Published on: May 2022
An overview of the COVID -19 diagnostics industry
The global COVID-19 diagnostics market is predicted to increase at a percent per annum (CAGR) of 3.1 percent from 2021 to 2027, with a market value of USD 84.4 billion in 2020. The industry is being driven by an increase in government activities aimed at implementing mass testing. Hong Kong launched voluntary mass testing on September 1, 2020, with the assistance of mainland Chinese healthcare personnel. As of September 15, 2020, 1.78 million Hong Kong residents had been tested. Moreover, despite numerous criticisms of mass testing, the British government revealed its proposal for mass coronavirus testing in the United Kingdom on September 11, 2020. Furthermore, the growing popularity of mobile testing is projected to open up new opportunities for market expansion.
New players in the market of Medical Swab for COVID-19 Test
In recent months, there has been a shift in the focus of new entrants toward at-home testing and incorporation of complex software. This is expected to make time-consuming laboratory-based testing more convenient for patients. Switch Health, for example, is a new entry that provides mobile services for at-home and business testing. As of September 2020, the Switch Health mobile quick testing units had deployed over 30 mobile units for the detection of patients with coronavirus infection and had served over 30 clients, including on-site factory workers and sports participants.
Foreseeable Increase in demand of the Medical Swab for COVID-19 Test
With the rising number of coronavirus-infected patients and the simplicity with which lockdown may be implemented over the world, demand for COVID-19 diagnostic tools are expected to soar even higher. According to Worldometer, the overall number of cases increased from 33,556,252 on September 28, 2020 to 55,961,380 on November 17, 2020, with 33,556,252 cases testing positive on September 28, 2020. Despite the fact that the number of positive patients is predicted to fall gradually by 2021, the inclusion of COVID-19 tests into normal diagnostic protocols is expected to keep the market growing.
The Future of the Medical Swab for COVID-19 Test industry
Furthermore, these testing programmers are expected to pave the path for the tourism industry to ramp up, producing a favorable climate for market participants. The travel & tourism industries have been the hardest hit by the pandemic, prompting an increase in COVID-19 testing programmes beyond August 2020, especially in tourism-dependent countries and areas. This is also projected to boost the market penetration of proof-of-concept testing, as these tests are capable of overcoming the restrictions of traditional testing.
Market segmentation of Medical Swab for COVID-19 Test industry
Probes, enzymes, and primers, among other complex and pure reagents, are essential in clinical laboratory testing. The scarcity of these chemicals is due to a number of variables, including an unexpected surge in demand, export limitations, and stockpiling. Furthermore, these reagents are produced by a few businesses, resulting in a supply shortfall due to inadequate production capacity. The global supply ratio of reagents is expected to have a negative influence on overall diagnostic rates and stymie industry growth.
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