Virology Specimen Collection Market 2024: Growth Trends, Industry Analysis, Size, and Share Insights

The Business Research Company recently released a comprehensive report on the Global Virology Specimen Collection Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The virology specimen collection market size has grown strongly in recent years. It will grow from $6.18 billion in 2023 to $6.56 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to disease outbreaks and pandemics, infectious disease research, public health initiatives, quality assurance and regulation, remote and home testing.

The virology specimen collection market size is expected to see strong growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to global health preparedness, pandemic response infrastructure, surveillance and monitoring programs, government funding and grants, growing rapid diagnostic tests. Major trends in the forecast period include self-collection kits, point-of-care specimen collection, integrated specimen collection devices:, digital health platforms, telemedicine and e-health.

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Market Drivers and Trends:

The growing number of blood donations is driving the growth of the virology specimen collection market. With the growing number of blood samples, there is a rise in the examination and detection of viruses in the blood using the virology specimen collection method. For instance, in June 2023, according to the World Health Organization (WHO), a Switzerland-based specialized agency of the United Nations responsible for international public health, about 118.54 million blood donations were collected worldwide. 40% of these were collected in high-income countries, which is around 16% of the world's population. About 13,300 blood centers in 169 countries report collecting a total of 106 million donations. Therefore, demand for virology specimen collection is predicted to rise as the prevalence of increase in the number of blood donations.

Technology advancements are shaping the virology specimen collection market. Technological advancements, ranging from automated sample isolation to real-time amplification technology, have enabled the development and introduction of systems for the majority of clinically relevant viruses, as well as the acquisition of clinically relevant information for optimal antiviral treatment options. For instance, in August 2023, Nightingale Health Plc, a Finland-based health technology company, launched a remote blood collection kit for its medical research and clinical trial customers. Using the Nightingale Kit and its self-collection tool, research participants can prick their own finger to obtain their own blood sample. This greatly increases flexibility and opens up study options that were previously restricted by logistical and geographic constraints. Additionally, remote blood collection may be seamlessly and affordably incorporated into research because Nightingale Health offers both sample collection and sample analysis.

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Major Key Players of the Market:

Puritan Medical Products Co. LLC, Becton Dickinson and Company, Quidel Corporation, Thermo Fisher Scientific Inc., Trinity Biotech plc, Titan Biotech Ltd., DiaSorin S.p.A., Vircell S.L., Copan Italia S.p.A., Hardy Diagnostics, Laboratory Corporation of America Holdings, ZeptoMetrix Corporation, Mantacc, Copan Diagnostics Inc., Bionote Inc., F. Hoffmann-La Roche Ltd, Meridian Bioscience Inc., Hologic Inc., Cepheid Inc., Bio-Rad Laboratories Inc., GenMark Diagnostics Inc., Luminex Corporation, Abbott Laboratories, BioFire Diagnostics LLC, Randox Laboratories Ltd., Savyon Diagnostics Ltd., Seegene Inc., Serosep Ltd., SolGent Co. Ltd., Sysmex Corporation, TECOmedical AG, Vela Diagnostics, Zybio Inc.

Virology Specimen Collection Market 2024 Key Insights:

• The virology specimen collection market size is expected to see strong growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
• Growth In Blood Donations Driving Demand For Virology Specimen Collection
• Technological Advancements Shaping Virology Specimen Collection Market
• North America was the largest region in the virology specimen collection market share in 2023

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