COVID-19 Nasal Swab Test Market to Surpass US$ 133.2 Million by 2028 - Coherent Market Insights

COVID-19 Nasal Swab Test Market, by Product Type (Foam Tipped Swabs, Non-Woven, and Others), by Diagnostics Type (Molecular Diagnostics, CRISPR & Biosensors, and Others), by Mode (Point-of-Care and Non Point-of-Care), by End User (Hospital & Clinic, Laboratories & Diagnostics Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 111.3 million in 2021, and is expected to exhibit a CAGR of 2.6% during the forecast period (2021-2028).

Rising government funding for research activities related to COVID-19 testing is expected to drive growth of the COVID-19 nasal swab test market during the forecast period. For instance, in November 2020, Puritan Medical Products Company, LLC, a British medical device company, received a funding of around US$ 11.6 million for increasing its testing efficiency by expanding its swab manufacturing unit. This expansion is expected to deliver at least 3 million swabs per month to be used for diagnosis of COVID-19.

Market players are engaged in inorganic activities such as collaborations, which is expected to drive growth of the COVID-19 nasal swab test market. For instance, in April 2020, Novacyt, a French biotechnology company, entered into a collaboration with the University of Cambridge, U.K., GlaxoSmithKline plc., a British pharmaceutical company, and AstraZeneca plc., a British-Swedish pharmaceutical company, to set up a new laboratory for boosting the COVID-19 testing capacity in UK.

COVID-19 Nasal Swab Test Market - Impact of Coronavirus (COVID – 19) Pandemic

COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 186 million cases and 4.0 million deaths due to Coronavirus (COVID-19) were reported up till July 11, 2021 across the globe.

The COVID-19 pandemic has negatively affected several markets across the globe, however, it is expected to drive the growth of COVID-19 nasal swab test market, owing to rising cases of COVID-19 and growing research and development activities associated with COVID-19 testing. For instance, in July 2020, the Indian government launched the world’s most affordable COVID-19 test, which was developed by researchers at Indian Institute of Technology, Delhi. This COVID-19 test is a swab based RT-PCR test that gives results within 3 hours and is priced at INR 399 (US$ 5.34).

Browse 52 Market Data Tables and 38 Figures spread through 170 Pages and in-depth TOC on COVID-19 Nasal Swab Test Market, by Product Type (Foam Tipped Swabs, Non-Woven, and Others), by Diagnostics Type (Molecular Diagnostics, CRISPR & Biosensors, and Others), by Mode (Point-of-Care and Non Point-of-Care), by End User (Hospital & Clinic, Laboratories & Diagnostics Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

To know the latest trends and insights prevalent in the COVID-19 Nasal Swab Test market, click the link below:

 https://www.coherentmarketinsights.com/market-insight/covid-19-nasal-swab-test-market-4629

Moreover, regulatory approvals of novel COVID-19 nasal swab diagnostic tests is expected to drive the COVID-19 nasal swab test market growth. For instance, in February 2021, Roche Diagnostics, a part of the Swiss pharmaceutical corporation Roche Holding AG, received CE mark by the European Union for its rapid antigen COVID-19 nasal swab test that will allow the distribution of this product in countries accepting the CE mark such as European countries.

Key Takeaways of the COVID-19 Nasal Swab Test Market:

• The COVID-19 nasal swab test market is expected to exhibit a CAGR of 6% over the forecast period (2021-2028). North America is expected to account for major market share over the forecast period (2021-2028) followed by Europe, owing to rising number of approvals for products authorized to be used under emergency. For instance, in May 2021, Abbott Rapid Diagnostics Jena GmbH, a medical technology provider in Germany, received approval from the World Health Organization to include its product nasal swab specimen based Panbio rapid antigen COVID-19 test in emergency use listing (EUL).
• Some of the major players operating in the COVID-19 nasal swab test market include Abbott Laboratories, Roche Holding AG, Becton Dickinson & Company, 3M Corporation, BioMerieux SA, Lucira Health, Mesa Biotech, Inc.,Siemens Healthineers AG, QIAGEN N.V., Cepheid, LumiraDx Ltd., Fluidigm Corporation, Quidel Corporation, GenMark Diagnostics, Inc., Sherlock Biosciences, PrivaPath Diagnostics Limited, and OraSure Technologies, Inc.