The persistent pandemic of COVID-19 (coronavirus disease) is elicited because of SARS-COV-2 and commonly transmits from animals to humans and further from one human to another. The ailment largely transmits from saliva drops or the nasal discharges when the infected individuals sneeze or cough. A great fear is imparted on the mind of people due to this pandemic. Test kits are being required on a gigantic level in order to analyze and isolate people who have contracted the disease. The count of patients getting hospitalized is growing exponentially and owing to this worried governments are attempting to obtain as many testing kits they can in least possible duration to curb the situation. There’s a huge dearth of these test kits around the world. All of these factors are projected to bring about new opportunities and observe a robust growth in the global coronavirus testing kits market during the forecast period.
In addition, several steps are taken by the governments from all across the world in order to take essential precautionary measures and deliver treatment to fight the disease. Also, a number of biotechnology and pharmaceutical firms are partnering with each other to speed up the manufacture of coronavirus testing kits. This eventually is expected to fuel the growth of the global coronavirus testing kits market. To cite, Qiagen, the German molecular testing firm, has ramped the production up by 70%. Several new companies are also beginning to manufacture these kits.
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Moreover, the firms are designing innovative technologies and introducing new services so as to remain competitive within the coronavirus testing kits market. Other competitive approaches comprise new product developments and mergers & acquisitions. For instance, in March 2020, a portable and small coronavirus test kit was introduced by Abbott Laboratories, which could identify if any person is infected, in merely 5 minutes, and could be utilized in nearly any healthcare situation. The firm intended to provide 50,000 tests a day beginning 1 April 2020, to identify the coronavirus.