The virology specimen collection market is projected to register a CAGR of 14% during the forecast period (2022-2027).
Amidst the COVID-19, the virology specimen collection market is expected to grow owing to the rising cases of COVID-19 among people across the globe. The increase in the need to diagnose COVID-19 infected patients and screen people is projected to create lucrative opportunities for the virology specimen collection market. According to World Health Organization (WHO), in 2022, the number of new COVID-19 cases increased by 5% across the globe. The market players took this opportunity to expand their product line and gain a significant market share by providing diagnostic tools. For instance, In April 2020, Puritan Medical products increased the production of its nasal swabs to more than 1.0 million for COVID-19 testing per week, meeting the increasing demand in the current market scenario.
The increasing prevalence of viral disease and the emergence of new pathogens is expected to be the major driving factor for the market's growth. According to the World Health Organization (WHO), in 2021, 60 % of the global population will be suffering from infectious diseases. The rising incidence of viral diseases such as Human Immunodeficiency Virus (HIV), Influenza, EBOLA, Zika Virus, and other sexually transmitted diseases led to the increasing demand for virology specimen collection for an effective diagnosis of the infections. According to World Health Organization (WHO), in 2021, Since the beginning of the epidemic, 79.3 million people have been infected with the Human Immunodeficiency Virus (HIV), and 36.3 million people have died of HIV. Similarly, the Food and Agriculture Organization (FAO) report in January 2022 states that 13 new cases of the Avian influenza virus occurred in China, while 5 cases are in the United Kingdom. Additionally, the World Health Organization (WHO) in 2021 reported that 3481 cases of EBOLA are present in the world. The World Health Organization (WHO) in 2020 stated that more than 1 million sexually transmitted infections are acquired per day worldwide. Also, it is estimated that there are 374 new infections with one of four sexually transmitted diseases. Therefore, the increasing prevalence of viral diseases and the emergence of new viral infections led to the increasing demand for the virology specimen collection market owing to the efficient diagnosis in order to get the proper treatment.
The sudden outbreak of COVID-19 has increased the demand for virology specimen collection due to the increased infectious cases of COVID-19 disease across the world and the need for a robust supply of vaccinations.
The Hospitals and clinics segment is expected to register with significant revenue in the forecast period. This is attributed to an increase in the number of patients for respiratory viruses and infections and the increasing need for providing antiviral drugs and therapy. The National Institute of Health (NIH), in 2021, reported that Acute Respiratory Infections (ARI) accounted for 69% of the total communicable diseases in the world. Additionally, the article published by Nature in 2021 mentioned that Respiratory Syncytial Virus (RSV) started rising months later than usual in April and is also responsible for about 5% of deaths in children worldwide. Moreover, the increase in healthcare-associated infections in acute care hospitals led to the increasing demand for virology specimen collection products in hospitals and clinics. According to the Centers for Disease Control and Prevention (CDC), in 2020, in American hospitals alone, hospital-acquired infections accounted for 1.7 million infections and 99,000 associated deaths each year. Thus huge surge in the occurrence of respiratory diseases and hospital-acquired infections led to the increasing usage of virology specimen collection products in Hospitals and clinics, which propelled the market growth.
The United States is likely to command the global market owing to the technological innovations in the diagnostic and virology specimen collection devices used for disease testing. Increasing awareness regarding disease transmission and effective diagnosis of viral diseases accounted for the growth of this region's virology specimen collection market. The increasing funding activities from the public and private organizations in the United States are also a major factor contributing to the market's growth. For instance, In July 2020, Hologic, Inc. received USD 7.6 million from the United States Department of Defense and the United States Department of Health and Human Services (HHS) to expand the production of specimen collection and processing consumables for SARS-CoV 2 testing. Moreover, the increasing health care expenditure in the United States contributes to the growth of the virology specimen collection market. For instance, the Center for Disease Control and Prevention (CDC),2020, reported that over 3.8 trillion USD is spent by the people in the United States on Annual Health Care costs. The region's largest share is also due to the presence of major market players and quick adaption to technologically advanced diagnostics.
The Virology Specimen Collection Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Thermo Fisher Scientific, Puritan Medical Products, Trinity Biotech, Medical Wire & Equipment, Vircell, Quidel Corporation, Becton, Dickinson and Company, Titan Biotech Limited, Copan Diagnostics, EKF Diagnostics, Hardy Diagnostics, Pretium packaging, and others.
