Dublin, Aug. 04, 2023 (GLOBE NEWSWIRE) -- The "COVID-19 Sample Collection Kits Market Size, Share & Trends Analysis Report By Product (Swabs, Viral Transport Media), By Application, By Site of Collection, By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global COVID-19 sample collection kits market size is expected to reach USD 1.26 billion by 2030 but it is expected to decline at a CAGR of -18.27% from 2023 to 2030.
With the continuous approval of diagnostic tests for effective diagnoses of SARS-CoV-2 infection, the demand for sample collection products, including swabs and Viral Transport Media (VTM), has surged. The shortage of testing materials such as swabs and reagents has led to the emergence of new players in the market, driving revenue growth.
Regulatory agencies have played a crucial role in propelling the market forward by ensuring product efficiency and expediting new approvals. Thermo Fisher Scientific, for example, introduced the TaqPath COVID-19 Fast PCR Combo Kit 2.0 in June 2021.
This innovative assay design accurately identifies and diagnoses existing and new COVID-19 variations, with a two-hour turnaround time and high-frequency testing. Such developments prioritize patient comfort and convenience while minimizing infection risk for healthcare professionals.
Moreover, the market has witnessed significant funding to boost swab production, a critical need of the hour. Organizations like the Washington Entrepreneurial Research Evaluation and Commercialization Hub (WE-REACH), the Foundation for Innovative New Diagnostics (FIND), and the U.S. Department of Health and Human Services (HHS) are actively contributing to this effort, promoting organic revenue growth in the industry.
As the demand for diagnostic testing continues to rise, these developments indicate a positive trajectory for the market, enhancing testing capabilities and contributing to the ongoing fight against the pandemic.
COVID-19 Sample Collection Kits Market Report Highlights
- By product, swabs captured the highest revenue share of 40.95% in 2022. The Centers for Disease Control and Prevention (CDC) and the WHO have recommended nasopharyngeal swab-based diagnostic tests as the preferred mode of testing for SARS-CoV-2 detection. The large volume and usage rate of nasopharyngeal and oropharyngeal swabs has contributed to the growth of this product in the global market
- The diagnostics application segment held the market share of use of 69.89% in 2022. A continuous increase in the number of approvals by the U.S. FDA has significantly propelled segment growth
- By the site of collection, hospitals and clinics are estimated to account for the largest revenue share of 91.99% in 2022 due to the exponential increase in the number of hospitalizations related to the coronavirus.
- The U.S. dominated the North American market in 2021 owing to the largest number of cases and tests carried out in the country. The presence of key players such as COPAN Diagnostics and Roche in the region contributes to the region's total revenue
- Key participants operating in the space, such as Thermo Fisher, Becton Dickinson, COPAN Diagnostics, and Puritan Medical Products, are constantly boosting their production and supply
- For instance, in February 2022, Becton, Dickinson, and Company partnered with ReturnSafe to incorporate its BD Veritor At-Home Covid-19 test directly into the ReturnSafe testing management system. The BD Veritor At-Home Covid-19 test allows consumers to test without a supervisor at home while providing authentic results since test results can only be viewed with a smartphone. Moreover, in May 2021, New real-time PCR kits and serological tests developed by Vircell were emerging as a possible tool to deal with new emerging variants
Company Profiles
- BD
- Laboratory Corporation Of America Holdings
- Copan Diagnostics, Inc
- Puritan Medical Products
- Vitagene Inc.
- Quest Diagnostics
- Hardy Diagnostics
- Danaher
- Cepheid
- Beckman Coulter, Inc.
- Quidel Corporation
- Thermo Fisher Scientific, Inc.
- Trinity Biotech
- Lucence Diagnostics Pte Ltd
- Himedia Laboratories
- Vircell S.L.
- Formlabs
Market Variables, Trends, & Scope
Market Lineage Outlook
- Parent Market Outlook
- Related/Ancillary Market Outlook
Market Driver Analysis
- Growing Business Operations By Emerging And Small-Sized Players
- Rising Worldwide Incidence Of Sars-Cov-2
- Active Role Of Government Bodies
- Key Role Of Covid Tests In Advancing Vaccine Development
Market Restraint Analysis
- Technical And Clinical Challenges
Market Opportunity Analysis
- Funding Programs To Drive Developments
Covid-19 Sample Collection Kits Market - Regulatory Framework
Covid-19 Sample Collection Kits Market - Reimbursement Framework
Business Environment Analysis
- Swot Analysis; By Factor (Political & Legal, Economic And Technological)
- Porter's Five Forces Analysis
Strategy Mapping
- New Product Launch
- Partnerships
- Acquisition
- Collaboration
- Funding
For more information about this report visit https://www.researchandmarkets.com/r/dtq6f9
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