In a recent market analysis conducted by Future Market Insights (FMI), the Global Swab and Viral Transport Medium Industry is set to experience an extraordinary surge, surpassing US$ 8.86 billion in 2023. FMI’s comprehensive forecast indicates a robust Compound Annual Growth Rate (CAGR) of 5.8%, propelling the market to an impressive value of US$ 15.60 billion by the year 2033.
The heightened demand for swabs and viral transport mediums is primarily attributed to the ongoing COVID-19 outbreak. As research facilities and laboratories intensify their efforts to develop effective COVID-19 vaccines, businesses are increasingly focused on producing products suitable for viral collection, maintenance, and culture. This surge in demand underscores the pivotal role played by the Global Swab and Viral Transport Medium Industry in supporting crucial medical research and public health initiatives.
The FMI analysis highlights the industry’s ability to adapt and innovate in response to the global health crisis. The anticipated 5.8% CAGR signifies sustained growth, reflecting the industry’s resilience and its pivotal contribution to the healthcare landscape.
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An additional element fueling the market expansion is the rise in the number of novel viruses that have the potential to infect humans and cause a variety of illnesses. According to an article in Nature from 2021, certain respiratory viruses are resurfacing in unexpected ways as pandemic limitations loosen. Infections with the respiratory syncytial virus (RSV), which accounts for 5% of all pediatric fatalities globally, began to rise in April 2021. As a result of the increased need for specimen collection kits and diagnosis, the prevalence of additional infectious illnesses is predicted to propel market expansion.
Manufacturers are creating viral transport mediums for influenza diagnostics as the flu season gets underway. Healthcare in Western nations is extremely concerned about influenza-related morbidity and death. To provide swabs and viral transport mediums, manufacturers are expanding their research and development capabilities. Manufacturers are also starting to recognize the advantages of online pharmacies over hospitals and retail pharmacies. To increase their revenue sources, they are working with established e-commerce companies.
Owing to its highly developed medical infrastructure and high frequency of infectious illnesses, North America is predicted to dominate the global market during the forecast period. During the pandemic, North America saw a spike in laboratory testing, which fueled the market expansion. The market is also growing significantly due to the existence of biopharma businesses, a large number of labs, and research studies on viral infection.
Global Swab and Viral Transport Medium Industry Key Takeaways
- The market in the United Kingdom is anticipated to rise, exhibiting a CAGR of 5.9% through 2033.
- The United States is expected to develop at a 6.1% CAGR during the forecast period.
- With a CAGR of 4.0% over the forecast period, Canada is predicted to develop promptly in the market.
- In China, the market is expected to proliferate, registering a CAGR of 7.7% over the forecast period.
- Germany is estimated to grow decently registering a CAGR of 6.7% until 2033.
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Competitive Landscape in the Global Swab and Viral Transport Medium Industry
Top players operating in the Global Swab and Viral Transport Medium Industry are McKesson Corporation, Cardinal Health Inc., Becton, Dickinson and Company, Thermo Fisher Scientific Inc., Quidel Corporation, COPAN Diagnostics Inc., VIRCELL S.L., Deltalab, Titan Biotech Ltd., Medical Wire & Equipment, and others.
These market players are always inventing and creating new products to suit the various requirements of diagnostic laboratories and research institutions. They are enhancing the design and components used in swabs to enhance their collection efficacy. They are also developing transport mediums that can hold viral specimens for extended periods without compromising their vitality. Additionally, to improve the stability and accuracy of diagnostic samples, they are also combining advanced technologies.
Global Swab and Viral Transport Medium Industry Recent Developments
- In June 2022, the start of long-distance drone deliveries in North Carolina was announced by Zipline and Cardinal Health.
- In May 2020, in several pharmacies across the United States, Health Mart® pharmacies announced that they would provide free COVID-19 test collection. Health Mart is dedicated to creating cutting-edge public and private collaborations as a member of the McKesson Corporation to assist address the COVID-19 epidemic.
Other Key Players Operating in the Global Swab and Viral Transport Medium Industry
- Thermo Fisher Scientific Inc.,
- Quidel Corporation,
- COPAN Diagnostics Inc.,
- VIRCELL S.L., Deltalab,
- Titan Biotech Ltd.,
- Medical Wire & Equipment
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Global Swab and Viral Transport Medium Industry by Category
By Product:
- Viral Transport Medium
- Tissue Culture Medium
- Glycerol Transport Medium
- Virus Swabs
- Nasopharyngeal Swabs
- Deep Nasal Swabs
- Combined Nasal & Throat Swabs
- Culture Swabs
- Vaginal Swabs
By Application:
- Influenza
- Respiratory syncytial virus
- Mumps Virus
- Adenovirus
- Rhinovirus
- Herpes Simplex Virus
- Varicella-Zoster Virus
- Other Indication
By End User:
- Hospitals & ASCs
- Specialty Clinics
- Diagnostic Laboratories
- Others
Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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