Global COVID-19 Sample Collection Kits Market - 2022-2029

Global COVID-19 Sample Collection Kits Market - 2022-2029

Market Overview

COVID-19 Sample Collection Kits Market size was valued at US$ 12.38 billion in 2021 and is estimated to reach US$ 17.39 billion by 2029, growing at a CAGR of 8.5% during the forecast period (2022-2029).

COVID-19 sample collection kits are used to collect the biological collection of specimens for testing the presence of novel coronavirus n the body. The kits play a vital role in collecting both swabs nasopharyngeal and oropharyngeal (OP) specimens. The Center for disease prevention and control (CDC) recommended following the guidelines and has been recommended to take nasopharyngeal (NP) swabs of asymptomatic persons. Thus, the testing kits have the all-in-one solution for transport, biological specimen collection, handling, and testing clinical specimens from Persons Under Investigation (PUIs) for the coronavirus disease 2019 (COVID-19).

Market Dynamics

The global COVID-19 sample collection kits market growth is driven by several factors such as increasing cases of COVID-19, detection of new variants of severe acute respiratory syndrome corona virus and various novel innovations.

Increasing number of COVID-19 cases and new variants is expected to drive the global COVID-19 sample collection kits market during the forecast period.

The market is driven by the rising prevalence of the infectious disease covid-19 with a surge in the number of COVID-19 cases worldwide and the absence of adequate laboratory-based molecular testing facilities. According to the World meter Stats, the covid-19 infected cases reached more than 14,648,444 with 609,008 deaths. Thus, the demand for specimen collection kits for covid-19 testing has been increased to process and detect Chlamydia trachomatis and Neisseria gonorrhea.

There is a rise in the Food & Drugs Administration approval for advanced technology base testing kits, which can help in the early detection of covid-19 infections has created a huge opportunity for this market. For instance, on 21st April 2020, the U.S. Food and Drug Administration authorized to sell the Coronavirus (COVID-19) First Test for Patient At-Home Sample Collection. This diagnostic test kit was for self-collecting the samples by patients at home developed by Laboratory Corporation of America (LabCorp) COVID-19 RT-PCR Test to permit testing samples with the help of LabCorp’s Pixel by LabCorp COVID-19 Test home collection kit.

Lack of test kits and strict regulatory framework are likely to hinder the market growth

Shortage or lack of test kits during the need is a biggest barrier as cases increases suddenly and unavailability at that moment makes it difficult to meet the demands on time, scarcity of advance medical facility, unavailability of laboratory reagents and strict regulatory framework these all can be restraining factors for the growth of global COVID-19 sample collection market.

Industry Analysis

The global COVID-19 sample collection kits market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis, pricing analysis.

Segment Analysis/B>

The product type segment is expected to hold the largest market share in global COVID-19 sample collection kits market

The global COVID-19 sample collection kits market is segmented based on product type, end-user, and region.

The global COVID-19 sample collection kits market is bifurcated into swabs, blood collection kits, viral transport media, and other consumables in terms of product type. The swabs segment has the highest market share due to the increasing prevalence of infection of covid-19 cases through vocal and surge in requirement for the testing through swab collections.

Similarly, blood collection kits, viral transport media, and other consumables segments are also growing faster due to the surge in the launching of new testing kits by the leading players worldwide. For instance, on Mar 24, 2020, NIV Company from India received approval for the Covid-19 testing kits for fast-track testing of Covid 19 infectious cases in India. As per the Indian Council of Medical Research (ICMR) recommendation, Indian manufacturers can produce testing kits and supply them to private and government laboratories with NIV validation without approval from the USFDA and European CE. Furthermore, on 25th June 2020, the U.S. FDA authorized 15-Minute Antibody Testing Kit for emergency use which utilizes the antibodies in blood to test for current or past infection.

