Swab and Viral Transport Medium Market is anticipated to expand at a CAGR of 1.2 %, over the forecast period 2020-2030
The global swab and viral transport medium market is estimated to exhibit a CAGR of 1.2 % over the forecast period 2020-2030, according to a new research by Future Market Insights (FMI).
An upswing in the sales of critical equipment with respect to collection and transportation of samples is currently underway. This has escalated the production of swab and viral transport medium, thereby driving the market.
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To detect the viral RNA in human body; nasopharyngeal swab and deep nasal swab techniques are being used. The overall market is primarily driven by increased rate of flu in various regions. As per CDC, 2019-20 season has witnessed close to 20 Mn cases of influenza in the U.S. with 280,000 hospitalizations as on Feb 15, 2020.
At the same time, efforts taken by respective governments to increase awareness about flu, coupled with initiatives undertaken by World Health Organization (WHO), Global Alliance for Vaccines and Immunization (GAVI), The Pan American Health Organization (PAHO), etc. are expected to drive the market.
“Expanded Program on Immunization” is one the initiatives taken by PAHO at the pan American level. In Jan 2020, GAVI, at the behest of MSF (Doctors without Borders) bulk brought cheaper pneumococcal vaccine for around 55 Mn children. The initiatives mentioned above would be taken up in the forecast period as well. That will certainly ask for more swab and viral transformation motion to be in place.
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New Product Launches: Key Strategic Focus Area of Swab and Viral Transport Medium Market Players
New product launches/approvals and governments’ support are raising the bar for competition amongst market players. Numerous organizations are focusing on new product launches for diagnostic test especially for coronavirus and influenza. For Instance, DiaSorin, a prominent manufacturer of swabs specifies NP swabs in 3 ml of Copan Universal Transport Media (UTM) or BD Viral Transport Media. In 2019, MWE launched ∑-VCM transport device, to enable the collection, transport and preservation of viruses.
The other players included as a part of market study include McKesson Corporation, Cardinal Health Inc., Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Quidel Corporation, COPAN Diagnostics Inc., VIRCELL S.L., Deltalab, and Medical Wire & Equipment (MWE).
Key Takeaways from Swab and Viral Transport Medium Market Study
- The global market for swab and viral transport medium is showing sharp increment in the year 2020 due to outbreak of Covid-19 with increase in demand for pool of patients going for certain diagnostic tests.
- Based on symptoms, influenza, coronavirus, and hanta virus are expected to collectively hold more than 50% of revenue in the year 2020.
- Among all end users, diagnostic laboratories are anticipated to witness a CAGR of 1.6% over the forecast period.
- North America and Europe collectively accounted for more than 70% of revenue share in 2019 while Asia Pacific is expected to show greater growth potential over the forecast period.
- Asia Pacific is expected to upturn the swab and viral transport medium market in the years to come with local players going for in-house swabs
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