The global molecular transport mediummarket is estimated to garner significantrevenue by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated modest revenue in the year 2021. For instance, the rising number of experiments at labs and research institutions is attributed to the growth of the market. The percentage of research and development expenditure (in % GDP) is 2.63% in 2020, up from 2.13% in 2017.
Further, the growing adoption of transport mediums for infectious disorders and rising awareness regarding the early detection of viral diseases have compelled governments to initiate management measures to prevent outbreaks of these infections.The U.S. funding for global health security for the fiscal year 2021 was raised to USD 670 raised from USD 397 in 2011.Also, additional funding was provided for the emergency outbreaks of Ebola and the Zika virus.
Rise in the Number of Infectious Diseases Like Influenza
According to WHO, the number of infectious and parasitic diseases touched 7.2 million in 2018.
More than 3 billion in vitro diagnostic tests wereconducted every year (both FDA-reviewed and lab-developed tests) across the globe.
According to the data by the World Bank, there were 1597 researchers involved in research and development activities per 1,000,000 people, as of 2018, up from 1412 per million in 2015.
Total fatal occupational injuries in healthcare practitioners and technical occupations decreased from 60 in 2016 to 51 in 2020, and healthcare support occupations raised from 30 in 2016 to 44 in 2020.
Globally, 2.63% of the GDP was spent for research and development in 2020.
The market is segmented and analyzed for demand and supply by type into viral transportation medium, and virus swabs, out of these,the viral transportation medium segment holdssignificantgrowth during the forecast period.Moreover, the sudden incidence of the COVID-19 pandemic increased the demand for transport medium products and kits. According to the Journal of Clinical Microbiologybetween 3000tomore than 5000 viral transport medium tubes are produced each day to support SARS-CoV-2 PCR testing.The innovation of kits containing vials, double-ended flocked swabs, antibiotics, and other antibacterial and antifungal items that prevent contamination is estimated to drive the segment growth.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the globalmolecular transport mediummarket is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North Americaregion is projected to hold the largest market share by the end of 2031on account ofenhancement in the availability of new diagnostic test kits and drugs in pharmacies and retail shops as OTC drugs.As of December 2021, 300 million at-home rapid test kits are available in the market in the U.S., with a 10-fold increase from 24 million in August 2021.
The rise in the number of infections, parasitic diseases, and an increase in the manufacturing capacity of vaccines and drugs is estimated to boost the market growth during the forecast period.COVID-19 vaccine manufacturing productivityreacheda mark of7.5 million doses with the production of 1.5 billion doses per month by vaccine manufacturers across the world. Ellume which was issued as an emergency COVID-19 treatment on 15 December 2020, was authorized for revisionby FDA to Emergency Use Authorization (EUA) on February 11, 2021. The recall was done to reduce the false positive test results, unnecessary quarantine, and treatment with antivirals.
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global molecular transport mediummarket includes the following segments:
Top Featured Companies Dominating the Global Molecular Transport Medium Market
FREQUENTLY ASKED QUESTIONS
Rise in the number of infectious diseases like influenza, and an increasing number of diagnostic tests are the major factors driving the growth of the molecular transport medium market.
The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022 – 2031.
Uncertain nature of occurrence of infections leading to the adoption of a conservative approach, unpredictable nature of seasonal infections like influenza, and false results by giving positive outcomes are the challenges affecting the market growth.
The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Thermo Fisher ScientificHoldings, Inc., Becton, Dickinsonand Company, Medical Wire & Equipment, COPAN Diagnostics Inc, Titan Biotech, EKF Diagnostics Holdings plc, Trinity Biotech, Puritan Medical Products, Longhorn Vaccines&Diagnostics, Mylab Discovery SolutionsPvt. Ltd., 2BScientific Limited.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, indication, and by region.
The viral transportation medium is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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