Report : Asia Pacific Transport Media Product Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Product (Viral Transport Medium, Universal Transport Medium, Molecular Transport Medium, and Others), Application (Diagnosis and Preclinical Testing), and End-User (Hospitals and Clinics, Microbiology Laboratories, Diagnostic Laboratories, and Others)
At 5.1% CAGR, the Asia PacificTransport Media Product market is speculated to be worth US$ 845.03 million by 2028, says Business Market Insights
According to Business Market Insights’ research, The Asia PacificTransport Media Product market was valued at US$ 625.80 million in 2022 and is expected to reach US$ 845.03 million by 2028, registering an annual growth rate of 5.1% from 2022 to 2028. Rise in demand due to COVID-19 pandemic are the critical factors attributed to the market expansion.
The first confirmed case of the COVID-19 pandemic was declared on the 31st of December 2020. The World Health Organization declared the outbreak a public health emergency of international concern on 30th January 2020 and a pandemic on 11th March 2020. Since then, the pandemic has seen multiple waves and several regional and country-level waves.
For tests to be accurate and reliable, the quality of the specimen and the conditions under which the specimen is transported and stored before being processed are crucial. For this, the use of viral transport medium became common and saw an exponential rise in demand. The most commonly used viral transport media were the screw cap plastic tube containing buffered proteins and antibiotics to prevent the growth of contaminants, such as bacteria and fungi. Many companies started mass production of viral transport medium for nasopharyngeal and oropharyngeal swab specimens for transport to diagnostic laboratories for confirmation. Also,
With further waves of the pandemic expected to occur on regional levels, robust and large-scale testing is necessary to prevent impacts and loss of life. This is expected to drive the market for transport media, especially viral transport media, in the coming years. Furthermore, apart from the COVID-19 virus, various other infectious disease outbreaks are becoming common, which require rapid testing and research work that is also expected to aid the market’s growth.
On the contrary,challenges faced in issues with viral transport media & supply chain hurdles the growth of the Asia PacificTransport Media Product Market.
Based on product, The Asia PacificTransport Media Product market is segmented into viral transport medium, universal transport medium, molecular transport medium, and others. The viral transport medium held 56.3% market share in 2022, amassing US$ 352.61 million. It is projected to garner US$ 472.75 million by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on application, The Asia PacificTransport Media Product market is segmented into diagnosis and preclinical testing. The diagnosis segment held 84.7% market share in 2022, amassing US$ 529.85 million. It is projected to garner US$ 720.47 million by 2028 to expand at 5.3% CAGR during 2021–2028.
Based on end-user, The Asia PacificTransport Media Product market is segmented into hospitals and clinics, microbiology laboratories, diagnostic laboratories, and others. The hospitals and clinics held 61.7% market share in 2022, amassing US$ 386.05 million. It is projected to garner US$ 517.58 million by 2028 to expand at 5.0% CAGR during 2021–2028.
Based on country, The Asia PacificTransport Media Product market has been categorised into the Australia,China,India,Japan, Rest of APAC captured 41.21% market share in 2022. It was assessed at US$ 171.93 million in 2022 and is likely to hit US$ 224.19 million by 2028, exhibiting a CAGR of 4.5% during the forecast period.
Key players dominating The Asia PacificTransport Media Product market are THERMO FISHER SCIENTIFIC INC; BD; EKF Diagnostics;Puritan Medical Product;HIMedia Laboratories; Trinity Biotech; VIRCELL S.L; COPAN diagnostics; and Teknoya among others.
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