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PCR and NGS Based Diagnostic Testing Market size worth over $26.5bn by 2027
- Published Date: May 24, 2021
PCR and NGS Based Diagnostic Testing Market size is set to surpass USD 26.5 billion by 2027, according to a new research report by Global Market Insights Inc.
Technological advancement in diagnostic techniques and increased awareness among people has resulted in rise in the number of patients getting diagnosed with infectious diseases. Also, outbreak of COVID-19 pandemic is responsible for massive surge in the number of PCR & NGS based diagnostic testing for detection of virus. For instance, by end of April 2021, more than 476 million tests were done in North America to detect COVID infection. Similarly the number of test done in Europe and Asia-Pacific by April 2021 was more than 747 million and 590 million respectively. Increase in tests creates huge demand for consumable products. Moreover, establishment of new labs generates demand for diagnostic equipment and other consumables, thus driving the market growth.
Increasing research and development activity in developed countries will accelerate the PCR and NGS based diagnostic testing market expansion
In developed economies including North America and Europe, government highly emphasizes on research frameworks. Government has introduced numerous policies and initiated several acts for stimulating researchers and scientists to find novel solutions for disease treatment. Rising investments in R&D activities and rising number of studies pertaining to genetic makeup of an individual will create huge demand for NGS and other diagnostic techniques during the forecast period.
National Institutes of Health initiated the Human Microbiome Project (HMP), to study the effect of changes in microbiota on human body and associated diseases with the help of NGS technique. Furthermore, benefits offered by technologically advanced NGS techniques such as better molecular diagnosis that aids in finding clearer classification of genes causing diseases, will increase its adoption rate during the forecast timeframe. Therefore, focus of scientists and researchers on development of novel and effective medicines to treat chronic diseases such as cancer and other genetic disorders will propel the overall industry growth.
Growing demand for advanced diagnostic equipment will create significant growth opportunities
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The equipment segment is anticipated to witness 2.4% growth rate through 2027. Diagnostic equipment can be both standalone as well as portable. Some of the diagnostic equipment considered in the study include Standard PCR systems, digital PCR systems, RT PCR systems, DNA sequencers, and NGS systems among others. NGS techniques generate smaller sets of data compared to other sequencing techniques. With the evolution of technology, more advanced and efficient NGS instruments are being developed ultimately pushing the industry expansion.
Browse key industry insights spread across 136 pages with 115 market data tables & 19 figures & charts from the report, “PCR and NGS Based Diagnostic Testing Market Size By Product (Consumables, Equipment, Labware), By End-use (Hospitals and Clinics, Diagnostic Centers, Ambulatory Settings), COVID19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
High in-flow of patients in hospital segment is projected to show a strong market progression
The hospitals and clinics end-use segment captured 33.1% of the market share in 2020, owing to the increased in-flow of patients in hospitals. Hospitals are the healthcare facilities having better infrastructure and higher capacity to perform PCR & NGS based diagnostic testing procedures and managing critical patients. Hospitals are equipped with advanced PCR & NGS based diagnostic testing devices and employ specialists that ensure better patient management and positive outcomes that will increase the segment growth during the forecast timeline.
High consumption of diagnostic consumable products in the region will boost the growth for European region
The UK PCR and NGS based diagnostic testing market is estimated to showcase -0.7% CAGR by 2027 on account of the increasing prevalence of infectious diseases, increased number of PCR & NGS based diagnostic testing, and high consumption of diagnostic consumable products. In addition, growing research and development activities in the region, rising government support, and presence of major industry players are some factors impacting the market value. Additionally, increasing healthcare expenditure and high disposable income are some factors fostering the regional growth.
Stronger product portfolio and strategic developments enable major industry players to maintain their market share
Some of the leading companies operating in the 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 Sxcientific (The Carlyle Group), and VWR International (Avantor, Inc.). There is large number of participants involved in development of PCR & NGS based diagnostic testing equipment and consumables. These market leaders are engaged in strategic developments such as product development, distribution partnerships, geographic expansion to maintain their strong position in the PCR & NGS based diagnostic testing business.