Vitally Important COVID-19 Test Kit Market Could Exceed $15 Billion This Year Alone

Vitally Important COVID-19 Test Kit Market Could Exceed $15 Billion This Year Alone

PR Newswire

PALM BEACH, Fla., Nov. 17, 2020

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., Nov. 17, 2020 /PRNewswire/ --The pandemic has wreaked havoc across the healthcare industry, and has led medical researchers to redirect all their might towards developing test kits and antidotes for coronavirus. The growth of the global covid-19 detection kits market relies on the responsiveness of countries to contain the spread of the coronavirus. Currently, more than 180 countries have reported cases of coronavirus in individuals of all age groups. The vulnerability of all groups of people to the virus has created panic amongst the masses. Therefore, it is important to ramp up manufacturing of covid-19 detection kits. The value of the covid-19 detection kits market is continuously rising on account of advancements in healthcare facilities. The COVID-19 detection kits demand has increased tremendously owing to rising number of unprecedented outbursts of infection worldwide. The COVID-19 detection kits manufacturers have increased their production to cater the soaring demand. The prominent companies are implementing various strategies to capture higher market share."  Active Companies in the industry include Global WholeHealth Partners Corporation (OTCPK: GWHP), Moderna, Inc., (NASDAQ: MRNA), Inovio Pharmaceuticals, Inc. (NASDAQ:INO), Sorrento Therapeutics, Inc. (NASDAQ: SRNE), Johnson & Johnson (NYSE: JNJ).

A report from Global Market Insights said that COVID-19 Detection Kits Market size valued at USD 15.4 billion in 2020 and is expected to witness -2.8% CAGR from 2020 to 2026 which surpasses a previous report that  earlier said that the global Covid-19 detection kits market size is projected to surpass $8.5 billion through 2026, growing at a CAGR of 17.3% for the period spanning from 2020 to 2026.  They continued: "The ongoing COVID-19 pandemic has asserted a tremendous global impact in the past few months. As a consequence of the outbreak, several nations worldwide have been pushed to implement strict lockdowns and protocols like social distancing to contain further impact…. One of the most crucial aspects to monitoring and controlling the spread of the virus is to conduct regular and thorough testing. Considering this, the COVID-19 detection kits market is gaining immense attention in the current landscape, as healthcare facilities and frontline workers look for robust testing solutions to determine the presence of the virus among populations."

Global WholeHealth Partners Corporation (OTCPK: GWHP) BREAKING NEWSGlobal WholeHealth Partners, Corp Describes the Pros and Cons of the Common Types of COVID-19 Test Kits Available - Global WholeHealth Partners Corp. The coronavirus disease 2019 (COVID-19) pandemic has placed the world in a tailspin, which the healthcare industry has responded to in kind with the development and rapid deployment of tests designed to detect infection. Many of these tests help clinicians and researchers accurately identify severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus responsible for COVID-19.  And while these tests have been crucial in identifying and tracking cases of infection and disease-related morbidity and mortality, they aren't without their potential drawbacks.

Types of COVID-19 Tests - Several new methods have been developed to diagnose COVID-19, many of which have their own alternative methods of administration and unique benefits:

>> Antigen Rapid, point-of-care diagnostic tests: These tests, which can be classified as antigen or, rely on a mucus sample obtained from the throat or nose and is analyzed is used in a rapid device similar to a Flu test, at a clinic or physician's office. Results from these tests can often be available within minutes.

>> Antibody Rapid, point-of-care diagnostic tests: These tests, which can be classified as serological, rely on fingertip blood obtained from the patient with results in minutes.

>> Molecular: These tests, which are classified as molecular rely of nasal or throat swab samples with results as soon as 90 minutes. 

>> Diagnostic Tests: Molecular vs Antigen Tests

There are two main types of COVID-19 tests which identify the virus, either the Partial Genetic Marker of the Virus in the Molecular Test or Specific Protein found on the Virus in the Rapid Antigen IgA Test.

