Global Covid-19 Detection Kits Market: Overview
The growth of the global covid-19 detection kits market relies on the responsiveness of countries to contain the spread of the coronavirus. The pandemic has wreaked havoc across the healthcare industry, and has led medical researchers to redirect all their might towards developing test kits and antidotes for coronavirus. The World Health Organization (WHO) declared the coronavirus as a global health emergency, following an outbreak of cases in several parts of the world. Currently, more than 180 countries have reported cases of coronavirus in individuals of all age groups. The vulnerability of all groups of people to the virus has created panic amongst the masses. Therefore, it is important to ramp up manufacturing of covid-19 detection kits. The value of the covid-19 detection kits market is continuously rising on account of advancements in healthcare facilities.
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In this review, Transparency Market Research delves into the existing situation with regard to the spread of the coronavirus. Furthermore, the review also explains the leading factors responsible for the growth of the global covid-19 detection kits market. The healthcare industry has recalibrated its focus on fighting the pandemic. Countries such as Italy, US, and Spain have been the worst-hit by the pandemic. Therefore, the use of covid-19 detection kits in these regions has increased by leaps and bounds.
Global Covid-19 Detection Kits Market: Notable Developments
Several developments in the healthcare sector pertain to the treatment and control of the coronavirus. Some of the key developments that have taken shape across the global covid-19 detection kits market are:
- As India ramps up its pace of testing, several companies have come to the fore of the healthcare industry. Mylab Discovery Solutions is a firm based out of Pune that has been doing extensive work in the domain of coronavirus testing. The company has earned accolades from the Technology Development Board for its efforts toward developing high-end diagnostic kits. Mylab was also the first Indian company to develop diagnostic kits based on molecular technologies.
- India has also received testing kits from South Korea, and this is an important dynamic of market growth. SD Biosensors company from South Korea has been exporting test kits to India. The success of testing facilities in India has been a primary driver of demand within the global market.
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- Randox Laboratories
- SD Biosensor
- Shenzhen Bioeasy Biotechnology
- Thermo Fisher Scientific
Global Covid-19 Detection Kits Market: Growth Drivers
Need for Rapid Containment Measures
Despite strict containment measures such as lockdowns and ban on public gathering, the risk of virus spread remains high. Several healthcare professionals and entities, including the WHO, recommend rapid testing as the foremost strategy to control the virus. Increased number of tests have helped countries in flattening the curve of the Covid-19 spread. Furthermore, testing has also helped governments and state authorities in contact tracing of affected individuals. Therefore, there is no contention about the importance of manufacturing covid-19 detection kits in various parts of the world. The next few months would be crucial in understanding the growth dynamics of the global covid-19 detection kits market.
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Distinct Strategies of Various Regions
Several countries have allocated humongous budgets to fight the pandemic, and this has given an impetus to the growth of the global market. The presence of a seamless industry for Covid-19 testing shall play a vital role in driving sales across the global market. China sent ripples across the world by developing a specialised hospital for covid-19 patients. This approach has been adopted by several other countries that are converting hospitals, wards, hotels, and other public buildings into covid-19 isolation and treatment centers. The development of test kits that can render results in less than six hours shall play a defining role in the growth of the global covid-19 detection kits market.
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