Global Covid-19 Sample Collection Kits Market is Estimated to be US$ 3.5 Billion by 2029 with a CAGR of 4.2% during the Forecast Period - PMI
Covina, CA, June 09, 2020 (GLOBE NEWSWIRE) -- The global covid-19 sample collection kits market accounted for US$ 2.4 billion in 2020 and is estimated to be US$ 3.5 billion by 2029 and is anticipated to register a CAGR of 4.2%.
Key market players, such as Becton Dickinson, COPAN Diagnostics, Thermo Fisher, and Puritan Medical Products are constantly improving the production of these kits.
The report "Global Covid-19 Sample Collection Kits Market, By Product (Swabs (Nasopharyngeal (NP) Swabs, Oropharyngeal (OP) Swabs, and Others), Viral Transport Media, Blood Collection Kits, and Other Consumables), By Site of Collection (Hospitals & Clinics and Home Test), By Application (Diagnostics and Research), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
- On April 2020, Thermo Fisher Scientific declared that it is speeding up its efforts with vaccine development technologies and diagnostic testing to effectively manage COVID-19 outbreak in the country. The company has received Emergency Use Authorization (EUA) by the US Food and Drug Administration for its TaqPathCOVID-19 Combo Kit for the qualitative detection of nucleic acid from SARS-CoV-2 in nasopharyngeal aspirate, nasopharyngeal swab, and bronchoalveolar lavage (BAL). The company also received the CE mark in the European Union (EU) for its diagnostic test to detect COVID-19.
- On April 2020, Puritan Medical Products, a privately held Maine-based medical equipment manufacturer, was tapped by the White House to ramp up much-needed coronavirus testing supply production. It is a partnership between Puritan and the government to supply a minimum of 20 million swabs per month and up to almost 50 million swabs per month.
- On March 2020, Fitchburg-based Promega Corp. has ramp up its production of lab materials used in tests for the new coronavirus which has spread globally. Promega manufactures reagents and other lab equipment and materials for companies across the globe, including Utah-based Co-Diagnostics which developed a test for the coronavirus.
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Analyst View:
Rising initiatives by government bodies
The COVID-19 outbreak has severely affected various domains, one of such is Viral Transport Media (VTM) owing to high demand for SARS-CoV-2 RT-PCR testing across the world. Various companies as well as governments of several countries are rapidly scaling-up VTM production to meet the challenges in coronavirus testing. For instance, COPAN Diagnostics has recently enhanced its production line to fulfill the large volumes of orders. Furthermore, FDA and the Federal Emergency Management are working with various suppliers to meet the demand for VTM.
Growth in business operations by emerging and small sized players
A considerable number of key players from other sectors are involved in helping the government to overcome the shortage of medical sterile swabs. According to the data reported on May 2020, by Royal DSM, a nutrition, health, and materials company, entered the swab manufacturing market to combat the shortage of specimen collection products in the Netherlands. The company is first time generating swabs to fulfill the nation’s testing needs. Further, they are also donating 11 tons of material required for swab production in the country.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Covid-19 Sample Collection Kits Market”, By Product (Swabs (Nasopharyngeal (NP) Swabs, Oropharyngeal (OP) Swabs, and Others), Viral Transport Media, Blood Collection Kits, and Other Consumables), By Site of Collection (Hospitals & Clinics and Home Test), By Application (Diagnostics and Research), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global Covid-19 sample collection kits market accounted for US$ 2.4 billion in 2020 and is estimated to be US$ 3.5 billion by 2029 and is anticipated to register a CAGR of 4.2%. The market report has been segmented on the basis of product, site of collection, application, and region.
- By product, the swabs segment is expected to dominate the COVID-19 sample collection kits market and estimates for about 40.0% share in terms of revenue in 2020. Prominent players have undertaken several strategic plans to expand the production and supply of swabs for COVID-19 testing, which boosts the segment at a lucrative rate. For instance, in May 2020, Puritan Medical Group partnered with Bath Iron Works, the U.S. shipyard, to expand its swab production capacity by twofold.
- By site of collection, hospitals and clinics segment is accounted for the highest revenue share in 2020 owing to improved need for testing of coronavirus infection in communities. Local and government regulatory firms are involved in enhancing patient admission capacities at hospitals, growing the number of medical professionals, and making ventilators and diagnostic tests available for management of COVID-19 crisis. This is projected to have high sales volume of specimen collection solutions for hospital and clinical settings.
- By application, the diagnostic application segment is projected to estimate highest revenue share in 2020, owing to continuous approvals of molecular diagnostic tests for SARS-CoV-2.
- By region, Europe is expected to lead the market and estimate for about 35% revenue share in 2020. This is mainly attributed due to large number of coronavirus cases in the European region coupled with high volume of swabs tested in Germany.
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Competitive Landscape:
The prominent player operating in the global covid-19 sample collection kits market includes Thermo Fisher Scientific, Inc., Laboratory Corporation of America Holdings, Puritan Medical Products, Becton, Dickinson and Company, COPAN Diagnostics, Lucence Diagnostics Pte Ltd., Hardy Diagnostics, HiMedia Laboratories, VIRCELL S.L., and BNTX Inc.
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
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Some Important Points Answered in this Market Report Are Given Below:
- COVID-19 impact on the market, detailed analysis on economic, health and financial structure.
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
- Introduction
- Study Deliverables
- Study Assumptions
- Scope of the Study
- Research Methodology
- Executive Summary
- Opportunity Map Analysis
- Market at Glance
- Market Share (%) and BPS Analysis, by Region
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Investment Analysis
- Competitive Analysis
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