COVID-19 Sample Collection Kits Market, Size, Share, Growth – 2020-2027

Market Overview

• 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) had been recommended to follow the guidelines and has been recommended to take nasopharyngeal (NP) swabs of the 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). The global COVID-19 Sample Collection Kits market was valued at USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.

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Market Dynamics:

• The market is driven by the rising prevalence of the infectious disease covid-19 with a surge in the number of COVID-19 cases all over the world and the absence of adequate laboratory-based molecular testing facilities. According to the Worldometer Stats, the covid-19 infected cases have been reached to more than 14,648,444 with 609,008 numbers of deaths. Thus the demand for the specimen collection kits for covid-19 testing has been increased for the processing and detection of Chlamydia trachomatis and Neisseria gonorrhea.
• There is a rise in the Food & Drug Administration's approval for advanced technology base testing kits which can help in the early detection of covid-19 infections that have created a huge opportunity for this market. For instance, on 21st April 2020, the U.S. Food and Drug Administration authorized has been 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 of samples with the help of LabCorp’s Pixel by LabCorp COVID-19 Test home collection kit.

Segment Analysis

• The global COVID-19 Sample Collection Kits market is segmented based on product type, end-user, and region.
• In terms of product type the global COVID-19 sample collection kits market is bifurcated into swabs, blood collection kits, viral transport media, and other consumables. Among these, the swabs segment has the highest market share in 2019 owing 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 at a faster pace due to a surge in the launching of new testing kits by the leading players all over the world. For instance, on Mar 24, 2020, NIV Company from India had been received approval for the Covid-19 testing kits for fast track testing of Covid 19 infectious cases in India. As per the recommendation of the Indian Council of Medical Research (ICMR), Indian manufacturers can produce testing kits and supply to private and government laboratories with NIV validation without the need for approval from the USFDA and European CE. Furthermore, 25th June 2020, the U.S. FDA had been 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 and hospitals & clinics. Among this hospitals & clinics segment has the highest market share in 2019 owing to the number of testing centers in the hospitals with a surge in government support and initiatives around the globe. For instance on 2nd April, the World Bank Group had been launched First Operations for COVID-19 (Coronavirus) Emergency Health Support for, strengthening the hospitals in the developing Country. The World Bank Group has been assigned around USD 1.9 billion, for 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 immediate health consequences of the pandemic.
• Similarly, the home test segment is also growing at a faster pace owing to a surge in the launching of the 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 had been 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

• 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 and is expected to grow at the highest CAGR during the forecasted period due to the presence of 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 at a faster pace for the COVID-19 sample collection kits market, owing to the rising invention, the government supports, and funding for 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 had been approved funding of USD 296 billion to combat the Covid-19 pandemic.

Competitive Analysis

• The global COVID-19 Sample Collection Kits market is highly competitive with the presence of 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 surge in the number of Covid 19 cases around the world and the launching of new technology-based rapid and home testing kits have created a huge opportunity for this market. For instance, on 25th March 2020, the Company Hardy Diagnostics in partnership with Autobio Diagnostics had been released the Rapid Testing kits for COVID-19 that detects both IgG and IgM antibodies.
• Companies are entering into the collaborations, acquisitions, mergers, licensing as well as rising funding by the leading players for increasing their market penetration. For instance, on 17th March 2020, Novartis Company had been announced the funding of around USD 20 million for supporting the communities around the world which have been most impacted by the COVID-19 pandemic.

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