COVID-19 RAPID DIAGNOSTIC TEST MARKET ANALYSIS
Increasing product launches and regulatory approvals is expected to drive the COVID-19 rapid diagnostic test market growth
Increasing product launches and regulatory approvals is expected to drive the COVID-19 rapid diagnostic test market growth during the forecast period. For instance, in September 2020, Laboratory Corporation of America Holdings, a U.S.-based testing laboratory company, launched a combined diagnostic test for flu, respiratory syncytial virus (RSV), and COVID-19.
Moreover, in September 2020, Mammoth Biosciences, a U.S.-based biotechnology company, received emergency use authorization from the U.S. FDA for its SARS-CoV-2 DETECTR Reagent Kit, which is based on CRISPR technology.
Increasing demand of product launches for the diagnosis of COVID-19 is expected to drive the COVID-19 rapid diagnostic test market growth. For instance, in October 2020, Cipla Inc., an Indian pharmaceutical company, launched its new COVID-19 diagnostic test called ELIFast. ELIFast is based on ELISA (Enzyme linked immunosorbent assay), which detects the antibodies against SARS-CoV-2.
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