COVID-19 Pandemic Amplifies Growth Opportunities in the Emergent Diagnostic Market, Says PMR
Date : Apr 21, 2020 Author : PMR Editorial Staff
COVID-19 continues to affect the economy with the increment in the lockdown phase.
COVID-19 continues to affect the economy with the increment in the lockdown phase. The medical devices and diagnostics companies are continuously examining the extent of the impact that corona virus crisis will have on the businesses. While the technologies employed in different surgical procedures are witnessing a decline in demand and revenue, the medical supplies and essentials related to respiratory issues and infection control are gaining from the COVID-19 pandemic on all the fronts, from demand to supply. However, the depression in the market of different medical devices is only temporary and will pick up its pace after the global economy revives and resumes normalcy.
The market for viral molecular diagnostics has taken a jump owing to the high rate of demand for diagnostics during COVID-19 pandemic. The entire globe is engrossed in the detection and identification of corona virus in patients suffering from respiratory ailments. Escalating demand from different end-users such as hospitals, laboratories and academic institutions is propelling the growth of the molecular diagnostics market. Molecular diagnostics has emerged as a very significant area in the identification of COVID-1 patients. Patient monitoring techniques that perform the parallel tasks of diagnosing the disease and assessing the risks involved are of a great significance in the current times of COVID-19 pandemic.
Manufacturers Scale Production Capacity
The testing techniques such as nucleic acid tests and kits are witnessing a rapid surge in demand, compelling the manufacturers to scale their production capacities. Assessing the emergency of the situation, leaders from different industries are extending their support. For instance, Intel has committed to aid in developing faster and cost-effective diagnostics to understand the epidemiology of COVID-19 patients. It is further collaborating with Nasscom to build COVID-19 diagnostic infrastructure that can predict outbreaks and significantly improve management and administration in medical care.
The high influx and admission rate of COVID-19 suspected patients in different medical care systems has substantially surged the chances of infection in these places. Owing to the high probability of contamination in devices and equipment, the adoption rate of the infection surveillance system and infection detection tests has spiked. Besides, mitigating infections, these systems are also demanded for seeking accurate information on different aspects such as a patient's health and tracking the patient's progress. PMR projects infection surveillance systems to be one of the major revenue grosser during the COVID-19 pandemic.
Technological Devices Drug Discovery for COVID-19
The medical devices and technology market is also witnessing a rise in demand and revenue. The ongoing quest for the COVID-19 vaccine is driving the consumption of different technologies and advanced products such as biochips. PMR predicts the biochips market to undergo rapid growth during the COVID-19 pandemic on the back of enhanced research applications for producing COVID-19 drugs and vaccines. The ability to identify gene sequences and other biochemical constituents makes biochips a highly valuable device in the academic research sector. Buoyed by the sudden increase in government funding and a rise in demand for high-speed diagnostics, the biochips market is experiencing staggering growth.
While on the one hand, the diagnostics sector is touching a new high, market for medical facilities such as trichomonas rapid testing are undergoing a sluggish growth. The COVID-19 pandemic inspired social distancing and lockdown period has halted the general medical activities. The revenue of the non-CPVID-19 related medical facilities is being generated from the regions least affected by COVID-19. With a growing morbidity rate, general medical patients refrain to travel to hospitals, further curtaining the revenue across markets for different medical devices.
China to Gain Traction in the Market
With the resurgence of COVID-19 cases in China, PMR estimates the market to continue feeling the mentioned impact in the coming days. In light of the augmenting demand for diagnostic kits and services, different countries are discouraging the export of these kits. However, restriction on export is expected to have minimal impact on the manufacturers as the demand is very high in all the countries which are creating a robust revenue pool for manufacturers dealing in the diagnostics sector. Sealed perimeters of the countries are anticipated to incur losses for the transporters of these diagnostic kits.
The market dominance of North America is expected to continue with the growing crisis as the region itself is suffering from a major impact of COVID-19. PMR projects China to gain rapid traction in the diagnostics market owing to the relaxation of lockdown, encouraging the normal course of business. The overall impact of COVID-19 seems to be positive on the diagnostics market, creating growth opportunities for the market players.
Report Highlights: Diagnostics Market
- Parent market overview covering the impact of COVID-19 pandemic
- Automotive hydrostatic fan drive system market segmentation
- Latest trends
- Viable revenue opportunities
- Competition landscape dynamics
- Major market players and their strategies