COVID-19 Nasal Swab Test Market Future Business Opportunities 2021-2028 | Abbott Laboratories, Roche Holding AG, Becton Dickinson & Company, 3M Corporation

COVID-19 (Coronavirus Disease) is caused by the novel coronavirus SARS-CoV-2, which is a RNA virus. Few of the common symptoms of COVID-19 include fever, dry cough, fatigue, and body ache. COVID-19 disease can be transmitted from one person to another by the inhalation of infectious droplets. People with conditions such as hypertension, cancer, diabetes, old age, and others are at higher risk of getting severe COVID-19 infection. Thus, it is essential to develop efficient nasal swab tests for diagnosis of COVID-19. Rapid research is being carried out to make low cost and accurate nasal swab COVID-19 tests, which is expected to create growth opportunities for this market. Nasal swab tests involve the collection of secretions from the inner surface of nostril. These samples are employed by diagnostic systems such as molecular diagnostic, biosensors, immunoassays, and others. COVID-19 nasal swab tests are widely used by hospitals, clinics, laboratories, diagnostic centers and others.

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

Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19, as pandemic on March 11, 2020.

According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 186,240,393 cases and 4,027,861 deaths due to coronavirus disease (COVID-19) were reported till July 11, 2021, across the globe.

Impact of COVID-19 on Demand and Supply of COVID-19 Nasal Swab Test

The COVID-19 pandemic and lockdown in various countries across the globe have negatively impacted the financial status of businesses across all sectors. The COVID-19 pandemic has impacted the entire supply chain of the biotechnology industry mainly due to strict lockdown in several regions. However, the demand for COVID-19 nasal swab test is increasing in this COVID-19 pandemic due to the growing need of diagnostics for the proper detection of COVID-19 infection and to stop its spread.

For instance, in May 2020, Aga Khan University’s Innovation Lab, Pakistan, developed an indigenous, low-cost, 3-D printed prototype of nasal swab for the detection of SARS-CoV-2. This new development would aid the country in meeting the growing demand for innovative diagnostics for COVID-19 amidst surge in coronavirus cases. In November 2020, the clinical trials for this 3-D printed nasal swab were completed, and had shown positive results for the safety and efficacy of these 3 D printed nasal swabs.

Moreover, in September 2020, the University of Melbourne, Australia, and 3D MEDiTech, an Australian medical devices company, accelerated the production of the first indigenous 3-D printed nasal swab for diagnosis of COVID-19. According to clinical trial data published by the Medical Journal of Australia in May 2020, these newly developed 3D printed nasal swabs were found to be at par with commercial nasal swabs. 3D printed nasal swabs would aid in providing a cost effective solution amidst shortage of nasal swabs due to rapid increase in laboratory testing for COVID-19.

Thus, impact of the coronavirus (COVID-19) pandemic is expected to drive the growth of the global COVID-19 nasal swab test market during the forecast period, owing to rising number of COVID-19 cases and rapid research in development of diagnostics for COVID-19 during the pandemic.

The global COVID-19 nasal swab test market is estimated to be valued at US$ 111.3 Mn in 2021, and is expected to exhibit a CAGR of 2.6% over the forecast period (2021-2028).
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The increasing number of novel coronavirus cases is the major factor that is expected to drive the market growth over the forecast period.

The rising number of novel coronavirus cases is expected to drive growth of COVID-19 nasal swab test market over the forecast period. According to an article published by Healthline Media, an American medical information provider, on June 28, 2021, more than 70,000 new COVID-19 cases are added every week in U.S.

Moreover, increasing number of research and development activities for improving the effectiveness of COVID-19 nasal swab test is expected to aid in the growth of the market over the forecast period. For instance, according to an article published by the National Institutes of Health (NIH), U.S. in July 2020, Helix OpCo, LLC, a California based population genomic company, developed standardized nasal swab kits in bulk for the collection of nasal secretion samples to detect SARS-CoV-2. This will allow processing of thousands of nasal swab samples at once and provide results within 24-48 hours. These COVID-19 nasal swab kits would be shipped to public health departments, employers, healthcare systems, and others.

Rising government funding may support research and development activities, which in turn may support the research and development of new COVID-19 nasal swab tests, which is expected to drive the growth of the global COVID-19 nasal swab tests market over the forecast period. For instance, according to an article published by the National Institutes of Health (NIH), U.S. in July 2020, NIH plans to invest around US$ 248.7 million for making innovative diagnostics solutions for COVID-19.

Major Players Are Operating In This Market Are: 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.

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