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Amidst the COVID-19, the virology specimen collection market is expected to grow owing to the rising cases of COVID-19 among people across the globe. The increase in the need to diagnose COVID-19 infected patients and screen people is projected to create lucrative opportunities for the virology specimen collection market. According to World Health Organization (WHO), in 2022, the number of new COVID-19 cases increased by 5% across the globe. The market players took this opportunity to expand their product line and gain a significant market share by providing diagnostic tools. For instance, In April 2020, Puritan Medical products increased the production of its nasal swabs to more than 1.0 million for COVID-19 testing per week, meeting the increasing demand in the current market scenario.
The increasing prevalence of viral disease and the emergence of new pathogens is expected to be the major driving factor for the market's growth. According to the World Health Organization (WHO), in 2021, 60 % of the global population will be suffering from infectious diseases. The rising incidence of viral diseases such as Human Immunodeficiency Virus (HIV), Influenza, EBOLA, Zika Virus, and other sexually transmitted diseases led to the increasing demand for virology specimen collection for an effective diagnosis of the infections. According to World Health Organization (WHO), in 2021, Since the beginning of the epidemic, 79.3 million people have been infected with the Human Immunodeficiency Virus (HIV), and 36.3 million people have died of HIV. Similarly, the Food and Agriculture Organization (FAO) report in January 2022 states that 13 new cases of the Avian influenza virus occurred in China, while 5 cases are in the United Kingdom. Additionally, the World Health Organization (WHO) in 2021 reported that 3481 cases of EBOLA are present in the world. The World Health Organization (WHO) in 2020 stated that more than 1 million sexually transmitted infections are acquired per day worldwide. Also, it is estimated that there are 374 new infections with one of four sexually transmitted diseases. Therefore, the increasing prevalence of viral diseases and the emergence of new viral infections led to the increasing demand for the virology specimen collection market owing to the efficient diagnosis in order to get the proper treatment.
Key Market Trends
The Hospitals and Clinics Segment is Expected to Hold a Major Market Share in the Virology Specimen Collection Market Market
The sudden outbreak of COVID-19 has increased the demand for virology specimen collection due to the increased infectious cases of COVID-19 disease across the world and the need for a robust supply of vaccinations.
The Hospitals and clinics segment is expected to register with significant revenue in the forecast period. This is attributed to an increase in the number of patients for respiratory viruses and infections and the increasing need for providing antiviral drugs and therapy. The National Institute of Health (NIH), in 2021, reported that Acute Respiratory Infections (ARI) accounted for 69% of the total communicable diseases in the world. Additionally, the article published by Nature in 2021 mentioned that Respiratory Syncytial Virus (RSV) started rising months later than usual in April and is also responsible for about 5% of deaths in children worldwide. Moreover, the increase in healthcare-associated infections in acute care hospitals led to the increasing demand for virology specimen collection products in hospitals and clinics. According to the Centers for Disease Control and Prevention (CDC), in 2020, in American hospitals alone, hospital-acquired infections accounted for 1.7 million infections and 99,000 associated deaths each year. Thus huge surge in the occurrence of respiratory diseases and hospital-acquired infections led to the increasing usage of virology specimen collection products in Hospitals and clinics, which propelled the market growth.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
The United States is likely to command the global market owing to the technological innovations in the diagnostic and virology specimen collection devices used for disease testing. Increasing awareness regarding disease transmission and effective diagnosis of viral diseases accounted for the growth of this region's virology specimen collection market. The increasing funding activities from the public and private organizations in the United States are also a major factor contributing to the market's growth. For instance, In July 2020, Hologic, Inc. received USD 7.6 million from the United States Department of Defense and the United States Department of Health and Human Services (HHS) to expand the production of specimen collection and processing consumables for SARS-CoV 2 testing. Moreover, the increasing health care expenditure in the United States contributes to the growth of the virology specimen collection market. For instance, the Center for Disease Control and Prevention (CDC),2020, reported that over 3.8 trillion USD is spent by the people in the United States on Annual Health Care costs. The region's largest share is also due to the presence of major market players and quick adaption to technologically advanced diagnostics.
Competitive Landscape
The Virology Specimen Collection Market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Thermo Fisher Scientific, Puritan Medical Products, Trinity Biotech, Medical Wire & Equipment, Vircell, Quidel Corporation, Becton, Dickinson and Company, Titan Biotech Limited, Copan Diagnostics, EKF Diagnostics, Hardy Diagnostics, Pretium packaging, and others.
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Thermo Fisher Scientific
- Puritan Medical Products
- Trinity Biotech
- Medical Wire and Equipment
- Vircell
- Quidel Corporation
- Becton, Dickinson and Company
- Titan Biotech limited
- COPAN diagnostics, Inc
- EKF diagnostics
- Hardy Diagnostics
- Pretium Packaging
Methodology
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