COVID-19 Nasal Swab Test Market to Surpass US$ 133.2 Million by 2028
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.
Contact Us