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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