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COVID-19 Detection Kits Market Size Sees 17.3% Growth to Hit USD 8 Billion By 2026

detection kits

COVID-19 Detection Kits Market Size Sees 17.3% Growth to Hit USD 8 Billion By 2026

The global COVID-19 detection kits market should increase from USD 3.3 billion till now in 2020 to USD 8 billion in 2026 at a compound annual growth rate of 17.3% for 2020-2026.

COVID-19 detection kits market is anticipated to garner noteworthy growth on account of growing cases of coronavirus registered worldwide. For the record, COVID-19 is a respiratory infection that is highly contagious and transmits through direct contact with an infected person or indirect contact with affected surfaces located near the immediate environment.

As of now, this virus has spread all over the world. Containing its spread has proven to be challenging for most developed as well as developing countries. In a bid to curb the spread of coronavirus, numerous countries are using COVID-19 detection kits that help identify the symptoms of the disease in early-stage patients.

Countries with a huge number of COVID-19 cases are currently going through grave public health problems. As a result, regulatory bodies like the U.S. FDA have decided to ease the regulatory process for COVID-19 detection kits, following the Emergency Use Authorization (EUA) guideline. This has enabled manufacturers to launch their test kits in the market more quickly.

Technological innovation and subsequent development in the field of coronavirus diagnostic kits will enhance the COVID-19 detection kits industry outlook. According to a study conducted by Global Market Insights, Inc., the COVID-19 detection kits market is estimated to reach USD 8 billion by the year 2026.

This growth can be contributed to the below-mentioned trends:

Immense popularity of RT-PCR assay kits-

Rising incidence of COVID-19 around the world could play a crucial role in driving the demand for RT-PCR assay kits. The segment is expected to be more profitable and might achieve 96% of the overall market share within 2020.

As per the Centers for Disease Control and Prevention (CDC), nearly 0.6 million positive COVID-19 cases have been reported up to this date in the U.S. Rising cases in the region may support the demand for RT-PCR assay kits. Other alternatives for RT-PCR assay kits include immunoassay test strips/cassettes.

Escalating demand across APAC-

The outbreak of COVID-19 in densely populated areas like India and China could augment the Asia Pacific COVID-19 detection kits industry over the years. Estimates claim that the regional market is likely to observe nearly 21% CAGR by 2026.

Facilities in APAC have recorded some recurrence cases of COVID-19 after the successful containment of the virus. This could develop the need for COVID-19 detection kits in the future.

Implementation of lucrative business strategies-

Companies operating in the market are implementing multiple growth strategies to expand their product portfolio and geographical presence by taking part in novel R&D initiatives.

Taking March 2020 for instance, Hologic revealed that it will be receiving grant funding from the U.S. government’s Biomedical Advanced Research and Development Authority (BARDA) to scale the production of COVID-19 detection kits. This collaboration would allow the firm to cater to the proliferating demand for detection kits.

Apart from Hologic, Co-Diagnostics, Cepheid, Abbott Laboratories, BGI, F. Hoffmann-La Roche, BioFire Diagnostics, Guangzhou Wondfo Biotech, GenMark Diagnostics, Qiagen, Quidel Corporation, and Mylab Discovery Solutions are some other leading firms in the COVID-19 detection kits market.

Source: Global Market Insights, Inc.

healthcare

DEVELOPED COUNTRIES ARE THE LARGEST IMPORTERS OF HEALTHCARE PROFESSIONALS

Living Longer

Personal and home health aides, registered nurses, and medical and nursing assistants are among the fastest growing occupations in the United States. The U.S. Bureau of Labor Statistics projects 1.2 million new personal and home health aide positions – and the need for another 372,000 registered nurses – by 2028. Due to the shortage of qualified healthcare workers, immigrants held 15 percent of all registered nursing positions in the United States in 2016. On April 22, President Trump signed an Executive Order to pause immigration due to COVID-19, but exempted physicians and nurses.

This is not uncommon in developed countries with a growing aging population who are living longer. About eight percent of nurses in Canada are foreign-trained, 15 percent in the UK, 19 percent in Switzerland and 27 percent in New Zealand. The numbers are higher for foreign-trained doctors: 24 percent in Canada, 28 percent in the UK, 27 percent in Switzerland and 42 percent in New Zealand.

