High rate of incidence of respiratory syncytial virus, especially among the elderly and infants is a significant growth factor for respiratory syncytial virus diagnostics market.
High rate of incidence of respiratory syncytial virus, especially among the elderly and infants is a significant growth factor for respiratory syncytial virus diagnostics market. Respiratory syncytial virus causes respiratory infections such as bronchiolitis and pneumonia, with recovery mostly in a week or two. However, respiratory syncytial virus can sometimes be fatal, which necessitates early diagnosis. According to statistics, more than 99 percent of respiratory syncytial virus deaths are among children below the age of five years.
The respiratory syncytial diagnostics market is highly fragmented with the presence of large number of local and international players. Savvy players are focusing on R&D to speed up the diagnosis of respiratory syncytial virus. Mergers and acquisitions, partnerships is also what keen players in the respiratory syncytial virus market are striving for. Prominent names in the respiratory syncytial virus market include Hoffmann La Roche Limited, Coris BioConcept, Novartis Diagnostics, Abbott Laboratories, Fast-track diagnostics, Quidel Corporation, Quest Diagnostics, Alere Inc., and Diasorin SPA.
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The COVID-19 outbreak has leveled up the dire need for rapid screening devices. Researchers and developers are coming up with new technologies for speeding up the COVID-19 screening process. This has prompted the manufacturers to develop devices for COVID-19 screening use after a few minor changes in the devices. Abbott Laboratories recently launched a 5-minute virus test diagnostic device and the technology is based on a common point-of-care test to detect influenza and respiratory syncytial virus. Thus, this can tap the growth rate of the respiratory syncytial virus (RSV) diagnostics market.
Also, a new finding has proved that one in five COVID-19 patients is co-infected with another respiratory virus. Thus, individuals having symptoms of respiratory syncytial virus may go for testing in large numbers. Therefore, this can boost the growth of the respiratory syncytial virus (RSV) diagnostics market.
Risk of Co-infection for Covid-19 Patient triggers Demand
The outbreak of COVID-19 is indirectly aiding the respiratory syncytial virus diagnosis market. The outbreak of the pandemic has led to the dire need for speedy screening devices. Research communities and scientists worldwide are striving to develop new technologies to speed up screening of COVID-19. Minor changes in screening devices for respiratory syncytial virus makes them suitable to be used for COVID-19 screening, thereby stoking demand for respiratory syncytial virus diagnosis devices.
Also, according to another finding, one in five COVID-19 patient is co-infected with another respiratory virus. Among them, individuals with symptoms of respiratory syncytial virus may go for testing of the virus. This, therefore boosts the respiratory syncytial virus diagnostics market. Furthermore, due to the maximum number of COVID-19 cases in the U.S., demand for the respiratory syncytial virus diagnostic devices is receiving a boost in North America.
Competitive Analysis:
The COVID-19 outbreak has created havoc in the world with a high death rate and positive patient rate. Manufacturers are focusing on technological innovations for speeding up the diagnosis of the respiratory syncytial virus. Frequent mergers and acquisitions also take place in the respiratory syncytial virus (RSV) diagnostics market. The acquisition of Sigma Aldrich by Merck KGaA is a classic instance.
Key players include Hoffmann La Roche Limited, Quidel Corporation, Coris BioConcept, Quest Diagnostics, Novartis Diagnostics, Alere Inc., Abbott Laboratories, Diasorin SPA, and Fast-track diagnostics.
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