Transport Media Market To Generate $4,210.6 Million Revenue by 2030
- Published: October 2023
The global transport media market is expected to advance at a CAGR of 4.6% during 2024–2030, to reach USD 4,210.6 million by 2030. The market is expected to be driven by the increasing prevalence of viral infectious diseases, launch of novel transport media, and rising R&D activities.
The demand for transport media is majorly increasing due to the rise in the population with the flu across the globe, which has raised the demand for accurate diagnosis and testing. Moreover, a huge number of public awareness campaigns are being conducted across the globe, which has aided in raising public awareness, in turn, increasing the adoption of testing kits.
Increasing Prevalence of Infectious Diseases
Globally, the prevalence of infectious diseases, such as monkeypox, influenza, tuberculosis, Lyme disease, and COVID-19, is increasing at an alarming rate. Due to this, there has been a tremendous surge in the demand for diagnosis and treatment, which has positively affected the market.
Such diseases can easily transfer from infected patients to healthy ones despite the high vaccination rate. Furthermore, the constant mutations in the viral structures result in the ineffectiveness of standard vaccinations. Moreover, there have been around 1,000 cases of human infection with avian influenza A (H5N1) virus from 2005 to 2023. As a result, there will be a rise in the volume of diagnostic tests for the virus, which, in turn, will propel the demand for pathogen transport media.
Moreover, infectious diseases have been a major cause of human suffering in terms of both morbidity and mortality throughout human history. According to the World Health Organization, in 2021, approximately 38.5 million people were diagnosed with HIV/AIDS.
Diagnostic Laboratories Capture Largest Revenue Share
The diagnostic laboratories category accounted for the largest revenue share, of around 60%, in 2023, and it is further expected to hold its position in the forecast years. This is due to the exponential rise in infectious disease incidence, as well as the awareness of diagnosis and treatment.
Moreover, the rising geriatric population across the world leads to an increase in the burden of transmissible diseases. This, in turn, leads to a rise in the demand for diagnosis, thus boosting the growth of the market. According to the UN-DESA, 727 million people were aged 65 years or more in 2020.
Furthermore, in 2022, there was an outbreak of monkeypox infection in several countries. In the U.S., around 30,450 cases were reported. To ensure the safe collection, transportation, handing over, and testing of the monkeypox sample, the government implemented guidelines for laboratories suggesting the usage of proper transport media.
North America Is Largest Shareholder in Market
Geographically, North America held the largest share in the market in 2023. This is due to the rising number of diagnostic tests, the presence of advanced healthcare infrastructure, and the increasing prevalence of infectious diseases. The U.S. is one of the leading countries in terms of the presence of key market players. In addition, because of the enormous government funding for R&D, the demand for transport media is rising.
Similarly, APAC is expected to be the fastest-growing market because the incidence of infectious diseases is constantly rising, which leads to an increase in the demand for diagnosis and testing. Highly significant among the infections rising in prevalence is influenza. With the increasing awareness of its early detection by ensuring the safe transportation of specimens, the market is advancing.
The most-significant transport media market players are Thermo Fisher Scientific Inc., Puritan Medical Products, Becton, Dickinson and Company (BD), COPAN Diagnostics Inc., Laboratory Corporation of America Holdings, HiMedia Laboratories, Trinity Biotech, EKF Diagnostics, and Teknova.