PCR- and NGS-based Diagnostic Testing Market Growth Predicted at -0.2% Through 2027: GMI
The ambulatory settings segment in the PCR- and NGS-based diagnostic testing market is expected to grow at -7.9% CAGR by 2027.
According to the latest report, "PCR and NGS based Diagnostic Testing Market by Product (Consumables, Equipment, Labware), End-Use (Hospitals and Clinics, Diagnostic Centers, Ambulatory Settings), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights Inc., the market valuation of PCR- and NGS-based diagnostic testing will cross $26.5 billion by 2027. Increasing demand for diagnostic equipment and consumable products will accelerate the market growth.
The growing geriatric population base will augment the market expansion during the forecast time frame. The course of COVID-19 infection tends to be more acute in the case of the geriatric population, owing to their decreased immunity and body reserves. The elderly population is at a significantly high risk of catching severe disease following infection from SARS-COV-2, leading to a higher mortality rate. For instance, according to the data published by the World Health Organization, nearly 95% of all the deaths were individuals aged 60 years or older. In addition, it was projected that from 2015 to 2050, the proportion of the elderly population base will nearly double from 12% to 22%. Since countries like Italy and Germany have a high share of the population aged 60 and above, these economies are most affected.
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The labware segment in the PCR- and NGS-based diagnostic testing market will witness around a 3% growth rate through 2027. The labware segment includes small equipment and glassware that are used for diagnostic testing. The increase in the testing volume all over the world has resulted in increased demand for labware that is used at the back end of the diagnostic testing process. Moreover, due to the rising number of diagnostic labs and research labs across world, the demand for labware is expected to continue during the forecast timeline.
The PCR- and NGS-based diagnostic testing market for the ambulatory settings segment is projected to grow at -7.9% CAGR by 2027. The ambulatory settings segment includes small outpatient facilities with basic diagnostic service offerings. It also includes makeshift diagnostic facilities that are set up on a temporary basis during the course of an event like the COVID-19 pandemic. The market for ambulatory settings surged rapidly owing to the COVID-19 pandemic and steps taken by governments during this time. However, as the effects of the pandemic subside, it is poised that the market share for ambulatory settings is likely to decrease over the forecast period.
India's PCR- and NGS-based diagnostic testing market size was more than USD 2.7 billion in 2020, led by rapid growth in diagnostic tests for infectious diseases in the region. Additionally, the massive impact of COVID-19 has resulted in an increased number of RT-PCR tests in countries like India. Growing demand for diagnostic equipment and consumables along with increasing investments by key players in the distribution of their products in Asian countries will boost regional growth.
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Key players operating in the PCR- and NGS-based diagnostic testing market include Agilent Technologies, Inc.; Bio-Rad Laboratories, Inc.; Eppendorf AG; Fluotics; Hamilton Company; Illumina, Inc.; Integra LifeScience Holdings Corporation; MGI Tech Co., Ltd.; Mascon, Inc.; Qiagen Inc.; Roche Diagnostics; Thermo Fisher Scientific; Thomas Scientific (The Carlyle Group); and VWR International (Avantor, Inc.). These companies are focused on providing the best products and expanding their business by implementing strategic developments.
Some major findings of the PCR- and NGS-based diagnostic testing market report include:
- A high demand of diagnostic testing devices and consumables will propel the market progression.
- An increasing number of patients with infectious disorders will impel the demand for diagnostic tests.
- The number of companies involved in the development of diagnostic test kits will foster the market value.
- The continuously increasing old age population susceptible to infections will be the major target population for the PCR- and NGS-based diagnostic testing market.
- The impact of the COVID-19 pandemic on the market is massive. The demand for diagnostic tests has skyrocketed since the outbreak of COVID. COVID has positively impacted the market across the world.
- The high cost of diagnostic testing is one of the major factors that may restrict the industry's growth to an extent.
Table of Contents (ToC) of the report:
Chapter 3 PCR and NGS based Diagnostic Testing Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 - 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls and challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By end-use
3.5 COVID-19 impact analysis
3.5.3 Impact of COVID-19 on industry competition
3.6 Porter's analysis
3.7 Competitive landscape, 2020
3.7.1 Company matrix analysis, 2020
3.7.2 Manufacturing scenario
3.8 Consumer dynamics: equipment purchase vs leasing
3.9 Supply chain analysis
3.10 PESTEL analysis
3.11 Technology roadmap and future trends
Browse the Complete Table of Contents (ToC) at https://www.gminsights.com/toc/detail/pcr-ngs-based-diagnostic-testing-market.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Original Source: PCR- and NGS-Based Diagnostic Testing Market Revenue to Cross USD 26.5 Bn by 2027: Global Market Insights Inc.
