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).
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COVID-19 Sample Collection Kits Market Report Highlights
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COVID-19 Sample Collection Kits Market Segmentation
Grand View Research has segmented the global COVID-19 sample collection kits market based on product, application, site of collection, and region:
COVID-19 Sample Collection Kits Product Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Sample Collection Kits Application Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Sample Collection Kits Site of Collection Outlook (Revenue, USD Million, 2020 – 2027)
COVID-19 Sample Collection Kits Regional Outlook (Revenue, USD Million, 2020 – 2027)
List of Key Players of COVID-19 Sample Collection Kits Market
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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