Swab & Viral Transport Medium Market
Number of pages: 100 | Report Format: PDF | Published date: May 02, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.69 billion |
|
Revenue Forecast in 2031 |
US$ 2.24 billion |
|
CAGR |
3.2% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023 to 2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Indication, End user, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global swab & viral transport medium market was valued at US$ 1.69 billion in 2022 and is expected to register a revenue CAGR of 3.2% to reach US$ 2.24 billion by 2031.
Swab & Viral Transport Medium Market Fundamentals
A swab is a medical tool used to collect a sample of biological material, such as cells or secretions. Swabs are commonly used to collect samples from the nasal cavity, throat, or other mucous membranes to diagnose infectious diseases or perform genetic testing. Viral transport medium (VTM) is a liquid used to transport and preserve viral samples collected by swabbing. VTM typically contains a mixture of salts, proteins, and antibiotics that help preserve the viral sample's integrity during transportation and storage. The pandemic has increased demand for swabs and viral transport media due to their critical role in testing for COVID-19. The market has also experienced significant innovation and development in new products and improved formulations to meet the growing demand.
The industry is comprehensively analyzed in the swab & viral transport medium market research report, along with the factors that either aid or impede the market's growth, such as its drivers, restraints, and opportunities. The research provides insight into the companies that operate in the swab & viral transport medium market and their efforts to position themselves as key players through expansion strategies and innovations. It also highlights recent developments that contribute to the swab & viral transport medium market revenue growth. The research also analyzes the impact of the COVID-19 pandemic.
This research is valuable for businesses seeking insights into the market, customers, and competition. The research provides special insights into the segmentation, regions, market size & projection, revenue CAGRs, and other important information that may help clients make the right decisions. The report assembles data from market players and professionals across the industrial value chain. The study also incorporates qualitative and quantitative assessments from industry professionals. Secondary research, surveys and interviews, and statistical modeling are all used in our research to estimate market size and projection. Our reports deliver the most reliable market data because of our specialized research methods.
[10]
Swab & Viral Transport Medium Market Dynamics
The global swab & viral transport medium market has experienced significant growth in recent years, driven by several key factors. The need for diagnostic testing has increased due to the growing incidence of infectious diseases globally. As a result, there has been a rise in demand for swabs and VTM for collecting and transporting various samples, including blood, saliva, urine, and other bodily fluids. Developing advanced swabs and viral transport medium products with higher accuracy and sensitivity has also fueled market growth. These products are designed to provide accurate and reliable results, making them ideal for diagnostic testing. Emerging markets are experiencing a surge in demand for swabs and viral transport mediums because of increasing healthcare expenditure and rising awareness about infectious diseases. This has created significant growth opportunities for manufacturers in these markets. However, new technologies that make swabs & viral transport mediums obsolete or less relevant could affect the market for these products.
Swab & Viral Transport Medium Market Ecosystem
Swab & Viral Transport Medium Market, by Type
Swab & Viral Transport Medium Market, by Indication
Swab & Viral Transport Medium Market, by End User
Swab & Viral Transport Medium Market by Indication
[25]
The influenza virus segment has a significant revenue share in the global swab & viral transport medium market. Manufacturers are creating viral transport mediums for influenza diagnostics. Healthcare in Western countries is extremely concerned about influenza-related morbidity and mortality. To produce swabs and viral transport mediums that promote optimal specimen collection for enhanced patient care, manufacturers are expanding their R&D capabilities.
The market segmentation sections provide the swab & viral transport medium industry analysis in terms of the demarcation of different consumer groups. Market segmentation is the split of an industry into subgroups depending on characteristics such as type, indication, end user, and other factors. Market segmentation data helps organizations understand the preferences and distinctive demands of different customer groups and implement targeted marketing strategies. This data additionally helps in identifying potential swab & viral transport medium market growth opportunities.
Swab & Viral Transport Medium Market by Region
North America accounts for the largest revenue share in the global swab & viral transport medium market. The swab & viral transport medium market in North America was experiencing significant growth due to the ongoing COVID-19 pandemic. Swabs & viral transport media are critical components of COVID-19 testing, and the high demand for testing has increased the demand for these products. According to World Health Organization (WHO) statistics, in February 2022, about 77.2 million of the United States population was infected with the COVID-19 virus. In North America, the swab & viral transport medium market is dominated by several major players, including Puritan Medical Products, Becton, Dickinson and Company, and Copan Diagnostics. These companies are investing heavily in research and development to improve the performance and reliability of their products. The market is also seeing the emergence of new players and startups, such as Cue Health, that are developing innovative testing solutions using swabs and viral transport media.
On the other hand, Asia Pacific is expected to register rapid revenue growth during the forecast period. The market in the Asia Pacific region is expected to continue growing in the coming years, driven by increased testing requirements due to the ongoing COVID-19 pandemic and increased awareness of the importance of testing for infectious diseases. The market is also expected to benefit from the increasing adoption of point-of-care testing and the development of innovative testing solutions using swabs and viral transport media. The market in Latin America is expected to continue growing in the coming years, driven by increased testing requirements due to the ongoing COVID-19 pandemic and increased awareness of the importance of testing for infectious diseases. The market is also expected to benefit from developing innovative testing solutions using swabs and viral transport media and the region's increasing adoption of point-of-care testing. However, the market may face supply chain disruptions and regulatory barriers in some regional countries.
Based on the regions, the global swab & viral transport medium market is segmented into:
The industry's regional segmentation provides insights into geographic pockets in terms of swab & viral transport medium industry trends, market size, share, and growth rate. This information helps organizations assess potential growth opportunities in new regional markets, understand competitive threats, and develop localized sales and expansion strategies. This section also offers deeper insights into the regional and country-level swab & viral transport medium market outlook.
Key Components of the Report
Swab & Viral Transport Medium Market Competitive Landscape
The market competitive landscape analysis is performed by gathering and evaluating data about the key competitors, industry trends, and market dynamics. It involves collecting and analyzing data on factors such as products, pricing, geographic reach, customer demographics, marketing tactics, and recent developments. Competitive landscape analysis can help organizations identify present or prospective opportunities and risks in the market.
Swab & Viral Transport Medium Market Strategic Developments
Reasons To Buy This Report
Key Strengths of Our Report
Target Audience to Benefit from this Report.
Swabs are used to collect samples from the nasal and throat areas, and the viral transport medium is used to preserve the sample during transport to the laboratory for testing.
The global swab & viral transport medium market was valued at US$ 1.69 billion in 2022.
North America accounts for the largest revenue share of the global swab & viral transport medium market during the forecast period from 2023 to 2031.
The global swab & viral transport medium market is expected to grow at 3.2% revenue CAGR during the forecast period from 2023 to 2031.
The estimated size of the swab & viral transport medium market is US$ 2.24 billion in 2031.
As more people get vaccinated against COVID-19, the demand for testing may decrease, which could lead to a decline in the global swabs and viral transport medium market.
The global swab & viral transport medium market is expected to continue growing in the coming years, even as COVID-19 cases start to decline, due to increased awareness of the importance of testing for infectious diseases and the need for preparedness for future pandemics.
Thermo Fisher Scientific, Puritan Medical Products, BD & Company, COPAN Diagnostics, Inc., and Titan Biotech Limited are top players in the global swab & viral transport medium market.
The influenza virus indication segment has the highest share in the global swab & viral transport medium market.
*Insights on financial performance are subject to the availability of information in the public domain