Virology Specimen Collection Market Worth USD 8,974 Million by 2030 at 5.3% CAGR - Report by Market Research Future (MRFR)
Market Research Future
6 min read
Virology Specimen Collection Market Trends and Insights by Product Type (Swabs, Viral Transport Media, Blood Collection Kits, Others), Application (Diagnostics, Research), by End User (Hospitals & Clinics, Diagnostic Centers, Others), by Region (North America, Europe, Asia-Pacific, and Rest of the World), Competitive Market Size, Growth, Share and Forecast to 2030
New York, US, May 11, 2022 (GLOBE NEWSWIRE) -- Virology Specimen Collection Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Virology Specimen Collection MarketInformation by Product Type, Application, End Userand Region - Forecast till 2030”, the market will capture a solid valuation of around USD 8,974 million by 2030, reveals Market Research Future (MRFR). Market Research Future further states that the global market will be thriving at a rate of close to 5.3% over the evaluation period (from 2021 to 2030).
Market Scope:
Specimen collection involves obtaining substances to be analyzed at a laboratory or near-patient testing. Sample collection kits comprise reagents and vitals that are used to collect samples and then send them to the laboratory, for conducting the testing services. The demand for virology specimen collection kits has been mounting at a rapid pace owing to the surging cases of several viral diseases, the recent COVID-19 outbreak worldwide, and the rising approval rate of new and modern detection tests by the authorities.
One product type is swabs, which are tiny pieces of soft material that help clean a cut or obtain a certain amount of substance from the body. The Centers for Disease Control and Prevention (CDC)’s report in May 2020 revealed that sterile swabs for use in upper respiratory specimen collection can be packed using two methods that include bulk packaged and individually wrapped. Another product type is the Nasopharyngeal Swabs which involves the method to collect clinical test samples of the nasal secretions from the back of either the nose or throat.
The prominent vendors in the virology specimen collection market include:
Hardy Diagnostics (US)
Puritan Medical Products (US)
COPAN Diagnostics (US)
Becton, Dickinson and Company (US)
Thermo Fisher Scientific, Inc. (US)
BNTX Inc. (Germany)
Formlabs (US)
Medline Industries, Inc. (US)
Laboratory Corporation of America Holdings (US)
VIRCELL S.L. (Spain)
Lucence Diagnostics Pte Ltd. (US)
HiMedia Laboratories (India)
Market USP Covered
Market Drivers
The virology specimen collection market can anticipate growth at a noticeable rate in the years ahead, given the surging number of blood donations as well as the mounting prominence of cervical cancer along with human papillomavirus. Other than this, the huge burden due to rising cases of viral diseases across the globe could further amplify the market demand.
The Zika virus and Babesia outbreaks, coupled with the inclusion of these tests for virology specimen collection, indicate the need for different advances in virology specimen collection instruments, technologies and consumables. Many countries worldwide are taking initiatives to detect emerging and novel diseases. Emerging markets worldwide present innumerable business opportunities to the industry players, given their advancing healthcare infrastructure as well as surging disposable incomes.
The majority of the players active in the virology specimen collection market are adopting a series of various development strategies to enjoy a higher position in the years ahead. Some of these business strategies are technological collaborations, partnerships and mergers and acquisitions, paired with product introduction as well as approvals, extensive R&D activities, regional expansion and training services.
High costs of the technologies as well as collection kits along with the extensive use of flow sensitivity screening can hamper the market growth in the following years.
The relatively higher costs associated with advanced tests foster the demand for less effective and older tests, including first-generation ELISA. Despite various limitations, this test is increasingly being used in numerous parts of the world.
COVID-19 Analysis
The COVID-19 outbreak has not been favorable for the healthcare system, having given rise to a number of public health measures, and a reduction in medical access to the patients. The spread of the pandemic has shut down most of the operational facilities across the world.
The healthcare sector worldwide is dealing with various challenges in the lockdown phase. Owing to the rapid growth in the number of COVID-19 cases, medical facilities are facing interruptions, which has reduced the provision of essential services.
On the bright side, the escalation in the number of infected patients that need specimen collection products for diagnostic applications has proven to be favorable. The surging need to detect the absence or presence of the coronavirus among people has created a massive demand worldwide. The sudden spike in the demand for diagnostic tests has created a lot of pressure on the market players to develop virology specimen collection solutions and products. Additionally, the heightened number of RT-PCR tests and molecular assay tests for detection of the disease enhances the market demand.
Clinching the highest position in the worldwide market, North America is most likely to continue dominating, given the surge in technological innovations that include the emergence of portable diagnostics. On top of this, the surging use of NAT can provide a huge growth impetus to the North American market.
Asia Pacific is all set to capture the fastest CAGR in the years to come, thanks to the surging burden of various viral diseases, and the heightened number of blood donations. The rise in government approvals for advanced new detection tests, in addition to the accelerated demand for sample collection kits following the COVID-19 outbreak, will further contribute to business growth in the future.
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