SEATTLE, Feb. 28, 2019 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global swab market was valued at US$ 578.6 million in 2017, and is projected to exhibit a CAGR of 6.6% over the forecast period (2018 – 2026).
Key Trends and Analysis of the Swab Market:
Increasing demand for surgical procedures due to prevalence of chronic diseases and other diseases, increasing road accidents and falls, and increasing awareness regarding vaccination are propelling demand for using swabs at pre injection site.
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Market players are actively investing in research for developing novel materials for cleansing and disinfection of wounds. Moreover, the players are committed to offer new and improved products in order to address the critical unmet needs of patients. For instance, in August, 2018, Dräger received approval from federal government of Canada for its Dräger DrugTest 5000, which is first approved device used in roadside saliva testing of 7 types of commonly abused drugs.
Moreover, the non-government organization funding for research and development of various diagnostic tools and test is expected to drive the market growth. For instance, in 2016, Bill & Melinda Gates Foundation announced grant of US$ 1.02 million to the University of Washington, School of Public Health (UW). The partnership of UW and the University of Cape Town plan for a two-year study to test a lower-cost, simpler and safer method in diagnosing tuberculosis (TB) by using oral swabs.
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Key Market Takeaways:
- The global swab market is expected to exhibit a CAGR of 6.6% during the forecast period (2018 – 2026), attributed to increasing incidences of chronic diseases and road accidents and falls, which leads to surgical procedures. Falls are very prominent which causes unintended injury and coded as E880-E888 in international classification of disease (ICD)
- Market growth is attributed to approval and launch of novel products for diagnosis of various diseases such as vaginitis treatment. For instance, in October 2016, Becton Dickson and Company’s (BD Diagnostics), received the U.S. Food and Drug Administration (FDA) authorization BD Max Vaginal Panel for detection of vaginitis using vaginal swabs from women who are symptomatic with vaginitis.
- Government collaboration with research foundation for research of novel diagnostic test attributes to the market growth. For instance, in May 2018, the UK government’s Global Antibiotic Resistance Innovative Fund announced collaboration with Foundation for Innovative New Diagnostics (FIND), for 3 years research agreement for antibiotic development and diagnostic test.
- Key players operating in the global swab market include Puritan Medical Products, Copan Diagnostics, Inc., Sarstedt AG & Co. KG, FI Medical MWE, Cleancross Co., LTD., AdvaCare Systems, GPC Medical Ltd., Elmex Controls Pvt Ltd., and Citotest Labware Manufacturing Co., Ltd.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.