Virology Specimen Collection Market is predicted to advance at a phenomenal CAGR of -0.5% over the forecast period 2022-2032
[303 Pages Report] According to a recent virology specimen collection market report by Future Market Insights (FMI), the motor monitoring market is anticipated to advance at a phenomenal CAGR of -0.5% over the forecast period 2022-2032. Additionally, the rising prevalence of viral infections like SARS-CoV-2, AIDS, flu, EBOLA, Zika virus, and STDs boosts the demand for virology specimen collection.
The emergence of the COVID-19 pandemic has changed the delivery of medical care worldwide. The increased pressure due to the growing rate of hospitalization of COVID-19 patients had led to the re-profiling of many hospitals and departments for treating patients with COVID-19. It has mild-moderately affected the virology specimen collection market growth.
The Zika virus and Babesia outbreaks, alongside announcements for their inclusion in virology specimen collection tests, indicate the need for innovation in virology specimen collection technologies, consumables, laboratory testing and instruments. Other countries have also undertaken initiatives to check for new and emerging diseases.
The high cost of technologies and collection kits and usage of flow sensitivity screening are the major factors hampering the growth of the virology specimen collection market.
Some emerging markets such as India, the Middle East, and Africa offer promising virology specimen collection opportunities for players in the industry due to their increasing disposable incomes and improving healthcare infrastructure.
The comparatively high cost of laboratory testing has boosted the increasing use of older and less practical tests, for example, first-generation ELISA. The test has been used in various parts of the world despite its limitation.
The high costs of the virology specimen collection products serve as the critical factor curtailing the growth impetus in the market. There is a crucial requirement to reduce the costs of these products to create demand for virology specimen collection. Otherwise, it is estimated to hinder the virology specimen collection growth even in upcoming years.
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During the diagnostics investigations, different microbiology specimen collection mediums are recommended to stabilize specimens for the detection of viruses and bacteria. Thus, based on these factors, the virology swab sample market is likely to experience innumerable growth avenues in the forthcoming years. It is expected to have a digital future of public health, and there comes a crucial requirement to align the international strategies for evaluation and regulation.
There is high competition among the virology specimen collection market players. Only major companies can afford high-capital investments and the cost of R&D and manufacturing. That prevents new entrants from entering the virology specimen collection market.
- North America is anticipated to be at the forefront of the virology specimen collection market future trends, which can be attributed to the increasing adoption of NAT and technological advancements such as portable diagnostics.
- The bacterial specimen collection segment is projected to lead the virology collection market trend by product type. The high prevalence of tuberculosis (TB) is one of the significant factors contributing to the share of the segment.
- Diagnostic applications are expected to account for a significant portion of the virology specimen collection market size due to a spike in the number of FDA-approved specimen collection kits, transport of viral specimen, and virology swab sample for clinical applications.
- By end use, the hospitals and clinics segment is anticipated to generate the most revenue, owing to an uptick in patients with respiratory viruses and bacterial infections.
- The Asia Pacific market for bacterial and virology sample collection is expected to grow at a rapid pace because of extensive coronavirus testing in Asian countries.
- By technology, the segment of the nasopharyngeal sample is estimated to hold sway on account of rapid detection of transmissible transfusion infections (TTIs) and the rising prevalence of HPV-related cancers and human papillomavirus (HPV).
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“Virology specimen collection tests emphasize the need for virology specimen collection technology innovation and adoption, consumables, and instruments. This is projected to drive the demand for the virology specimen collection market further.” opines an FMI analyst.
A few notable virology specimen collection market players include Puritan Medical Products Co. (UK), Trinity Biotech (Ireland), Dickinson and Company (US), Thermo Fisher Scientific Inc. (US), Vircell S.L. (Spain), Becton, Quidel Corporation (US), Titan Biotech Ltd. (India), Diasorin SA (Italy), Copan Italia S.P.A (Italy), Hardy Diagnostics (US).
These firms and companies are partnering & collaborating with several domestic and international players as a part of the emerging trends in the viral specimen collection market.
- Henkel AG & Co. KGaA of Germany tied up with Origin of California to leverage the latter’s expertise in performing robust mechanical testing at its California facility. Henkel also contributed expertise and technology to developing 3D printed nasopharyngeal swabs for COVID-19 testing and several other recent developments in the virology specimen collection market.
- Under a USD 6.0 million contract with Inflammatix Inc., the US HHS supported the development of the host-response testing technology. The company is working on three diagnostic tests that will provide quick results on whether the infection is bacterial or viral. This enables clinicians to make better-informed, earlier treatment decisions. Such initiatives are also at the heart of the companies’ strategy to expand earlier diagnosis.
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Key Segments By Product Type:
- Blood Collection Kits
- Specimen Collection Tubes
- Viral Transport Media
- Blood Samples
- Nasopharyngeal Samples
- Throat Samples
- Nasal Samples
- Cervical Samples
- Oral Samples
- Other Samples
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.