COVID-19 Sample Collection Kits Market – Industry Analysis by Product and Application

The global COVID-19 sample collection kits market size is estimated to be valued at USD 12.8 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 3.5% from 2021 to 2027

The global COVID-19 Sample Collection Kits Market size is expected to account for USD 16.3 billion by 2027, according to a new report by Grand View Research, Inc. It is anticipated to register a CAGR of 3.5% over the forecast period. The continuous approval of diagnostic tests for effective diagnoses of SARS-CoV-2 infection raises the demand for sample collection products, such as swabs and Viral Transport Media (VTM). Also, a shortage of testing materials such as swabs, reagents, and others has resulted in the proliferation of new players in the space, thereby driving the market revenue.

The regulatory agencies are playing a major role as the key driving force of the market, by safeguarding the product efficiency and accelerating new approvals. For instance, in November 2020, the COVID-19 All-In-One Test Kit test by Lucira was authorized by the U.S. Food and Drugs Administration (FDA) for home use for suspected COVID-19 individuals of age 14 and older. The test enables the use of a self-collected nasal swab specimen. Such developments are aimed at the comfort and convenience of patients, along with minimizing the infection risk for healthcare professionals.

Furthermore, constant expanding global financing to boost the swab production which is currently the need of the hour foment organic revenue growth. Some funding agencies are operating in the space are the Washington Entrepreneurial Research Evaluation and Commercialization Hub (WE-REACH), the Foundation for Innovative New Diagnostics (FIND), and the U.S. Department of Health and Human Services (HHS).

Related Press Release @ COVID-19 Sample Collection Kits Market Report

COVID-19 Sample Collection Kits Market Report Highlights

• The Centers for Disease Control and Prevention (CDC) and the WHO have recommended nasopharyngeal swab-based diagnostic tests as the preferred mode of testing for SARS-CoV-2 detection
• This has led to the dominance of swabs over other specimen collection products, with a 42.0% revenue share in the 2020 market
• The large volume and usage rate of nasopharyngeal and oropharyngeal swabs has attributed to the highest share of this product in the global market
• Application of COVID-19 sample collection kits in diagnostics setting is anticipated to account for the largest revenue share in 2020
• A continuous increase in the number of approvals by the U.S. FDA has significantly propelled segment growth
• A large volume of tests carried out in the hospitals coupled with the establishment of new hospitals especially dedicated to COVID-19 care resulted in the dominant share of hospitals and clinics
• Owing to the highest number of cases and tests carried out in the U.S., North America captured the maximum revenue share in 2020
• Furthermore, Europe pegged the second position in the market in terms of revenue generation. The presence of key players such as COPAN Diagnostics and Roche in the region contributes to the region’s total revenue
• Key participants operating in the space, such as Thermo Fisher, Becton Dickinson, COPAN Diagnostics, and Puritan Medical Products, are constantly boosting their production and supply
• For instance, in October 2020, Puritan Medical Products announced its plans to establish a second facility in Pittsfield, after being awarded USD 51.2 million through CARES Act