COVID-19 is an extremely infectious disease caused by the newly discovered Coronavirus. Symptoms and conditions of the disease include mild to moderate respiratory discomfort. While most may recover without any need for specific treatment, the virus can cause major issues or serious illness and even death in older individuals and persons with underlying medical problems, such as diabetes, cardiovascular diseases, chronic respiratory diseases, and cancer. The virus is spread from animals to humans, and thereafter from humans to humans. Coronavirus strains have been the cause of numerous deaths, and infections in the past. Outbreaks have been increasingly regular over the past few decades, and there is an urgent need for accurate coronavirus diagnostic approaches. By the beginning of 2020, the coronavirus first made the headlines after an outbreak in Wuhan, China.
The virus further spread to countries in Europe, and then was carried to other countries across the globe by infected individuals. Irrespective of where individuals physically were, be it on ferries, aircraft, railway transit points, places of worship, protest sites, corporate settings, hospitals and clinics, and other places, if social distancing was initially ignored or not enforced properly, a subsequently notable increase in the number of infected patients was observed. The number of deaths and those infected continues to exponentially increase, at the time this report description was compiled, while numerous more are reported to have contracted this infection, with many succumbing to the virus. Several regions and countries continue to face challenges in suppressing this contagion, while a sizable volume of the global population are yet to be examined or tested for this deadly virus. The sufficient availability of functional and effective COVID-19 diagnostic kits has still not been met, while the race to curb the trajectory of this virus has become a primary need-of-the-hour for several respective global governments.
With the number of COVID-19 cases rapidly increasing around the world, there is a constant requirement by healthcare professionals for a steady supply of diagnostic kits. This has resulted in the increased development and production of diagnostic kits in bulk, which is a major factor that is expected to boost the revenue growth of the global COVID-19 diagnostics market in the coming years. The need to ensure that test results showcase improved accuracy has led to increasing investments by industry players to develop more reliable diagnostic kits. The governments of various countries are increasing funding and support towards the manufacture of products that are needed to diagnose, treat, and prevent spread of the COVID-19 virus. Rising safety concerns and the need to diagnose and isolate infected individuals are among some of the major factors expected to continue to fuel market growth over the next year or so.
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Based on the segmentation of the type of diagnostic tests, the molecular tests segment is anticipated to aid in the growth of the global COVID-19 diagnostics market. This can be attributed to the accuracy and speed of diagnosis results that effective indicate signs of an active infection and its related symptoms. Serology diagnostic tests will prove to be equally purposeful for the same purposes.
A select few companies in this industry are focussing their efforts on the development of rapid immunoassay tests to diagnose COVID-19. The efficiency of this test will fast track the diagnostic process, and in turn, is slated to have a positive effect in the provision of proper care to patients who are confirmed to be COVID-19 positive.
The lack of knowledge regarding the coronavirus, its symptoms, and the ability of this virus to rapidly spread, may hinder the growth of the global COVID-19 diagnostics market. Additionally, the lack of awareness concerning the necessary precautions that are required to be against novel coronavirus is another factor that is slated to hamper the expansion of the COVID-19 diagnostics market in the foreseeable future.
Numerous leading global manufacturers and several local players are expected to benefit from the development of COVID-19 diagnostic kits owing to the increasing demand for these products across the world.
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Global COVID-19 Diagnostics Market Segmentation
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Global COVID-19 Diagnostics Market Regional Analysis
The global COVID-19 diagnostics market research report will include the study of major regions, in terms of the development of COVID-19 diagnostics. Additionally, several countries of these respective regions will also be examined in detail. Major regions included in the global COVID-19 diagnostics market report are North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. Of these, the COVID-19 diagnostic market in North America is anticipated to grow exponentially during the tenure of this study. This can be accredited to a well-established healthcare system, as well as the presence of major pharma companies in this region. The diagnostic kit development progress of every region included in the report, shall be analyzed at a grassroots level to achieve a more comprehensive understanding of this market.
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