The ongoing COVID-19 pandemic caused by novel coronavirus is posing a major threat to public health as well as economies across the globe. Rapid detection of viruses and effective diagnosis of infection play a key role to understand the diseases, controlling the disease spread, and selecting necessary treatments. Several companies are working rigorously to develop COVID-19 diagnostic technologies to achieve higher accuracy and rapid tests so that affected countries can implement effective testing strategies. Significant rise in the cases of COVID-19 and increased mortality rate are driving demand for COVID-19 diagnostics to contain the spread of the virus.
The growing fear among people about COVID-19 infection and continuous efforts to develop rapid diagnostic tests are expected to fuel the market growth. In addition to this, medical professionals around the world are advocating for early diagnostics to pose a strong fight against COVID-19 is anticipated to create lucrative opportunities for market players. Moreover, the adoption of population-based testing strategy including individual, household testing is one of the emerging trends positively influencing the demand for the global COVID-19 diagnostics market. Several governments are providing support and funds to manufacturers of products are encouraging them to invest in R&D to bring innovative diagnostic kits.
The market dominance of the Asia Pacific region is projected to continue due to the spread of COVID-19 in almost all the countries in the region. Major populated countries such as India and China having a higher count of people infected with coronavirus is propelling demand for the COVID-19 diagnostics market. In addition to this, high investments in public healthcare services and increased mass testing programs are favoring regional growth. A rapid rise in COVID-19 cases and increased testing capacities in North America are driving growth for COVID-19 diagnostics in the region. Funding from the government to develop effective diagnostic kits is creating favorable growth avenues for the Europe region.
Deep-dive Insights on COVID-19 Diagnostics Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/covid-19-diagnostics-market
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