Swab and Viral Transport Medium Market to Reach CAGR of 1.2 % by 2030, as COVID-19 Outbreak Creates Unprecedented Demand for Swab Testing
In the thick of the COVID-19 pandemic, there is continual demand for swabs and viral transport mediums across the world to conduct tests and control the spread of the infection. This has created a lucrative revenue opportunity for the global swab and viral transport medium market
The staggering rise in the number of global COVID-19 cases and the inadequacy of laboratory-based testing infrastructure are key factors that are encouraging the use of new swab and viral transport mediums. In addition, government bodies are pushing for faster approval of products in the market to enable faster access into open markets. These trends will support the swab and viral transport medium market until the end of the pandemic.
The swab and viral transport medium market is projected to rise at a sluggish 1.2% CAGR during the forecast period between 2020 and 2030. Rising incidences of infectious diseases and massive growth of cities with high population densities, bolsters the demand for swab and viral transport mediums. Innovations in terms of accuracy, faster results, and ease of use will support the industry even after the outbreak comes to an end.
“While infections such as influenza and herpes ensure healthy long-term growth prospects of the market, the outbreak of COVID-19 is currently catalyzing market growth. Governments across the world are collaborating with healthcare service providers to ensure effective testing and treatment processes, thus positively influencing growth of the swab and viral transport medium market,” remarks a FMI analyst.
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Swab and Viral Transport Medium Market- Critical Takeaways
- Viral swabs will lead in terms of market revenue, particularly driven by the integration of PCR tech in new products.
- Growing prevalence of infectious diseases and rising awareness among people are expected to act as crucial growth attributes to the market over the coming years.
- Viral transport medium is gaining substantial revenue share, supported by protocol recommendations by regulatory bodies such as the CDC and WHO.
- Apart from COVID-19, hantavirus, and influenza testing and transport applications will remain key contributors to market development.
- Hospitals and clinics will account for major market share owing to rising healthcare investments and the threat of infectious disease.
- North America will remain a dominant force in the swab and viral transport medium market owing to the presence of major market players, and growing emphasis on COVID-19 testing.
Swab and Viral Transport Medium Market- Drivers
- The expansion of the diagnostics industry supports the demand for swab and viral transport medium.
- An exponential rise in infectious diseases including COVID-19 and influenza encourage the production of swabs and viral transport mediums.
- Faster regulatory approval of new product offerings aids market revenue growth.
- Investments in associated tech research by government bodies is set to drive product development in the industry.
Swab and Viral Transport Medium Market- Restraints
- High cost of development for viral swabs for varied pathogens hinders market growth.
- Lack of accuracy through false positives and negatives hinder adoption in the swab and viral transport medium market.
Coronavirus Impact on Swab and Viral Transport Medium Market
Major swab and viral transport medium manufacturers are struggling to keep up with the massive global demand. Despite government funding and fiscal aid, shortages are likely to impact the market, even as producers push to ramp up production. In addition, swabs for COVID-19 tests need unique designs and materials, which impacts prospects in the market.
Disruptions to raw material supply chains such as plastics and reagents, are impacting hospital and clinic access to swabs and viral transport mediums. Governments are consequently directing manufacturing resources to keep up with the rising demand for testing. On the other hand, the high demand for COVID-19 related products is impacting swabs and viral transport mediums for other diseases which is impacting market growth. Bringing the pandemic under control is essential to maintain pre-coronavirus levels of demand.
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The top manufacturers in the fragmented swab and viral transport medium market are pushing for new product launches and are also investing in ramping up production capacities, to generate new revenue streams. Also, product approvals will remain essential in market strategies.
For instance, Thermo Fisher Scientific has announced a FDA- breakthrough device designation for its new assay for oncomine precision. Also, ChromaCode has received and emergency use authorization by the FDA for its SARS-CoV-2-PCR test.
Key players in the swab and viral transport medium market include but are not limited to MWE, Becton, Titan Biotech Ltd., Dickinson & Company, Deltalab, Cardinal Health Inc., VIRCELL S.L., McKesson Corporation, COPAN Diagnostics Inc., and Thermo Fisher Scientific Inc.
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About the Study
The study offers an in-depth projection of the swab and viral transport medium market. Global, regional and national-level analysis of the latest trends influencing the swab and viral transport medium market is covered in this FMI report. The study provides insights according to product type (viral transport medium and virus swabs), indication (influenza, respiratory syncytial virus, mumps virus, adenovirus, rhinovirus, herpes simplex virus, varicella zoster virus, and others), end user (diagnostic laboratories, hospitals & ASCs, specialty clinics, and others), in seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and MEA).
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