According to the Fortune Business Insights, the Medical Swabs Market size is expected to reach USD 4.59 billion by 2028, exhibiting a CAGR of 6.9%
Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global medical swabs market size is expected to reach USD 4.59 billion by 2028, exhibiting a CAGR of 6.9% during the forecast period. The increasing technological innovations in swab production will create lucrative opportunities for this market, states Fortune Business Insights in a report titled, “Medical Swabs Market, 2021-2028.” The market size stood at USD 2.67 billion in 2020 and USD 2.88 billion in 2021.
Notable Development:
April 2021: Mount Sinai Health System introduced Mount Sinai COVID-19 PCR Saliva Testing program to provide quick, noninvasive, and precise testing to support safety for businesses and leisure activities in New York.
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Surging Demand for Diagnostic Supplies to Augment Growth
A sharp increase in communicable illnesses that culminated in a global pandemic (COVID-19) has led to a surge in demand for diagnostic techniques and supplies. According to Worldo metre statistics, the number of daily new cases in each nation throughout the world has been steadily increasing. In just 24 hours on June 21, 2020, the U.S. registered a total of 16, 142 coronavirus positive cases. As a result of the daily increase in instances, diagnostic tests have increased to give patients with early treatment. Furthermore, in developing nations, there has been an increase in coronavirus infections. For example, as of June 2020, Brazil has a total of more than 12 lakh cases.
However, the shortage in demand-supply may hinder market growth.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.9% |
| 2028 Value Projection | USD 4.59 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.88 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 133 |
| Segments covered | Types, Application, end-Users and Geography |
| Growth Drivers | Demand-Supply Shortage to Limit Market Growth |
| Rise in Rapid Testing Procedures to Fuel Demand | |
| Increasing Prevalence of Infectious Diseases is Augmenting Growth |
To get to know more about the short-term and long-term impact of COVID-19 on this market, Please Visit: https://www.fortunebusinessinsights.com/medical-swabs-market-103318
Competitive Landscape:
Prominent Companies to Accentuate Enormous Market Share
Due to the existence of both major and small-scale industrial players, the market is extremely fragmented. Puritan Medical Products, for example, has a larger market share due to its diverse product range, which includes cotton tipped swabs, polyester swabs, non-woven swabs, and other items. According to the US Food and Drug Administration, the corporation is concentrating on delivering high-quality standard items. Furthermore, the organization has a solid distribution network that helps it increase sales all around the world.