ID: MRFR/HC/9314-HCR | 120 Pages | Published By Rahul Gotadki on March 2023
Virology specimen collection market size is projected to be worth USD 8,974 million by 2030, registering a CAGR of 5.3% during the forecast period (2022 - 2030)
The global virology specimen collection market size is projected to be worth ~USD 8,974 million by 2030, registering a CAGR of ~5.3% during the forecast period (2021 - 2030)
Specimen collection is the process of obtaining substances for laboratory analysis or near-patient testing. The sample collection kit includes the vitals and reagents used in collecting samples and shipping them to the laboratory, where the testing services will be performed. There is a rise in the demand for virology specimen collection kits due to the increasing incidence of various viral diseases, COVID-19 outbreak globally, and approval of new and advanced detection tests by authorities. In May 2020, Everlywell, Inc. received an emergency use authorization (EUA) from the Food and Drug Administration (FDA) for the COVID-19 test sample collection kit. The product is a standalone, at-home nasal swab sample collection kit with a saline-filled tube that can be sent to specified labs for subsequent COVID-19 diagnostic testing. This, in turn, has positively impacted the virology specimen collection market.
Value Chain Analysis
The global virology specimen collection market is projected to exhibit significant growth during the forecast period. This is attributed to the rising prevalence of viral diseases, the growing number of blood donations, and government approval for new and advanced detection tests. In addition, a surge in demand for sample collection kits across the globe due to the COVID-19 outbreak has further contributed to the market growth. The value chain analysis for the market is comprised of five major components, which start with research & product development, followed by product manufacturing, distribution & sales, and end with post-marketing surveillance. In the research and product development stage, new models and designs are introduced to make the products better and more effective, with the major focus of manufacturers on designing the comfort of the patients. The manufacturing process begins with the assembly of raw materials. Manufacturing is a quick process followed by testing for safety, accuracy, and comfort. Distribution & sales play a critical role in the market value chain analysis. It consists of intermediaries, direct selling channels, and others. Post-sales monitoring plays a significant role in this market. The follow-up stage gives an idea about the sales of the products and helps understand any limitations or feedback from the users.
By Product Type
By End User
The virology specimen collection market based on the region has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
North America: According to the US Food and Drug Administration (FDA), in April 2020, Laboratory Corporation of America (LabCorp) is the first diagnostic test developer for an at-home specimen collection kit for COVID-19. This is anticipated to boost the virology specimen collection market across the region during the forecast period.
Europe: According to the World Health Organization (WHO), January 2020 report, the World Health Organization (WHO), and the European Centre for Disease Prevention and Control (ECDC) are working closely for identifying the laboratory needs and capacities in the European region. Thus, sample collection kits are required for laboratory tests and detection due to the increasing incidence of viral diseases and a rise in the number of confirmed cases of COVID-19. This is expected to drive the virology specimen collection market growth.
Asia-Pacific: Due to the outbreak of COVID-19 cases, the Asian Development Bank (ADB), in April 2021, announced a USD 31.6 billion aid package for the Asia and the Pacific region in 2020 to tackle the outbreak and support green and sustainable green recovery. Thus, an increase in government funding is expected to drive the virology specimen collection market growth.
Middle East & Africa: The Middle East & Africa region is more under proper infrastructural development and technological advancements. This, in turn, leads to low development in the healthcare industry, which reduces the overall sample collection kits production in the market. A rise in development and technology is expected to drive the virology specimen collection market growth.
The key industry players are adopting various business strategies such as significant investments in R&D activities to increase their market presence and expand their product portfolio, driving the Virology Specimen Collection market. In addition, the market players are adopting several strategic initiatives such as new product launches, mergers & acquisitions, contractual agreements, increasing investments, and collaboration with other players to expand their global footprint. For instance, in March 2020, Becton, Dickinson and Company (BD) (U.S.) and BioMedomics (U.S.), a clinical diagnostics company, announced the launch of a new point-of-care serology test. The test is utilized to detect antibodies in the blood to confirm current or past exposure to COVID-19 within 15 minutes. The new test, developed and manufactured by BioMedomics, is available through BD and distributed exclusively by Henry Schein, Inc. to health care providers throughout the United States.
List of companies covered in this report:
The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.
Global Virology Specimen Collection Market, By Product Type
Global Virology Specimen Collection Market, By Application
Global Virology Specimen Collection Market, By End User
Global Virology Specimen Collection Market, By Region
|Market Size||2030: ~USD 9,904 Million|
|Historical Data||2018 & 2019|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Application, and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World|
|Key Vendors||Thermo Fisher Scientific, Inc. (US), Hardy Diagnostics (US), BNTX Inc. (Germany), Formlabs (US), Medline Industries, Inc. (US), HiMedia Laboratories (India), VIRCELL S.L. (Spain), Puritan Medical Products (US), COPAN Diagnostics (US), Becton, Dickinson, and Company (US), Laboratory Corporation of America Holdings (US), Lucence Diagnostics Pte Ltd. (US).|
|Key Market Opportunities||Rise in demand for rapid diagnostic tests.|
|Key Market Drivers||• Approval of specimen collection kits by regulatory authorities. • Large volume and usage rate of Swabs. • Increase in government funding. • Rise in the demand for at-home kits for reducing the risk of virus transmission|
The virology specimen collection market size is expected to reach USD 8,974 million at CAGR of 5.3% during the forecast period (2021 - 2030)
Thermo Fisher Scientific, Inc. (US), Hardy Diagnostics (US), BNTX Inc. (Germany), Formlabs (US), Medline Industries, Inc. (US), HiMedia Laboratories (India), VIRCELL S.L. (Spain), Puritan Medical Products (US), COPAN Diagnostics (US), Becton, Dickinson, and Company (US), Laboratory Corporation of America Holdings (US), Lucence Diagnostics Pte Ltd. (US) are the key players in the market of Virology Specimen Collection
North America is predicted to lead the market of Virology Specimen Collection.
Rise in the prevalence of viral diseases and Large volume and usage rate of swabs are the major market driver of Virology Specimen Collection
High cost of virology specimen collection technologies may limit the market growth of Virology Specimen Collection