COVID 19 Diagnostics and Therapy Market

To deal with the pandemic, governments across the globe have implemented lockdown or restrictions on movement of people and invested in COVID-19 crisis as well as have been supporting health and life sciences industries in rapid treatment development. Many governments have set up committees that aid in rapid review of therapies being investigated by medical researchers and firms. For instance, FDA announced an accelerated Emergency Use Authorization (EUA) pathway for accelerating emergency use of therapies which could be possible treatment for COVID-19. Several pharmaceutical, biopharmaceutical and biotechnology firms have been granted EUA approval which support further clinical studies on the therapy / candidate being investigated.

Lack of knowledge about novel coronavirus challenging effective treatment development

Key challenges impacting the success rate for therapy development are lack of information on the virus such as biological, genetic information, duration of immunity granted in recovered patients, among others, which is vital to develop a safe & effective treatment option. In future, industry is expecting to face challenges related to production capacity & distribution. Thus, while vaccine development is on-going, manufacturers are also focusing on increasing production capacities.