A recent report published by Infinium Global Research on PCR and NGS-based diagnostics market provides in-depth analysis of segments and sub-segments in the global as well as regional PCR and NGS-based diagnostics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional PCR and NGS-based diagnostics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global PCR and NGS-based diagnostics market. According to the report, the global PCR and NGS-based diagnostics market is projected to grow at a CAGR of 10.4% over the forecast period of 2021-2027, growing from nearly USD 13.5 billion in 2021 to about USD 27 billion in 2027.
The healthcare professionals conduct several diagnostic tests on patients with various health conditions. Some tests are physiological that include tests of the body parts or organs. While others are molecular tests that analyze samples from patients such as blood, urine, or other body fluids. PCR and NGS are some of the leading technologies used for molecular diagnostic tests. The players in the PCR and NGS-based diagnostics market offer either diagnostic products such as medical devices, accessories, test reagents or services, or all of them. The market majorly serves healthcare facilities such as hospitals, clinics, diagnostic laboratories, and others. Moreover, the PCR and NGS-based diagnostics market is witnessing several changes as the technology develops and innovative products emerge in the market.
The spread of novel coronavirus has affected almost every country in the world, infecting over 100 million people. The surge in the number of cases has exerted pressure on the healthcare, pharmaceutical, and life science industries. The organizations in these industries are witnessing overwhelming demand for consumers. Other related industries such as medical devices, laboratory instruments, and consumables have also registered higher demand for their products. Diagnostic products and services also observed a sharp incline in the demand. PCR and NGS-based diagnostics products and services were widely used to analyze the samples from COVID-19 patients. On the other hand, the spread of COVID-19 has disrupted the global supply chain, hampering the growth of industries and global economics.
The growth of the market is attributed to rising in the prevalence of infectious diseases. According to the World Health Organization, more than 26 billion people suffered from infectious diseases in 2019, growing from about 25 billion in 2018. PCR and NGS-based diagnostics solutions are widely used to diagnose such health issues at their early stages. Moreover, unhealthy dietary habits, sedentary lifestyles, growing pollution, and frequent infections during childhood are some factors contributing to the rise in the prevalence of infectious diseases. These factors together also lead to the growing sale of PCR and NGS-based diagnostics solutions. In addition, a growing geriatric population that is more susceptible to the PCR and NGS-based is anticipated to boost the market growth. On the other hand, a lack of skilled professionals in low- and middle-income countries hampers the growth of the market. Nevertheless, transforming healthcare infrastructure in developing regions with a growing number of healthcare facilities as well as advancements in the diagnostics systems are anticipated to provide growth opportunities for the players operating in the market.
Geographically, PCR and NGS-based diagnostics market is segmented into North America, Europe, Asia-Pacific, and Row. North America dominated the global PCR and NGS-based diagnostics market, accounting for the largest share in the market over the forecast period, followed by Europe. The presence of better reimbursement policies, rising prevalence of acute, and chronic diseases are the leading factors supporting the growth of the market in these regions. The market in Asia-Pacific is expected to grow at a high rate in the forecast period. The presence of large patient pools with infectious diseases and the growing demand for PCR and NGS-based diagnostics are some of the factors contributing to the growth of the market.
The report on the global PCR and NGS-based diagnostics market covers segments such as product, application, and end user. On the basis of product, the sub-markets include reagents & kits, instruments, and services & software. On the basis of application, the sub-markets include infectious disease diagnostics, genetic tests, oncology testing, and others. On the basis of end user, the sub-markets include hospitals and clinics, diagnostic centers, and others.
The report provides profiles of the companies in the market such as Bio-Rad Laboratories, Inc., Eppendorf AG, F. Hoffmann-La Roche AG, Abbott Laboratories, Inc., Thermo Fisher Scientific Inc., Illumina Inc., Agilent Technologies Inc., QIAGEN, Molbio Diagnostics Pvt. Ltd., and Amoy Diagnostics Co., Ltd..
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of PCR and NGS-based diagnostics market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.