Virus Testing Kits Sector: Growth Drivers and Challenges
Growth Drivers
Rising Cases of Newly Discovered Viruses to Boost the Market Growth
Since viruses are constantly mutating and new diseases are being continuously discovered, the demand for virus testing kits is high. For instance, the newly discovered coronavirus leads to one such respiratory disorder which might show symptoms between 2 to 14 days of infection. Further, the symptoms are similar to that of common cold which makes it harder to detect the disease at an early stage. As per the Centers for Disease Control and Prevention, the total cases of COVID-19 in the United States were 330,891 as of April 6, 2020 and with 8,910 total deaths. New virus testing kits are being developed in research laboratories all over the world which are able to detect the new coronavirus. This is anticipated to significantly expand the market.
Globally Improving Healthcare Infrastructure to Drive the Market Growth
The healthcare infrastructure all over the world is improving at a fast pace owing to the increasing number of cases of various diseases which results in a growing demand for better healthcare services, facilities and equipment at clinics and hospitals. The growing research and development for treatment methods at research laboratories further fuels the healthcare industry. On the back of these, the market is predicted to grow over the forecast period.
Challenges
Lack of Required Equipment and Skilled Labor to Hamper the Market Growth
Despite the improving healthcare infrastructure, there is a shortage of necessary equipment in order to meet the growing demand globally as well as lack of skilled labor in the research and development area. This is estimated to hinder the growth of market in the future.
