours, thereby reducing any delays associated with precautionary measures and treatments. Also, CRISPR technology-based molecular diagnostic tests have also been developed for COVID-19, thus ensuring the presence of the viral genetic material with high accuracy and sensitivity.
As per a recent market intelligence study published by BIS Research, the COVID-19 diagnostic testing market was estimated at $10.04 billion in the third quarter of 2020. The market is expected to grow at a CAGR of 23.50% during the forecast period from third quarter of 2020 to fourth quarter of 2021.
The COVID-19 diagnostic testing market is driven by factors such as rising cases of COVID-19 promoting the development of diagnostic tests globally, significant external funding toward COVID-19 diagnostics and testing along with therapeutics development aiding the market growth, and lastly, favorable regulatory scenario enabling the companies to launch COVID-19 diagnostic testing products.
The recent study by BIS Research analyzes the market share of different technologies in the COVID-19 diagnostic testing market, including PCR, serological, sequencing, antigen, home-based kits, and others technologies. Among these technologies, the polymerase chain reaction holds the maximum market share, followed by serological testing.
With the increasing number of cases globally, additional focus is being given to the development of COVID-19 diagnostic tests with enhanced sensitivity and effectiveness. The diagnostic tests, including molecular and rapid tests, are currently available for the detection of COVID-19. Molecular tests, particularly RT-PCR tests, play a critical role in detecting viral genetic material from the sample specimens.
Immuno assays for serological testing are widely utilized as a screening procedure for detecting antibodies in individuals exposed to the virus. These molecular and immuno assay tests for COVID-19 diagnostic testing are being manufactured by the companies utilized in laboratory and point-of-care (POC) settings. With the emerging aspects of revolutionary technologies combined to reproduce faster and more effective results, the technological area in the COVID-19 diagnostic testing industry is undergoing rapid changes that is expected to change the entire face of underlying disease diagnostic techniques.
Additionally, in October, the total number of business strategies adopted by the market players in the field of COVID-19 diagnostics was 54. Product approvals registered a maximum share of approximately 40.74% of the total number of business strategies adopted by the companies. Also, the FDA and the EMA are working at the forefront to offer emergency authorizations to the COVID-19 diagnostic tests to reduce the number of COVID-19 cases.
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