Depending on the end-user, the global COVID-19 Sample Collection Kits are segmented into a home test, hospitals, & clinics. Among these hospitals & clinics, the segment has the highest market share in 2019 due to the number of testing centers in the hospitals with a surge in government support and initiatives worldwide. For instance, on 2nd April, the World Bank Group launched First Operations for COVID-19 (Coronavirus) Emergency Health Support, strengthening the hospitals in the developing Country. The World Bank Group has been assigned around USD 1.9 billion for the fast-track testing process in 40 countries from the developing region. The World Bank Group has been planned to deploy around USD 160 billion for the next 15 months to support the covid-19 measures to bolster economic recovery and respond to the pandemic's immediate health consequences.

Similarly, the home test segment is also growing faster due to the surge in the launching of innovative testing kits at home, which avoids unnecessary contact to combat the covid-19 cases globally. For instance, on 6th April 2020, the Bione Company launched a home screening test kit for COVID-19 in India. The easy-to-use kit displays accurate results within minutes, instrumental in the timely screening of the deadly virus. Furthermore, on 19th March 2020, the renowned companies like EverlyWell, and Nurx has received approval for at-home COVID-19 test kits from medical authorities and has been planning to release for commercial purpose.

Geographical Analysis

North America region holds the largest market share in the global COVID-19 sample collection kits market

By region, the global COVID-19 sample collection kits market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America is the dominant region for the global COVID-19 sample collection kits market. It is expected to grow at the highest CAGR during the forecasted period due to leading players with a growing number of covid-19 cases, followed by the Europe region. According to the Worldometer Statistics, the United States has the highest prevalence of Covid-19 infections and has been reported 3,898,550 number of infected cases along with 143,289 numbers of deaths. Thus, surge in the covid-19 cases has been propelled the demand for testing kits in this region.

Asia Pacific is also growing faster for the COVID-19 sample collection kits market; due to the rising invention, the government supports and funds innovative home and rapid testing kits for the people in this region. Due to the coronavirus pandemic, the Asian Development Bank has been tripled USD 20 billion funding to help members and provided an additional USD 6.5 billion package to help countries in the Asia-Pacific region. Further, on 27th May 2020, the Japanese government approved USD 296 billion to combat the Covid-19 pandemic.

Competitive Landscape

The global COVID-19 Sample Collection Kits market is highly competitive with several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Thermo Fisher Scientific, Inc., VIRCELL S.L., Puritan Medical Products, HiMedia Laboratories, Medline Industries, Inc., COPAN Diagnostics, Formlabs, Becton, Dickinson and Company, BNTX Inc., Laboratory Corporation of America Holdings, Hardy Diagnostics, and Lucence Diagnostics Pvt Ltd are the leading market players with significant market share.

There is a rising demand for rapid testing due to the number of Covid 19 cases worldwide. The launching of new technology-based rapid and home testing kits has created a huge opportunity for this market. For instance, on 25th March 2020, the Company Hardy Diagnostics, in partnership with Autobio Diagnostics had, released Rapid Testing kits for COVID-19 that detect both IgG and IgM antibodies.

Companies are entering into collaborations, acquisitions, mergers, licensing, and rising funding by the leading players for increasing their market penetration. For instance, on 17th March 2020, Novartis Company announced the funding of around USD 20 million for supporting the communities around the world, which the COVID-19 pandemic has most impacted.

Key Companies to Watch

ThermoFisherScientific Inc.:

Overview: This is an American company that supplies variety of scientific or analytical instruments, lab reagents & consumables, and some scientific software services. It was founded in 1956 and headquartered in Waltham, Massachusetts, U.S.

Product Portfolio:

TaqPath COVID-19 Combo Kit: It is Applied Biosystems COVID-19 Kit that is fast and very sensitive diagnostic multiplex solution which consists the assays and controls that are required for detection of RNA with real-time PCR from the SARS-CoV-2 virus.

Key Developments: In Feb 2022, ThermoFisher Scientific Inc collaborated with Moderna Inc., biotech company developing messenger RNA therapeutics. It is a 15-year agreement strategic collaboration for large scale manufacture of COVID-19 vaccine and other mRNA medicines.

The global COVID-19 sample collection kits market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.