Covid-19 Diagnostics Market Size, Share, and Growth Analysis

Posted May 26, 2022 by SanyuktaK_2022

The time from exposure of a person to Covid-19 to onset of symptoms is generally between two to fourteen days, with an average of five days.
Covid-19 is an infectious disease caused by a newly discovered coronavirus. The name Covid-19 depicts belonging of the virus to corona virus family, with its first human interaction noticed in 2019. Further, SARS-CoV-2 is a novel strain of coronavirus that has not been previously identified in humans. Corona virus is the term coined to the family of viruses that transmit between animals and humans thus are also known as zoonotic viruses. Moreover, as of 27th March, 2020 the virus outbreak has been confirmed in six continents and more than 197 countries. As per the World Health Organization (WHO), common symptoms of Covid-19 infection include fever, tiredness, and dry cough. In addition, other symptoms of the disease include shortness of breath, sore throat, aches and pains, and diarrhea in few cases, as well as nausea or a runny nose. Moreover, this infection may spread from one person to other person via saliva droplets or discharge from nose, when an infected person coughs or sneezes. The time from exposure of a person to Covid-19 to onset of symptoms is generally between two to fourteen days, with an average of five days.

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The major factors that drive the covid-19 market growth include significant increase in patient population across the globe and immense need of rapid diagnostics. Covid-19 has been declared as a pandemic by WHO. On 26 March, 2020, as per WHO, the positive cases of covid-19 across the globe rose to 416,686 with 18,589 deaths. In addition, unavailability of specific medicine or a vaccine propels the covid-19 diagnostics market growth. However, lack of awareness among developing countries regarding the necessary precautions to be taken and dearth of medical professionals that have sufficient knowledge regarding the use of diagnostic kits for novel covid-19 are the major factors anticipated to hamper the growth of covid-19 diagnostics market. On the contrary, leading manufacturers of diagnostic kits can get benefited with several lucrative opportunities by developing rapid diagnostic kits. Further, various local players are also seeking immense opportunities by developing diagnostic kits and assays. For instance, Mylab, India has received approval by the Drug Controller of India for Covid-19 diagnostic kit, after the National Institute of Virology validated its test.

On the basis of technology, the PCR segment accounted for 80% of the total share in 2020 and is expected to exhibit a prominent growth rate in the near future, owing to its increased demand for diagnosis of coronavirus patients. In addition PCR is considered as a gold standard in terms of diagnosis of new virus infections. However, immunoassay segment is anticipated to grow at the fastest growth rate during the forecast period. This is attributed to the increased demand for rapid immunoassay tests for disease diagnosis.

Key Market Players
• Abbott Laboratories
• Cellex Incorporated
• Cepheid
• F. Hoffmann-La Roche Ltd.
• Hologic, Inc.
• Laboratory Corp Of America Holdings
• Mylabdiscovery Solutions Pvt. Ltd.
• Quest Diagnostics Incorporated
• Seegene Inc.
• Thermo Fisher Scientific, Inc.
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Issued By sanyukta
Country India
Categories Health , Research , Science
Tags covid19 diagnosis , healthcare , research report
Last Updated May 26, 2022