Swab and Viral Transport Mediums Market to Surpass US$ 2 Bn by 2030, Says Fact.MR
The swab and viral transport mediums market is estimated to reach US$ 2.2 Bn valuation by 2030 at the conclusion of the assessment period.
Dubai, UAE -- (SBWire) -- 11/24/2020 --The swab and viral transport mediums market is estimated to reach US$ 2.2 Bn valuation by 2030 at the conclusion of the assessment period. The coronavirus pandemic is likely substantially increase global demand for swab and viral transport mediums, owing unprecedented testing and diagnostics applications to identify potential patients. In addition, manufacturers are being pushed to scale up production to keep up with demand in the short term, which will prove lucrative for the markets.
"Health care professionals and diagnosticians prefer the use of tissue culture for the extraction, transport, and storage of biological samples, which could be attributed to long-term storage capabilities. Viral transport mediums for culture swabs, nasopharyngeal swabs, and vaginal swabs are likely to be major areas of development for the near future," says the Fact.MR report.
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Swab and Viral Transport Mediums Market - Key Takeaways
Swab and viral transport mediums for influenza applications is a prominent segment, accounting for close to US$ 500 Mn in 2019.
Tissue culture mediums are likely to hold major market share through the assessment period, aided by demand for long-term sample preservation requirements.
Hospitals and clinics will remain the primary users of swab and viral transport mediums, aided by higher capital and wider scope of diagnostic capabilities.
Owing to the widespread incidences of chronic and infectious ailments, the demand for swab and viral transport mediums is strong in most parts, of the world. North America, followed by Asia Pacific holds the leading market share, with the incorporation of modern medical infrastructure.
Swab and Viral Transport Mediums Market - Driving Factors
Efforts by manufacturers to develop products in compliance with regulatory standards in different parts of the world is a major market driver.
The introduction of polyester-based swabs is expected to generate lucrative opportunities owing to lower production costs and faster manufacturing processes.
Swab and Viral Transport Mediums Market - Constraints
Notable potential for false negatives, coupled with long turnaround times is a major issue with swab tests, which in turn hurts the adoption of swab and viral transport mediums.
Higher accuracy of hospital-clinic based diagnostic alternatives remains a challenge for players in the market.
Anticipated Market Impact by Coronavirus Outbreak
The global pandemic of the coronavirus has significantly boosted the need for swab and viral transport mediums. Supported by government aid, manufacturers have been pushed to expand production capacities to keep up with the sudden and unprecedented demand, in an effort to conduct expansive population testing for symptomatic and asymptomatic patients. Also, swab and viral transport mediums will gain demand in academic and research applications, as vaccine development efforts continue apace. Apart from covid-19, other infectious diseases are likely to continue generating demand. These factors will sustain and provide impetus to market growth in the long term.
However, issues in terms of supply chains for raw materials and redirection of healthcare resources towards the pandemic could prove disruptive to the industry in the short term. Also, the uncertainty over the duration and severity of the outbreak could limit market development.
Explore the global swab and viral transport mediums market with 76 figures, 24 data tables, along with the table of contents of the report. You can also find detailed segmentation on @ https://www.factmr.com/report/5221/swab-and-viral-transport-medium-market
Prominent manufacturers in the swab and viral transport mediums market include but are not limited to Thermo Fisher Scientific, MWE, Dickinson and Company, Titan Biotech Ltd., Becton, and COPAN Diagnostics Inc.
Leading players in the swab and viral transport mediums market invested in product launch and strategic collaboration with government bodies, and regulatory approvals for new offerings, with a growing focus towards combating the coronavirus pandemic.
For instance, RB Medical Supply unveiled its VTM Collection Kit, which comprises a 15ml conical centrifuge, which allows diagnosticians to transport and process swabs in a single container. Also, The Eone Diagnostic Genome Center has announced the renewal of an agreement with the State of Colorado for Universal Transport Medium Kits for Covid-19 testing. Furthermore, Titan Biotech Ltd. has received approval from ICMR-NIV for covid-19 collection Viral Transport Kits in compliance with ICMR, CDC, and WHO standards.
More on the Report
The Fact.MR's market research report provides in-depth insights on swab and viral transport mediums market. The market is scrutinized according to product (nasal swab, nasopharyngeal swab, throat swab, and transport medium), application (Viral Infection Diagnosis and others), and end user (hospitals & clinics, microbiology laboratories, diagnostic laboratories, and others) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
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Fact.MR is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. Fact.MR is headquartered in Dublin, and has offices in Dubai. Fact.MR's latest market research reports industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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