In December 2019, reports arose that a mysterious new form of illness had affected hundreds of people in the China region. Some were in a critical situation, and large number of people had died due to it.
Coronaviruses from the animals have evolved (changed) into a new human coronavirus that can spread from person-to-person. This is what happened with the new coronavirus known as SARS-CoV-2, which causes the disease known as COVID-19. Diseases due to coronaviruses in people usually cause mild to moderate illness, like the common cold.
Like other respiratory illnesses, like influenza, human coronaviruses most commonly spread to others from an infected person who has symptoms through, droplets produced through coughing and sneezing, close personal contact, such as caring for an infected person, touching a surface or object with the virus on it, then touching nose, mouth, or eyes before washing hands.
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Furthermore, the application of the COVID-19 test kit is to detect viruses, monitor, and intend to track the spread of diseases like influenza, which is expected to grow the global COVID-19 testing kit market size.
Also, many foundations have also funded heavily in curing diseases such as Gates Foundation has funded about USD 20 million in the cause. The Gates Foundation has also pledged USD 5 million to the local response attempts to resist the disease from spreading in the expansion of testing and analysis.
COVID-19 Kit: Competitive Landscape
Covid-19 kit market is fragmented due to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that are working together to develop COVID-19 kit. The leading companies of COVID-19 Test Kit Market are Cepheid Inc., AlphaBiolabs Ltd, Thermo Fisher Scientific, Cosara Diagnostics Pvt Ltd, Abbott Laboratories, Primerdesign Ltd, Hologic, Inc., Roche Holding AG, Quidel Corporation, and QIAGEN are the key players in the Global COVID-19 Testing Kit Market. and other prominent players.
Increasing cases of Corona infected patients global market
The confirmed cases of corona virus are increasing rapidly across the globe. With China and Italy most affected by it. Corona virus illness was first discovered in China and has spread to numerous country, China has highest case of corona infected people. Whereas as the number of dead in Italy due to COVID-19 has doubled China despite population of Italy comparatively lower than China by huge number.
Shortage of COVID-19 kit is expected to the drive the market growth
As COVID-19 is a newly discovered disease, there is huge shortage of kit across the world. With scientist and different leading medical companies working day and night to develop COVID-19 kit. As the disease has spread across the globe and without any proper manufacturing facility to the kit production has caused numerous death and spread of disease. These factor are expected to drive the global COVID-19 market across the globe during forecast period.
Hospital segment is expected to dominate the market during the forecast period
Hospitals segment projected to gain maximum revenue due to the massive demand for COVID-19 Testing Kit in hospitals. As hospital provide extra care for the patients and with quarantine facility available in hospitals is main reason for the segment growth.
Hospitals help to detect, monitor patients with person infected with corona virus and help them cure as soon as possible with availability of specialized medical professional available.
North America expected to witness significant growth in the market during the forecast period
Followed by North America, high growth rates in Asia Pacific are expected in the coming years due to growing demand from developing nations such as India and China. In addition, increasing adoption of mechanical technology and IoT gadgets in agriculture is also evaluated in order to drive the AI in the agricultural industry. In addition, Europe is leading in the agricultural sector with a lucrative pace in global AI. Farmers are managing nearly half of the European land area, making agriculture a dominant sector in Europe. The trend in monitoring and reporting tools for indoor and outdoor farms, and providing a visualization of the entire farmer’s production using computer vision and artificial intelligence, is increasing the agricultural AI market. Row cultivation is performed by AI in various European countries, where the robot uses 20x less herbicide due to its high accuracy in row crop weeding.
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