The Bacterial & Viral Specimen Collection Market size is estimated to reach $37.1 Billion by 2025, growing at a CAGR of 13.4% during the forecast period 2020-2025. Bacterial & Viral Specimen collection is the process of obtaining tissue or fluids for laboratory analysis or near-patient testing. It is often a first step in determining diagnosis and treatment. An increase in demand for diagnostic testing for COVID-19, and several manufacturers has step up the production of viral specimen collection products worldwide this in turn is driving the market for bacterial and viral specimen collection during the forecast period 2020-2025.
Bacterial & Viral Specimen Collection Market Segment Analysis - By Product Type
Based on Product Type, Bacterial & Viral Specimen Collection Market is segmented into Bacterial Specimen Collection and Viral Specimen Collection. The bacterial specimen collection holds the largest share in terms of revenue in 2019. This is owing to the high prevalence of bacterial diseases coupled with presence of substantial diagnostics kits for screening of bacterial infections. Viral Specimen collection segment is set to be the fastest growing with a CAGR of 14.2% during the forecast period 2020-2025. This is owing to high acceptance of Tb is driving the growth during the forecast period 2020-2025.
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Bacterial & Viral Specimen Collection Market Segment Analysis - By End Use Type
Based on End-user, Bacterial & Viral Specimen Collection Market is segmented into Hospitals and Clinics, Home Test, Research Laboratories, among others. The Hospital and Clinics segment contributed the largest share in 2019. This is owing to increasing number of patients and increasing medical collection centers in Hospitals. Clinics segment is set to be the fastest-growing CAGR during the forecast period 2020-2025. This is owing to the increase in patients for respiratory bacterial and viral infections and provides a reason for antimicrobial drug therapies rise in cases of infections in clinics.
Bacterial & Viral Specimen Collection Market Segment Analysis - By Geography
Based on Geography the global Bacterial & Viral Specimen Collection Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America dominated the market for bacterial and viral specimen collection with a revenue share of 36.1% in 2019. This is owing to the High awareness regarding diagnosis, disease transmission and effective management of microbial infections. Asia Pacific is set to be the fastest-growing market during the forecast period 2020-2025. This is owing to large scale bacterial and viral infection diseases testing in Asian countries, particularly in India, and other Asian Countries which is driving the growth during the forecast period 2020-2025.
Bacterial & Viral Specimen Collection Market Drivers
Increasing cases of COVID-19 globally
Increasing number of Covid19 cases globally is the key driver of bacterial & viral specimen collection market. With an increase in demand for diagnostic testing rapid testing for COVID-19, several manufacturers have step up the production of viral specimen collection products all over the world. This, in turn, is driving the market for bacterial and viral specimen collection market. Moreover the growing awareness concern, in the early stage of testing and treatment of infection and rising competition among others is driving the demand of Bacterial & Viral Specimen Collection Market during the forecast period 2020-2025.
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Bacterial & Viral Specimen Collection Market Challenges
Challenges such as Interference of early experimental antimicrobial treatment with culture-based diagnostics remains a common clinical problem and also finding methods to improve the detection of pathogens. Moreover in these cases and integrating raising microbiology diagnostic algorithms into patient care, antimicrobial stewardship programs, and clinical microbiology laboratory practices remains a difficult challenge for the market. Thus is impacting on the growth of the bacterial and viral specimen collection market during the forecast period 2020-2025.
Bacterial & Viral Specimen Collection Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Bacterial & Viral Specimen Collection Market. Key companies of this market are Titan Biotech, DiaSorinGroup, Vircell S.L, Copan Italia Spa, Puritan Medical Products, hardy diagnostics, Becton, Dickinson And Company, Quidel Corporation, Thermo Fisher Scientific, Inc, and Longhorn Vaccines & Diagnostics, LLC, among others.
Bacterial & Viral Specimen Collection Market Developments:
In March 2020, Thermo Fisher Scientific has acquired Quagen INV to expand specialty diagnostics portfolio with attractive molecular diagnostics capabilities, including infectious disease testing.
In February 2018, Thermo Fisher Scientific has Launches Axiom Micro biome Array for Research. The Axiom Microbiome Array for simultaneous detection of archaea, bacteria, fungi, protozoa and viruses in human and non-human samples. Developed in collaboration with the Lawrence Livermore National Laboratory (LLNL), the array is designed to increase the understanding of microorganisms, while accelerating the translation of these insights into human health and applications.
Key Takeaways
Geographically, North America Bacterial & Viral Specimen Collection Market accounted for the highest revenue share in 2019 owing to the High awareness regarding diagnosis, disease transmission and effective management of microbial infections.
Factors such as the bacterial segment dominated the bacterial & viral specimen collection market in 2019. This is owing to the high prevalence of bacterial diseases coupled with presence of substantial diagnostics kits for screening of bacterial infections are driving the demand of bacterial & viral specimen collection market during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Bacterial & Viral Specimen Collection Market report.
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