Market Challenges And Opportunities
Global COVID-19 Detection Kits Market– Drivers
- New technology introduction by the key players for the detection of new variant virus: The introduction of new technology for the detection of a new variant of the Corona virus brings hope for more accurate and efficient identification and containment measures. These advancements in technology have the potential to revolutionize the way we tackle the spread of infectious diseases. By providing quicker and more reliable results, we can promptly implement targeted interventions and minimize the impact on public health. For instance, on January 26, 2023, Bharat Biotech, a bio-therapeutics company, launched the world's first made-in-India intranasal vaccine. iNCOVACC is a recombinant replication-deficient adenovirus vectored vaccine with a pre-fusion-stabilized SARS-CoV-2 spike protein. This vaccine candidate was evaluated in phases I, II and III clinical trials with successful results. iNCOVACC has been specifically formulated to allow intranasal delivery through nasal drops. The nasal delivery system has been designed and developed to be cost-effective in low- and middle-income countries.
Global COVID-19 Detection Kits Market: Restraint
- False result by the COVID-19 detection kits : The false results of the COVID-19 detection kits have caused significant confusion and panic among the public. This misinformation has led to distrust in the accuracy of testing methods and raised concerns about the reliability of the healthcare system. As a result, individuals may be hesitant to get tested or may question the validity of their test results, further complicating efforts to control the spread of the virus. For instance, in December 2022, Detect, Inc., a diagnostic company, recalled three lots of the Detect COVID-19 Test. A total of 11,102 tests shipped to customers from July 26, 2022, to August 26, 2022, have been recalled. There are over 20 versions of at-home COVID test kits approved by the U.S. FDA.
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