Training for Export

India has the world’s highest number of medical schools and is the world’s largest source of immigrant physicians. An estimated 69,000 Indian-trained physicians worked in the United States, UK, Canada and Australia in 2017, according to the OECD. India is second only to the Philippines in training nurses. Nearly 56,000 Indian-trained nurses work in those same four countries, equal to about three percent of total registered nurses in India.

The Philippines has an established international nursing training program and is the largest exporter of nurses globally – accounting for roughly 25 percent of all overseas nurses worldwide. About 85 percent of employed Filipino nurses work in one of more than 50 countries around the world. In the United States, an estimated 20 percent all the registered nurses in California are Filipino. It’s a strong professional cadre. The Philippine Nursing Association of America represents over 145,000 Filipino nurses and has its own theme song.

% foreign trained nurses and docs in OECD

The “Brain Drain” Concern

Health care professionals migrate for many reasons: continuing education, better pay, the opportunity to send remittances to their families and home nation, the prestige of practicing in another country, and others. Filipino nurses in the United States earn 15 times more than those working in the Philippines. Filipino nurses working abroad remit about $1 billion to the Philippines every year, a substantial portion of total remittances which drives 13 percent of the Philippines’ GDP.

International mobility of health workers is accelerating. The number of migrant doctors and nurses working within OECD countries increased by 60 percent over the last decade, along with significant increases in intraregional mobility and migration of healthcare workers among developing countries.

Public health groups including the World Health Organization (WHO) are concerned that health care immigration reduces the number of professional health workers available to serve their home countries. Developing countries are often especially in need of more personnel. Declaring 2020 the Year of the Nurse and Midwife, WHO says 18 million more health care providers are needed worldwide to achieve universal health coverage by 2030. To address the “brain drain” concern, WHO developed a voluntary Global Code that promotes adequate staffing of national health systems and “ethical international recruitment of health personnel”.

Mobility and “Ethical Recruitment”

In a 2019 joint study, the WHO and World Trade Organization (WTO) examined the relationship between free trade agreements that improve health worker mobility and the recruitment goals of the Code. The study primarily reviewed so-called “Mode 4” commitments that deal with the temporary presence of foreign natural persons supplying trade in health-related services.

Commitments have been made by 139 WTO members to liberalize trade in services. Of those, 69 members have taken at least one commitment relating to the provision of health services, from hospital care to midwife services. The commitments vary widely, enabling education and skills exchanges, investment, mobility for charitable purposes, and the protection of health worker welfare.

As an example, the Indonesia–Japan Economic Partnership Agreement includes development assistance by Japan’s International Cooperation Agency to support nursing education in Indonesia. In 2019, Japan updated its Economic Partnership Agreements with Indonesia, the Philippines and Vietnam to extend the period of time a nursing candidate can stay in Japan to obtain national nursing qualifications and healthcare worker certifications.

The joint WHO-WTO study makes no real conclusion about the compatibility of the Code with greater mobility through trade agreements. It suggests that further analysis such as economic needs tests or labor market tests could help sending and receiving countries understand the impact of healthcare worker service exports on sustainable development.

call out on HC worker impact (1)

COVID-19 is Shifting the Global Healthcare Trade Landscape

COVID-19 may be accelerating two key trends in healthcare work, while at the same time reversing (perhaps temporarily) the trend of job growth by inducing layoffs in the industry.

Telemedicine:

Encompassing remote patient assessment and monitoring as well as health education, the global telemedicine market was projected to grow from $70 billion in 2020 to $266.8 billion by 2026. COVID-19 is accelerating the trend. In March, the U.S. government announced it would temporarily pay clinicians to provide telehealth services for Medicare beneficiaries and would expand the communications platforms that could be used.

Telemedicine has long been encouraged in developing countries, supported by international development agencies and non-government organizations. It can help overcome short-staffing limitations and provide support for local clinicians through overseas physicians who can confirm a diagnosis and collaborate on treatment plans as part of global trade in services.

Robotics:

Robotics are being deployed to decrease COVID-19 risks to frontline healthcare workers. A field hospital in Wuhan, China serving 20,000 patients was staffed by robots that monitored patients’ vital signs through smart bracelets and rings that synced with an AI platform. Other robots served food, drinks and medicine to patients, while other autonomous droids sprayed disinfectant and cleaned the floors. Other countries like South Korea and Lebanon are using robots to measure temperatures, distribute hand sanitizer and perform disinfecting services.

