Market Size of Global Virology Specimen Collection Industry
|2019 - 2029
|Base Year For Estimation
|Forecast Data Period
|2024 - 2029
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Virology Specimen Collection Market Analysis
The virology specimen collection market is projected to grow at a CAGR of 14% during the forecast period (2022-2027).
COVID-19 had an unprecedented impact on the growth of the market, as with the spread of COVID-19 across the globe, accurate testing became important for containing the spread of the virus. The increase in the need to diagnose COVID-19-infected patients created lucrative opportunities for the virology specimen collection market. For instance, according to the World Health Organization (WHO) January 2022 update, the number of new COVID-19 cases increased by 5% across the globe from January 17th to January 23rd, 2022. Additionally, initiatives taken by the research institutes for the development of products also contributed to the growth of the market. For instance, in June 2020, the Indian Institute of Technology (IIT) Guwahati, in association with RR Animal Healthcare Ltd. and Guwahati Medical College and Hospital (GMCH), developed low-cost diagnostic kits. These include viral transport media kits, RT-PCR kits, and RNA isolation kits. Thus, such instances demonstrate that the impact of COVID-19 was positive on the growth of the market.
Moreover, the increasing prevalence of viral diseases and the emergence of new pathogens are expected to be the major driving factors for the market's growth. According to the World Health Organization (WHO), in 2021, 60% of the global population was suffering from different infectious diseases. The rising incidence of viral diseases such as human immunodeficiency virus (HIV), influenza, Ebola, Zika virus, and other sexually transmitted diseases has led to an increase in demand for virology specimen collection for an effective diagnosis. According to the World Health Organization (WHO), January 2021 update, 38.4 million people were infected with the Human Immunodeficiency Virus (HIV). Similarly, the Food and Agriculture Organization (FAO) report published in January 2022 stated that 13 new cases of the avian influenza virus were reported in China, while 5 cases were reported in the United Kingdom. Therefore, the increasing prevalence of viral diseases and the emergence of new viral infections has led to an increase in demand for virology specimen collections owing to the effective diagnosis of viral infections and proper treatment, thereby propelling the market growth over the coming years.
Furthermore, the launch of products by the market players also contributed to the growth of the market. For instance, in June 2020, Becton, Dickinson, and Company received the CE mark in Europe for the "Vacutainer UltraTouch Push Button" blood collection set with a pre-attached holder. Such approvals and launches are expected to propel the growth of the market.
Thus, owing to the abovementioned factors, the market is expected to project significant growth over the forecast period. However, the high cost of collection kits and technologies may hinder the growth of the market.