Market Trends of Global Virology Specimen Collection Industry
This section covers the major market trends shaping the Virology Specimen Collection Market according to our research experts:
The Hospitals and Clinics Segment is Expected to Hold a Major Market Share Over the Forecast Period
The hospitals and clinics segment is expected to register significant growth over the forecast period. This is attributed to an increase in the number of patients with respiratory virus infections and the growing need for treatment and diagnosis of viral diseases. The sudden outbreak of COVID-19 also boosted the demand for virology specimen collection due to the increased number of infectious cases of COVID-19 across the world.
Additionally, the World Health Organization (WHO) in 2021 reported that 3,481 cases of Ebola were diagnosed worldwide. In 2020, the WHO also stated that more than 1 million sexually transmitted infections were acquired per day worldwide. Also, it was estimated that there were 374 new infections with one of four sexually transmitted diseases. Such a high burden of viral diseases and infections creates the need for the effective treatment and diagnosis of disease in hospitals and clinics and, thus, is expected to drive the growth of the market segment over the forecast period.
Furthermore, the launch of products by the market players is also contributing to the growth of the market segment. For instance, in February 2020, Covaris, LLC released two new kits for viral RNA extraction from nasal or throat swab sample collection devices, namely the truXTRAC viral RNA extraction kit and the truXTRAC-PCR direct viral RNA extraction kit. Such launches will lead to greater commercial availability of the products across hospitals and clinics, in turn, boosting the segment's growth.
Thus, owing to the abovementioned factors, the market segment is expected to project growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America is likely to dominate the global market owing to the technological innovations in the diagnostic and virology specimen collection devices used for disease testing. Increasing awareness regarding disease transmission and effective diagnosis of viral diseases accounted for the growth of this region's virology specimen collection market.
The increasing funding activities from public and private organizations in the United States are also major factors contributing to the market's growth. For instance, in July 2020, Hologic, Inc. received USD 7.6 million from the United States Department of Defense and the United States Department of Health and Human Services (HHS) to expand the production of specimen collection and processing consumables for SARS-CoV 2 testing.
Additionally, the launch of newer products is expected to propel the growth of the market in the region. For instance, in July 2022, Rhinostics introduced a breakthrough in automated sample collection technology with the launch of the VERIstic collection device focused on small volume blood collection in the United States. The VERIstic is ideal for use in at-home and clinician-assisted collection methods and is highly efficient, has a high-throughput replacement for antibody, hormone, and protein detection; sexually transmitted infections (STIs); dried blood spot (DBS) cards; genetic testing; clinical trials; and other applications enabled by simple finger prick collection. Such launches are propelling the growth of the market.
Furthermore, in January 2021, Microbix Biosystems Inc. reported the commercial availability of its viral transport medium (VTM) to support Canadian RT-PCR (molecular) testing for the virus-causing COVID-19 disease. This growing commercial availability of products is driving the growth of the market in the region.
Thus, owing to the abovementioned factors, the market is expected to show significant growth over the forecast period.