Layoffs and Mobility Restrictions:

COVID-19 is causing governments to retrench in some countries that export healthcare workers,. In March, the Philippine Overseas Employment Administration (POEA) temporarily suspended the deployment of all health care workers “until the national state of emergency is lifted,” freezing the fulfillment of existing contracts with hospitals around the globe. Meanwhile, routine healthcare has been stymied due to ongoing stay-at-home directives, causing massive financial distress to the healthcare industry and significant layoffs.

In all of these ways, COVID-19 may be changing the outlook for cross-border global healthcare services for years to come.

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Sarah Smiley is a strategic communications and policy expert with over 20 years in international trade and government affairs, working in the U.S. Government, private sector and international organizations.

This article originally appeared on TradeVistas.org. Republished with permission.

truck drivers

Coronavirus Reminds America that Truck Drivers are Essential Every Day

Life on the road feels a little more lonely these days. Just ask Harold Simmons.

A truck driver for LS Wilson Trucking out of Utah, Simmons is afraid to go home because he doesn’t want to risk bringing the coronavirus with him. His wife has had pneumonia, and he wants to protect her.

At truck stops, he is eating alone more often because of social distancing practices in force at restaurants. No more small talk with a driver sitting next to him at the counter.

So it was a nice change of pace when he recently pulled into a rest area off the highway, and a group of strangers were in the parking lot handing out free food to truck drivers. “People, in general, are showing us their appreciation,” Simmons said. “Even shippers and receivers are finally treating us like human beings again.”

In our newfound appreciation for essential workers in the global pandemic, it’s heartening to see the support for our truck drivers. Social media is filled with posts marked with the #ThankATrucker hashtag.

Truck drivers have always been essential employees, hauling freight across the country, away from their families and the comforts of home. They have been easy to ignore because they toil behind the scenes. Most Americans never interact with them, unlike our doctors, nurses, pharmacists, supermarket cashiers and restaurant delivery drivers.

But what’s left of our economy would not be standing without the tireless dedication of professional drivers. They are the essential link in our supply chain. Despite health risks, they are hauling consumer goods to ensure retailers can keep their shelves stocked. They are delivering personal protective equipment and other supplies to hospitals when they often don’t have their own PPE. They are driving into hot zones when others are fleeing.

Truckers are providing critical services even when their own economic well being is at risk. In the early days of the crisis, freight volumes rose as supermarkets restocked their shelves and other essential businesses built inventory to protect against supply chain disruption. However, as shelter in place orders have expanded to cover most of the population, industrial production has contracted, and freight volume has declined sharply.

The reduction in freight volume has squeezed revenues for trucking companies. One widely followed financial measure is the dry van spot rate, which is the amount of money a driver is paid per mile to haul freight within about a day of the shipment. This rate has fallen 20% since the end of March, according to DAT Solutions. There’s no clear sign when rates might rebound, as some states have extended stay-at-home orders until the end of May.

Trucking companies say they are concerned about having enough revenue in the coming months to meet their two biggest sources of fixed costs: insurance and loan or lease payments for trucks and trailers.

This is a big concern because many trucking companies are small businesses, just like the florist or the neighborhood restaurant or the hair salon. Most drivers work in fleets that contain 20 or fewer trucks, according to the Owner-Operator Independent Drivers Association.

OOIDA has been lobbying Congress and the Trump Administration to do more for the trucking industry during the pandemic, including providing PPE and testing to truck drivers and targeted economic and regulatory relief for trucking companies.

“They’re facing a real economic crisis to be able to continue to operate, not to mention the fact that they actually are on the front line in the battle against coronavirus,” Todd Spencer, president and chief executive officer of OOIDA, recently said on CNBC.

Preserving our nation’s trucking capacity is critical to our economic recovery post-COVID-19. It is essential that when industrial production rebounds, trucking capacity is not constrained. We cannot allow America’s trucking companies to fail or we jeopardize the broader recovery.

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Daniel Burrows is the founder and CEO of XStream Trucking, a design and engineering company for connected hardware for the long-haul trucking industry.