COVID-19 Sample Collection Kits Market Size Worth $16.56 Billion By 2028 | CAGR: 2.3% | Polaris Market Research

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Mar 16, 2021, 08:30 ET

NEW YORK, March 16, 2021 /PRNewswire/ -- The global COVID-19 Sample Collection kits market is expected to cross USD 16.56 billion by 2028 according to a new study conducted by Polaris Market Research. The market is anticipated to register a CAGR of 2.3% From 2021 – 2028. The world is witnessing a huge surge in cases of COVID-19 and for ensuring the early detection of this virus, hospitals are trying hard to expand their testing potentials, which in turn supporting the market growth. In addition to this, increasing government funding, a rising usage rate of swabs, and efforts by industry players to offer effective products are some other major factors that contribute to the growth of the market. An increase in rapid diagnostics tests conducted globally resulted in a shortage of testing instruments, which creating lucrative opportunities for the market players to boost the production activities.

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Key Trends and Developments:

The hospitals and clinics are expected to dominate the covid-19 sample collection kits market due to the increasing rate of hospitalizations as a result of a surge in COVID-19 cases globally. To ensure the proper detection of the SARS-CoV-2 virus, hospitals are expanding their testing capabilities.
The diagnostics application segment is witnessing lucrative growth owing to continuous approvals for diagnostic tests for COVID-19. Also, rapid development for advancing the use of swabs for disease diagnosis further driving the segment's growth.
The home settings segment is estimated to grow at the fastest rate, owing to increasing efforts by companies to provide patient comfort and at the same time ensuring the safety of healthcare professionals.
Key industry players made several strategic collaborations to boost the product and supply of medical kits for COVID-19 sampling. For instance, Puritan has succeeded to raise a fund of $11.6 million for accelerating their swab manufacturing process to meet the requirement of 3 million swans for each month.

However, the blood collection kits segment is projected to witness a lucrative market growth rate over the assessment period. Such growth is due to approvals in the blood-related detection tests. For instance, in November 2020, U.S.-based company AnPac Bio-Medical announced the approval of its EUA-antibody test by the FDA for Roche's Elecsys Anti Sars-COV-2 test.

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Regional Outlook:

North America is projected to dominate the COVID-19 sample collection kits market and is expected to account for a high revenue over the forecast period. The market in this region is expected to grow at a rapid rate owing to increasing cases of COVID-19, the rising need to conduct a continuous test to contain the spread of the virus and the growing demand for sample collection kits in a bulk. Europe is anticipated to register lucrative market growth and become the second-largest market, on account of increasing R&D activities, favorable government initiatives, and increased spending on healthcare. The market in the Asia Pacific region is expected to witness a high CAGR due to huge requirements for kits, increasing healthcare expenditure, and the presence of key market players bringing innovation in their product offerings.

Competitive Landscape:

The global COVID-19 sample collection kits market is highly fragmented due to the presence of both, new market entrants and existing established players. The market players heavily investing in research for developing innovative products that can meet the emerging demand. Some of the leading industry participants are Lucence Diagnostics Pte Ltd., Laboratory Corporation of America Holdings, Trinity Biotech, Puritan Medical Products, Danaher Corporation, Becton, Dickinson and Company, Thermo Fisher Scientific, Inc., COPAN Diagnostics, Hardy Diagnostics, Quidel Corporation, Quest Diagnostics, Vitagene Inc., HiMedia Laboratories, and VIRCELL S.L.

Target Audience:

Supply Side: Medical Device and Equipment Manufacturers and Suppliers
Demand Side: Hospital, Clinic, Medical Research Center
Regulatory Side: World Health Organization (WHO)

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Polaris Market research has segmented the COVID-19 sample collection kits market report on the basis of product, application, collection site, and region:

COVID-19 Sample Collection Kits, Product Outlook (Revenue – USD Million, 2020 – 2028)

Swabs

Nasopharyngeal (NP) swabs
Oropharyngeal (OP) swabs
Nasal swabs

Viral Transport Media
Blood Collection Kits
Other Consumables

COVID-19 Sample Collection Kits, Application Outlook (Revenue – USD Million, 2020 – 2028)

Diagnostics
Research

COVID-19 Sample Collection Kits, Collection Site Outlook (Revenue – USD Million, 2020 – 2028)

Hospitals & Clinics
Home Test

COVID-19 Sample Collection Kits, Regional Outlook (Revenue – USD Million, 2020 – 2028)

North America

U.S.
Canada

Europe

France
Germany
UK
Italy
Spain
Netherlands
Austria

Asia Pacific

China
India
Japan
Malaysia
South Korea
Indonesia

Central & South America

Mexico
Brazil
Argentina

Middle East & Africa

UAE
Saudi Arabia
Israel
South Africa

List of Key Players of COVID-19 Sample Collection Kits

Puritan Medical Products
Lucence Diagnostics Pte Ltd.
Trinity Biotech
Laboratory Corporation of America Holdings
Danaher Corporation
Becton
Dickinson and Company
Thermo Fisher Scientific, Inc.
COPAN Diagnostics
Hardy Diagnostics

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