Rising demand for COVID-19 diagnostic testing will boost the bacterial and viral specimen collection market, forecast to touch US$ 35 Bn by 2025 at a CAGR of 12%
Noida, Uttar Pradesh, India, February 23 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Global Bacterial and viral specimen collection Market is estimated to see healthy growth, pegged at a CAGR of ~12% during the forecast period 2020-2025.
Several manufacturers have ramped up viral specimen collection products worldwide with the growth in demand for diagnostic testing for COVID-19. This factor is leading the scope for the demand in the Bacterial and viral specimen collection products. For instance, in April 2020, Puritan Medical Products has improved its nasal swabs to over 1 million for COVID-19 testing per week, thereby driving the market’s growth. Crucial companies are engaged in introducing innovations to enable error-free laboratory-certified specimen collection, further estimated to drive the bacterial and viral specimen collection market.
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Also, Becton, Dickinson signed up a collaboration agreement with Babson Diagnostics in February 2020 to launch small-volume blood collection productions for retail pharmacies specifically. Under the agreement, the companies are combined BD’s blood collection device with Babson’s analytical and automated sample handling technologies to make blood testing more convenient and accessible. Robust funding from the combination of public and private agencies encourages molecular diagnostic companies to develop viral and bacterial specimen collection and diagnostic products that positively impact market growth in the coming years. For instance, in July 2020, Hologic Inc. received USD 7.6 million from the US Department of Defense and the US Department of Health and Human Services (HHS) to expand specimen collection production capacity processing consumables for SARS-CoV-2 testing.
Besides, the Global Fund, an international organization, supports Tuberculosis (TB), AIDS, and malaria programs and expands successful tools and strategies for these infections. As of January 2020, the Global Fund has provided USD 9.5 billion and 69.0% of all international financing for TB programs. This funding accelerates the TB screening and development of diagnostic tools, which, in turn, is expected to drive the adoption of bacterial and viral specimen collection solutions for TB diagnosis.
Rapid diagnostic tests have gained immense traction as they provide accurate and faster results, improve prescribing, and reduce hospitalization length. Clinicians widely accept these tests in navigating through a pandemic of highly contagious infections, such as Middle East respiratory syndrome coronavirus, Ebola, and others. This accelerates the usage rate of bacterial and viral specimen collection products for rapid diagnostic tests.
Increasing cases of COVID-19 worldwide
An increasing number of Covid19 cases globally is the key driver of the bacterial & viral specimen collection market. With an increase in rapid diagnostic testing demand for COVID-19, several manufacturers have stepped up the production of viral specimen collection products worldwide. This, in turn, is driving the bacterial and viral specimen collection market. Moreover, in the early stage of testing and treatment of infection and rising competition, the growing awareness concern drives the demand of bacterial & viral specimen collection market during the forecast period.
Segmentation Overview of the Global Bacterial and viral specimen collection Market
The bacterial and viral specimen collection market has been segmented into Product, Application, and End-user. These major market segments are further categorized into various sub-segments to study the market in detail.
By Product Outlook
Bacterial Specimen Collection (Swabs, Bacterial Transport Media, Blood Collection Kits, Other Consumables)
Viral Specimen Collection (Swabs, Viral Transport Media, Blood Collection Kits, Other Consumables)
By Application Outlook (Diagnostics, Research)
By End-user Outlook (Hospitals & Clinics, Home Test, Research Laboratories)
Key Players Insights
Becton, Dickinson And Company, Quidel Corporation, Titan Biotech, Puritan Medical Products, Thermo Fisher Scientific, Inc, Vircell S.L, DiaSorinGroup, Copan Italia Spa, Hardy Diagnostics, and Longhorn Vaccines & Diagnostics, LLC, among others, are some significant players included in the research study of the global bacterial and viral specimen collection market.
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