April 11, 2022 11:45 ET | Source: FACT.MR FACT.MR
United States, Rockville, MD, April 11, 2022 (GLOBE NEWSWIRE) -- According to detailed industry analysis by Fact.MR, a market research and competitive intelligence provider, the global swab sticks market is estimated to be valued at US$ 1.79 Bn in 2022, and further expand at a healthy CAGR of 6.1% through 2032.
Spreading health awareness because of rising infectious diseases and their consequences is creating a space for swab sticks, as these are recognized as a rapid diagnostic tool for specimen collection. For instance, accelerated growth of COVID cases demanded a time-constrained screening tool, such as a swab stick, for rapid sample collection and diagnosis. Additionally, easy accessibility of sterile and non-sterile, synthetic and non-synthetic, as well as easy affordability is strengthening the use of swab sticks.
Manufacturers are bringing innovation into swab sticks, such as flocked swabs for better collection of microorganisms and 3D-printed swab sticks to meet growing demand and gamma-irradiated swab sticks to access dry and uneven surfaces. Such product innovations are boosting swab sticks market expansion.
Additionally, permission from government authorities for self-collection swabs is amplifying their use in the market to a huge extent.
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Key Takeaways from Market Study
“Sales of swab sticks are expected to reach 1,22,111.4 Mn units by 2032-end,” says a Fact.MR analyst.
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To enhance production capacity and market penetration, market players are focusing on portfolio expansion. Technological advancements and adherence to government guidelines regarding swab stick materials are driving product innovation. Robust government support to leading manufacturers during the coronavirus pandemic led to a surge in production capacity.
Manufacturers are also aiming for portfolio expansion through acquisitions and collaborations. Collaboration with companies that offer an aligned portfolio help better consumer penetration for manufacturers. Also, acquisition of newly emerged or small-scale manufacturers will support the portfolio expansion of leading market players.
For instance, increased COVID-19 cases raised the demand for swab sticks with viral transport medium because of the necessity for quick screening. Besides SARS-CoV-2, other infectious diseases needing swab sticks for sample collection include HIV, influenza, diphtheria, pneumonia, and others.
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Fact.MR, in its new offering, presents an unbiased analysis of the global surgical mesh market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of sterility (sterile, non-sterile), tip material (cotton, synthetic), shaft material (paper, metal/wire, plastic, wood), application (specimen collection, disinfection/ cleaning, others), end use (hospitals & ASCs, diagnostic laboratories, specialty clinics, pharmaceutical industry, research and development centres, others), and sales channel (B2B, B2C), across seven major regions (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and MEA).
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