PCR & NGS Based Diagnostic Testing Market Size

PCR & NGS Based Diagnostic Testing Market Size

PCR and NGS Based Diagnostic Testing Market size exceeded USD 21.5 billion in 2020 and is estimated to grow at a CAGR of over -0.2% from 2021 to 2027. Rising importance of PCR & NGS based diagnostic testing in detection of viruses and other infectious diseases will accelerate the market growth.

High risk of infection in geriatric population is one of the major factors responsible for the increased number of PCR & NGS based diagnostic testing. Growing usage of next generation sequencing techniques in the pharma and biopharma industry has boosted the sales of the equipment and consumables across the world. Additionally, increasing R&D activities in diagnostics industry in developed economies will creating growth opportunities for the PCR & NGS based diagnostic testing market.

PCR & NGS based diagnostic testing, as the name suggests are diagnostic tests based on technologies like polymerase chain reaction, and next generation sequencing. These tests are carried out to detect or confirm a presence of disease and to monitor its progression. PCR & NGS based diagnostic tests also include the use of diagnostic tools and equipment to analyse the samples and get accurate results. The advancement in technology over the years have aided in developing novel tests to determine the new or rare disease conditions.

Many companies and institutions are constantly involved in developing the advanced PCR and NGS technologies and improving the existing technologies for better disease diagnosis. The COVID-19 pandemic has impacted the PCR & NGS based diagnostic testing market positively. There has been tremendous rise in the number of PCR based tests for the detection of COVID-19. The demand for detection kits and consumables has surged all across the world. To cater to the demand, top companies like Thermo Fisher Scientific have increased their production for PCR based detection kits, and number of new companies have entered the market to manufacture diagnostic consumables. On the other hand, high cost of PCR & NGS based diagnostic testing can be a major factor hindering the industry growth