Impact of COVID-19 on Molecular Diagnostics in Healthcare Industry
The COVID-19 pandemic has affected the molecular diagnostics market positively on a global level. The persistence of COVID-19 for a longer period has increased the need for molecular diagnostic tools and instruments to diagnose certain diseases, especially the COVID-19 virus. During the COVID-19 pandemic, manufacturers expect a boost in their market as demand for instruments such as PCR or real-time PCR or COVID-19 test kits has increased with the spread of coronavirus. The increasing demand for molecular diagnostics instruments, tools, kits, software, and services will propel the growth of the global molecular diagnostics market. The COVID-19 has led to the lockdown worldwide, which has tremendously impacted the molecular diagnostics market.
Moreover, the coronavirus is life-threatening, and proper diagnosis on time has become important and molecular diagnostics are the solution for that. COVID-19 is a contagious disease and can be spread easily via droplet particles. The necessity for the diagnosis of positive cases has increased to ensure prompt care of the affected individual and to curb the further spread of coronavirus in the population. RT-PCR is an important molecular diagnostic instrument that is used to detect SARS-CoV-2. Hence, with the ongoing COVID-19 pandemic, the demand for molecular diagnostics has increased tremendously and will boost the growth of the market.
STRATEGIC INITIATIVES BY MANUFACTURERS
The rising demand for molecular diagnostics tools, services, instruments and others has led the manufacturers to launch new products in the market for different diseases even during COVID-19 time. Additionally, manufacturers partner with other companies to launch new technology or products or acquire them or merge with them. All these strategies opted by manufacturers is to gain more market share in the market.
· In March 2021, Hologic, Inc. acquired diagenode, a molecular diagnostic assay and epigenetics product manufacturer for USD 159 million.
· In April 2021, QIAGEN partnered with DiaSorin to launch LIAISON LymeDetect Assay for early diagnosis of Lyme Borreliois. It is based on QantiFERON technology.
· In June 2020, Myriad Genetics, Inc. launched AMPLIFY Technology to increase the performance of Prequel NIPS Kit, which is used in prenatal screening.
· In March 2021, F. Hoffmann-La Roche Ltd signed a merger agreement with GenMark Diagnostics, Inc. To access their novel technology to test for a broad range of pathogen from single patient sample.
The increasing number of launches, mergers, acquisitions, and partnerships by manufacturers to develop new molecular diagnostics products, services, or technologies to fulfill the rising demand for molecular diagnostics will boost the market's growth.
AFTERMATH OF COVID-19 AND GOVERNMENT INITIATIVES FOR GROWTH OF THE MARKET
· In August 2020, According to Spandidos Publications, China National Medical Products Administration opened a special channel to approve new pharmaceuticals for urgent clinical needs and 18 nucleic acid detection kits, one sequencing-related equipment, 11 protein detection kits, and software have been approved until April 23, 2020.
· In March 2020, Cepheid received Emergency Use Authorization (EUA) from the U.S. Food & drug Administration (FDA) for their product-Xpert Xpress SARS-CoV-2, a molecular diagnostic test for detection of SARS-CoV virus.
The COVID-19 pandemic has increased the demand for molecular diagnostics to provide proper screening, diagnosis, and treatments for COVID-19.
IMPACT ON DEMAND
· In March 2021, Quidel Corporation expanded its manufacturing facility in California, U.S., to produce Quidel’s popular QuickVue line of products, which helps detect and diagnose COVID-19 infection.
· In May 2021, Beckman Coulter, Inc. launched a fully automated and quantitative COVID-19 IgG Test to assess the number of antibodies of COVID-19.
· In April 2020, Bio-Rad Laboratories, Inc. launched a serology assay to detect COVID-19 antibodies.
· In June 2020, Cepheid announced the development of the next-generation test of the Four-in-One combination test for SARS-CoV-2, Flu A, Flu B, and RSV. The XpertSource: Company Website, Press Releases, DBMR Analysis Xpress SARS-CoV-2/Flu/RSV helps in the detection of 4 viruses from a single patient sample.
· In September 2020, QIAGEN launched QIAreach SARS-CoV-2 Antigen Test, which analysis the antigen in less than 15 minutes. This new product launch helps in detecting the COVID-19 virus at a much faster rate.
The rising number of launches for COVID-19 test kits and molecular diagnostics tools by manufacturers to offer rapid and accurate analysis of the COVID-19 virus will boost the global molecular diagnostics market growth. Moreover, the demand for molecular diagnostics will be increasing even after COVID-19 to cure and diagnose other diseases.
IMPACT ON PRICE
The molecular diagnostics instruments are costly as the reagents' needs for it or any other supplies are on the higher side, making the total service costlier. Also, the research and manufacturing of molecular diagnostics products are tedious and time-consuming, making the instrument expensive. Furthermore, instruments, laboratory supervision, utility, space, and supervision ads up to additional prices. The high cost of instrumentation and services for molecular diagnostics makes it hard to afford for lower-class families, restricting the market's growth. Moreover, during a pandemic, the demand for molecular diagnostics products, especially PCR machines, real-time PCR (qPCR) machines, and others, has increased and with rising demand, the prices for services and instruments has also increased.
IMPACT ON SUPPLY CHAIN
THE RISING COVID-19 CASES ARE LEADING THE MOLECULAR DIAGNOSTICS MARKET.
The rising number of COVID-19 patients is increasing the need for molecular diagnostics instruments and services for proper diagnosis and treatment, which will boost market growth in the future. Also, molecular diagnostics are the primary diagnostic tools for rapid and accurate diagnosis and for the screening, isolation, treatment, prevention, and control of COVID‑19. The rise in prevalence of COVID-19 cases is the main factor boosting the growth of the market.
· In July 2021, According to World meters, there are 30,619,932 cases of COVID-19 in India.
· In July 2021, According to World Health Organisation (WHO), there are 183,700,343 confirmed cases of COVID-19 patients worldwide.
· In January 2020, According to World Health Organisation (WHO), there are 33,378,240 confirmed cases in the U.S.
The rise in COVID-19 cases and its proper diagnosis increases the demand for molecular diagnostics.