OPKO Health, Inc.
OPK - Free Report
) recently announced that its subsidiary — BioReference Laboratories — has collaborated with the state of New Jersey to provide coronavirus (COVID-19) testing across the state.
Notably, BioReference Laboratories will initially provide testing for facilities at Burlington, Essex, Hudson, Ocean and Union Counties.
For investors’ notice, BioReference Laboratories provides the detection, diagnosis, evaluation, monitoring and treatment of diseases. Hence, the latest move is likely to boost OPKO’s foothold in the global infectious disease diagnostics market.
More on the News
It is encouraging to note that given the widespread COVID-19 outbreak, OPKO’s BioReference Laboratories is currently accepting specimens for COVID-19 testing from healthcare providers, clinics and health systems throughout the United States.
Notably, test developers are getting approvals through Emergency Use Authorization for their tests to be used in Clinical Laboratory Improvement Amendments (CLIA)- certified laboratories. As a CLIA-certified laboratory, BioReference Laboratories has been utilizing several different testing platforms to increase its COVID-19 testing capacity.
report by MarketsandMarkets
projects the global infectious disease diagnostics market to reach a worth of $19.35 billion in 2022, at a CAGR of 5.6%.
Hence, the latest development has been a well-timed one for OPKO.
COVID-19 Wreaks Havoc
The COVID-19 pandemic has devastated the world. Notably, the United States is currently witnessing 35,070 cases, with the death toll rising to 458.
Given this grim backdrop, U.S. MedTech players are trying to ramp up testing to check the spread of the pandemic.
For instance, Becton, Dickinson and Company (
BDX - Free Report
) has recently announced the submission of EUA requests to the FDA for diagnostic tests. Notably, the tests, if authorized, would increase the potential capacity for COVID-19 screening by 1,000 per day. That’s not all. The company has also announced the receipt of the CE mark for the VIASURE SARS-CoV-2 real-time test adapted for the BD MAX System. Notably, the test, used to detect COVID-19, is now available to clinical laboratories.
Further, PRAH Health Sciences (
PRAH - Free Report
) recently announced the commercial availability of the COVID-19 Monitoring Program, a mobile app that allows employers, payers, providers and health systems to track the health and wellbeing of individuals.
A Key Pick
A better-ranked stock in the broader medical space is Stryker Corporation (
SYK - Free Report
(We are reissuing this article to correct a mistake. The original article, issued on March 23, 2020, should no longer be relied upon.)