Medical Swabs Market to Rise at CAGR of 6.9% and Reach USD 4 Billion by 2027 Attributable to Current Prevalence of COVID-19 Pandemic about Fortune Business Insights™
Fortune Business Insights
6 min read
Key Companies Covered in the Medical Swabs Market Research Report Are FL MEDICAL srl, Advacare Pharma, Puritan Medical Products, Dynarex, BD, DLS Medical, Copan Diagnostics Inc and other key market players.
Pune, Oct. 05, 2020 (GLOBE NEWSWIRE) -- Global medical swabs market size is estimated to rise remarkably on account of the increasing application of cotton for drawing infection samples from the patient by having the least possibility of contact. The value of this market was USD 2.34 billion in 2019 and is expected to reach USD 4.00 billion by the end of 2027. The market is expected to rise at a CAGR of 6.9% between 2020 and 2027.
The Report Answers the Following Questions:
What is the nature of this market and who are the key players?
Which segment will lead this market and why?
What is the impact of COVID-19 pandemic on this market?
Which are the major industry developments of this market?
Notable Industry Developments of the Market for Medical Swabs Include:
April 2020 – Origin and Stratasys entered into a joint venture for the promotion and distribution of 3D printed nasopharyngeal swabs produced by Origin.
April 2020 – The launch of Q-tip, a polyester swab manufactured by Cleveland Company, was approved by the U.S. Food and Drug Administration with the objective of maximizing the production capacity for continuous supply during the coronavirus pandemic.
Increasing prevalence of COVID-19 Pandemic to Aid in Expansion of Market
Swabs have been used by the medical sector for collecting samples for research activity or for diagnosing any disease. With the use of swab, there is minimum risk of infection contraction between a patient and the sample collector. This hygiene-friendly feature stands as a key factor promoting the medical swabs market growth.
Besides this, the increasing prevalence of coronavirus pandemic is further propelling the overall growth of the market. Additionally, the rise in cases of other infectious and communicable diseases will add impetus to the market in the forecast period.
On the contrary, the supply shortage of sterile swabs used in testing processes during the current coronavirus pandemic may cause major hindrance to the market in the coming years. Nevertheless, the increasing number of diseases resulting in hospital stay is further propelling the demand for medical swabs, thereby creating lucrative growth opportunities for the market in the coming years.
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this, too, shall pass. Rising support from governments and several companies can help in fighting against this highly contagious disease. Some industries are struggling, and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic. We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of the coronavirus outbreak across industries to help you prepare for the future.
North America Dominated Market with Increasing Demand for Continuous Diagnostic Procedures
Region-wise, the global medical swabs market is classified into Latin America, Asia Pacific, North America, and Europe. These regions are further categorized on the basis of nations. Among these, North America generated a revenue of USD 0.97 billion in the year 2019 and emerged dominant. This is accountable to the growing prevalence of infectious diseases that demand continuous diagnostic processes.
On the other side, the increasing awareness about the need to get diagnosed for infectious diseases is likely to help Europe market rise at a notable CAGR in the forecast period. Furthermore, the Asia Pacific market is likely to showcase a healthy CAGR with the increasing number of coronavirus testing facilities.
Puritan Medical Products will Lead Market with Robust Portfolio
The competitive landscape of the global market for medical swabs is highly fragmented in nature witnessing the presence of both small and large scale industries. The market is dominated by Puritan Medical Products on account of its robust portfolio inclusive of products as polyester swabs, non-woven swabs, cotton tipped swab, and others. Other companies operating in this market are focusing on adopting strategies that will help them expand their geographical presence to other regions.
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