The increase in demand for COVID 19 sample collection kits due to the increase in cases of COVID 19 is expected to favor the market growth in the near future. The rise in the number of establishments and facilities for testing laboratory collection centers and the increase in the number of trained specimen collectors to perform effective testing services are expected to benefit the expansion of COVID 19 sample collection kits market growth in the years to come.
The surge in revenue generation of the global COVID-19 sample collection kits market can be attributed to the upscaling demand of sample collection kits owing to the rise of new COVID-19 strains and the approval of advanced detection tests by reputed regulatory authorities. Moreover, the need to detect antibodies is also observed to gain significance, which, in turn, is expected to prompt the market expansion. The surge in government funding for the production of a large volume of COVID 19 test kits and the increase in the utility rate of swabs are other causes that are also likely to prompt the expansion of the COVID 19 sample collection kit market in the assessment period.
Market Research Future (MRFR) studied the global COVID-19 sample collection kits market 2021 for the analysis period till 2027. As per MRFR data, the market of COVID-19 sample collection kits is expected to rise at 5.20% CAGR across the forecast tenure (from 2020 to 2027). By 2027, the global COVID-19 sample collection kits market value is expected to touch USD 4168.35 Million.
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On the contrary, surfacing issues with the shortage of test-related supplies, such as; swabs, reverse transcription-polymerase chain reaction instruments, and virus control samples to prevent COVID-19 can hinder the market expansion. The lack of laboratory-based reagents is also observed as another crucial cause that is expected to restrain the COVID-19 sample collection kits market expansion on a global scale.
Market Key Players
Some of the key players in the global COVID-19 sample collection kits market are 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 (California), Becton, Dickinson, and Company (US), Laboratory Corporation of America Holdings (US), Lucence Diagnostics Pte Ltd. (California). Companies such ; COPAN Diagnostics, Medline Industries, Inc., and Becton, Dickinson, and Company, are likely to dominate the worldwide COVID-19 sample collection kits market.
Market Segmentation
The segment assessment of the global COVID-19 sample collection kits market is based on application, product type, and end user.
- The product type-based segments of the COVID-19 sample collection kits market are blood collection kits, swabs, and viral transport media among others. The swabs segment of the market is anticipated to rise at a high CAGR by 2027. MRFR identifies the swab segment as likely to grow at a rapid pace. The swab segment of the market studies oropharyngeal swabs and nasopharyngeal swabs. According to the data from the Centers for Disease Control and Prevention (CDC), collecting only nasopharyngeal swabs for COVID 19 testing is only recommended. The viral transport media segment is expected to secure considerable revenue for the market in the near future.
- The application-based segments of the COVID-19 sample collection kits market are research and diagnostic. The segment of the diagnostics is likely to rise at a faster pace, while the research segment is expected to garner decent revenue by 2027.
- The end user-based segments of the COVID-19 sample collection kits market are diagnostics centers, and hospitals & clinics among others. The segment of diagnostic centers is anticipated to rise at a high growth pace. The hospitals and clinics segment is likely to earn considerable profit.
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Regional Analysis
The COVID 19 sample collection kit market is studied for the Americas, Asia Pacific, Europe, and the Middle East and Africa. The market in the Americas region is likely to hold the highest share of the worldwide market by 2027 owing to the large patient base of COVID-19. The regional assessment of the market of COVID-19 sample collection kits is done for Latin America and North America.
Europe COVID-19 sample collection kits market is expected to grow at a decent pace. Germany, Spain, France, the UK, and Italy are studied for the market. In Asia Pacific, the COVID- 19 sample collection kits market is expected to garner decent revenue by 2027.
