COVID-19 Sample Collection Kits Market Overview
Global COVID-19 Sample Collection Kits Market is slated to acquire a value of USD 4.16 billion by 2027 and is slated to register a growth of 5.20% over the review period of 2020 to 2027.
COVID-19 Sample Collection Kits Market Dynamics
The COVID-19 outbreak has resulted in a surge in demand for the COVID-19 sample collection package. The vitals and reagents given for collecting samples and shipping them to the laboratory where the research services will be conducted on such a sample are referred to as the sample collection kit. The high demand for sample collection kits as a result of the global outbreak of COVID-19, as well as government approval of new and advanced detection tests, are expected to drive COVID-19 Sample Collection Kits Market growth. Furthermore, an increase in antibody detection, an increase in government support, and a large volume of products and swab use rate are expected to drive market growth during the forecast period. The rising number of corona virus patients around the world, the the prevalence of the geriatric population, the levels of funds and investment for the development of medicines and advanced machines for virus testing and diagnosis, and various mergers and collaborations to increase the production of sample test kits are some of the major and important factors.
Everlywell, Inc. received an emergency use authorization (EUA) from the Food and Drug Administration (FDA) in May 2020 for the COVID-19 Test Home Collection Kit. The product is a nasal swab sample collection kit that can be used at home and sent to specific laboratories for COVID-19 diagnostic testing. As a result, demand for sample collection kits is increasing. Furthermore, the identification of antibodies, increased government funding, large volume of goods, and high swab use rate are expected to drive market growth.
However, a lack of laboratory-based reagents and a shortage of test-related supplies such as reverse transcription-polymerase chain reaction tools, swabs, and virus control samples to control COVID-19 are expected to limit the global COVID-19 sample collection kits market’s development.
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COVID-19 Sample Collection Kits Market Segmental Analysis
The global COVID-19 sample collection kits market has been segmented based on the product type, application, and end user.
The market has been divided into swabs, viral transport media, blood collection kits, and others based on product type. The swabs segment is expected to rise at the fastest rate. Swabs are classified into two types: nasopharyngeal swabs and oropharyngeal swabs. Just nasopharyngeal swabs should be collected for research, according to the Centers for Disease Control and Prevention (CDC). The fastest-growing category is viral transportation media.
The market has been divided into diagnostic and analysis segments based on application. The diagnostic segment is expected to grow at the fastest rate, while the analysis segment is expected to grow at the fastest rate.
The market has been divided into hospitals and clinics, diagnostics centers, and others depending on the end consumer. The diagnostic center is expected to develop at the fastest pace. Hospitals and clinics are the fastest growing sector.
COVID-19 Sample Collection Kits Market Regional Analysis
Laboratory Corporation of America (LabCorp) is the first diagnostic test manufacturer for COVID-19 at-home specimen collection kit, according to the US Food and Drug Administration (FDA) in April 2020. During the forecast period, this is anticipated due to the high demand for sample collection kits across the country.
According to the MRFR, 2, 95,889 COVID-19 cases have been confirmed in the United Kingdom. Furthermore, the World Health Organization (WHO) and the European Centre for Disease Prevention and Control (ECDC) moved quickly to establish laboratory needs and capacities in the European region, according to the World Health Organization (WHO) and the European Centre for Disease Prevention and Control (ECDC) January 2020 study. As a result of an increase in the number of confirmed cases of COVID-19, sample collection kits are needed for laboratory tests and detection, which is expected to drive market development.
Because of the COVID-19 outbreak, the Asian Development Bank (ADB) announced a USD 6.5 billion assistance package for the Asia-Pacific region in March 2020. As a result, industry growth is projected to be fueled by increased government support.
The Middle East and Africa area is more in need of infrastructure growth and technological innovation. This results in a lack of growth in the healthcare sector, resulting in a decrease in sample collection kit demand on the market. To resolve this, market growth is expected to be fueled by advancements in development and technology.
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COVID-19 Sample Collection Kits Market Competitive Analysis
The major players of the 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).