Getting a test for COVID-19 can be challenging for some people, especially considering the rapid evolution on testing guidance on testing options. While each test features its own limitations, molecular tests are perhaps the most effective strategies available, but take the longest amount of time and must be done in a lab, or hospital in most cases.   To Read the Entire Press Release with all the Pros and Cons included of Sorted Tests issued on by GWHP, please visit:  https://www.financialnewsmedia.com/news-gwhp/ 

Other recent developments in the markets include:

Moderna, Inc., (NASDAQ: MRNA) recently announced that the independent, NIH-appointed Data Safety Monitoring Board (DSMB) for the Phase 3 study of mRNA-1273, its vaccine candidate against COVID-19, has informed Moderna that the trial has met the statistical criteria pre-specified in the study protocol for efficacy, with a vaccine efficacy of 94.5%. This study, known as the COVE study, enrolled more than 30,000 participants in the U.S. and is being conducted in collaboration with the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), and the Biomedical Advanced Research and Development Authority (BARDA), part of the Office of the Assistant Secretary for Preparedness and Response at the U.S. Department of Health and Human Services.

Inovio Pharmaceuticals, Inc. (NASDAQ:INO) recently announced that it has received clearance from the U.S. Food & Drug Administration (FDA) to proceed with the Phase 2 segment of its planned Phase 2/3 clinical trial for INO-4800, its COVID-19 vaccine candidate. The planned Phase 2/3 clinical trial, called INNOVATE (INOVIO INO-4800 Vaccine Trial for Efficacy), is a randomized, blinded, placebo-controlled safety and efficacy trial of INO-4800 to be conducted in adults in the U.S. The INNOVATE trial will be funded by the U.S. Department of Defense (DoD) Joint Program Executive Office for Chemical, Biological, Radiological and Nuclear Defense (JPEO-CBRND) in coordination with the Office of the Assistant Secretary of Defense for Health Affairs (OASD (HA)) and the Defense Health Agency (DHA).

Sorrento Therapeutics, Inc. (NASDAQ: SRNE) recently announced that it is filing an investigational new drug application (IND) for intranasal (IN) COVI-DROPS (STI-2099) to study the safety and pharmacokinetics in both healthy volunteers and patients with mild COVID-19.

As Sorrento previously announced, in preclinical studies, high potency STI-2099 demonstrated a 100% neutralizing effect (both in vitro and in vivo) and at a very low dose prevented SARS-CoV-2 from infecting healthy cells and causing COVID-19-like disease in Syrian golden hamsters.  A single intra-nasal administration of STI-2099 12 hours after infection prevented disease-associated weight loss in treated hamsters. The impact of the treatment was observed within 24 hours of STI-2099 treatment, demonstrating unique disease treatment properties as compared to intravenously administered antibodies.

Johnson & Johnson (NYSE: JNJ) recently announced the expansion to the partnership between its Janssen Pharmaceutical Companies (Janssen) and the Biomedical Advanced Research and Development Authority (BARDA), which is part of the Office of the Assistant Secretary for Preparedness and Response (ASPR) at the U.S. Department of Health and Human Services for the ongoing development of Janssen's investigational COVID-19 vaccine candidate.

Under the amendment, Janssen will commit approximately $604 million and BARDA will commit approximately $454 million to support the ongoing Phase 3 ENSEMBLE trial evaluating Janssen's investigational COVID-19 vaccine candidate as a single-dose in up to 60,000 volunteers worldwide.

Paul Stoffels, M.D., Vice Chairman of the Executive Committee and Chief Scientific Officer, Johnson & Johnson, said, "We greatly value the ongoing confidence and support of our investigational COVID-19 vaccine candidate development program. Combined with our own significant investment, this agreement has enabled our vital research and development and underscores the importance of public-private partnerships to tackle the worldwide COVID-19 pandemic."

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