Global Swabs Market: Overview
Owing to increase in incidence of infectious diseases and a rapidly ageing population, the global swab market would witness steady growth over the forecast period of 2020 to 2030. Transparency Market Research notes that research and development (R&D) in diagnostic fields is also adding to this growth. Additionally, increase in number of surgeries is set to drive the market forward. It is pertinent to note here that by 2050, about 16.7% of people across the globe would be aged over 64.
These growth factors will pave way for new and gainful opportunities in the market over the stated period. Here, it is quite interesting note that players would hugely depend on technological advancement to chart growth in the market.
Global Swabs Market: Competitive Landscape
Owing to an increase in demand for swabs globally due to a rising need for medical procedures, these manufacturers are expected to adopt various market expansion strategies to increase penetration and acceptance into the market. Notable developments in this market have been seen owing to the COVID-19 pandemic as manufacturers rush to increase production for this sudden increase in demand. Other notable ones include:
• For managing COVID-19 pandemic, a team of researchers from USF Health 3D Clinical Applications Division created a 3D printed nasal swab. This has received manufacturing permission from regulatory bodies and should provide much needed support in a healthcare scenario facing shortages of conventional swabs.
• In March of 2020, Puritan Medical Products announced the increase of swab production by 1 million per week to maintain the supply balance of swabs, globally. This move was followed by a number of other companies.
A lot of manufacturers of medical products are into swab manufacturing since it’s so closely intertwined with procedures in medicinal practice. Also, the global Swabs market is concentrated owing to presence of just a small number of manufacturers. Strong players in the market are:
• Puritan Medical Products
• SARSTEDT AG & Co
• Lab M Limited.
• Clean Cross Co.,
• GPC Medical
• Citotest Labware Manufacturing Co., Ltd.
Global Swabs Market: Key Trends and Drivers
• Geriatric population is seen as a notable growth contributor in the global swabs market. The demographic is susceptible to diseases and often demands surgeries to be performed. 2 billion people will be in 60s and higher age-brackets by 2050, as per a recent study. This bodes well for demand in the market over the next few years.
• Incidence of chronic diseases is quite high and this is keeping demand for swabs high. Over the stated assessment period, the number of cases is anticipated to grow due to poor lifestyle choices demonstrated by the millennial populace. This includes poor dietary habits and lack of exercise. Besides, excessive intake of alcohol and tobacco are also contributing factors.
Global Swabs Market: Regional Analysis
North America holds a sizable market share owing to a robust health care system. Also, presence of notable research institute and companies in some of the countries of this region is fuelling growth in healthcare industry, which presents an indirect impetus to the swabs market. Owing to high income and healthcare penetration, Europe will also hold a notable share of the revenue in the global swabs market
The Asia Pacific (APAC) region is expected to grow rapidly with regard to the swabs market. China and India being likely to lead this market due to efforts directed at improving healthcare infrastructure and medical outcomes.