Nucleic Acid Testing Market To Reach USD 4.70 billion By 2028 – Reports and Data
The global nucleic acid testing market to reach USD 4.70 billion by 2028 at a CAGR of 7.2%, according to the latest report by Reports and Data. Major factors responsible for market revenue growth are rising prevalence of infectious diseases, cancers, etc., advancement in healthcare infrastructure, increasing awareness of nucleic acid testing methods for screening pathogenic bacteria, viruses in patient’s blood, tissue and urine. Increasing research & development activities in the field for innovating diagnosis procedures, is further expected to drive market revenue growth over the forecast period.
Nucleic acid testing (NAT) is a molecular technique for diagnosing viruses, bacteria. It is an advanced technique to detect the presence of infectious elements in blood, urine, etc. These testing methods are useful in identification of genetic disorders in early stage even if there are no visible symptoms. Nucleic acid testing methods are beneficial due to their rapid screening, accuracy, and efficiency. Increasing government spending on healthcare infrastructure is one of the key factors expected to boost market revenue growth over the forecast period. There are lucrative opportunities for the market contributors operating in the global nucleic acid testing market. The increasing number of cancer patients across the globe, and rising awareness of early detection of such disorders to avoid major complications, are some key factors expected to contribute to market growth going ahead.
However, high costs, lack of skilled professionals, and safety issues are the factors expected to hamper nucleic acid testing market growth to a certain extent over the forecast period.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, the growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. A combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription has significantly contributed to the revenue growth of the market.
Some Key Highlights from the Report:
- Among the product type segment, Polymerase Chain Reaction (PCR) is expected to account for a largest revenue share in the global market due to its low cost and diverse applicability in DNA typing, cloning, disease detection, etc.
- In the technique segment, the target amplification systems is expected to register significant revenue share in the global market. This is because of its high efficiency, simplicity, and productivity.
- Infectious diseases are expected to register largest revenue share in the global market in the application segment due to applicability of nucleic acid testing methods in diagnosis of various infectious diseases.
- Hospitals segment is expected to register robust revenue in the global market over the forecast period. Improvement in healthcare infrastructure, technological advancement, and rising prevalence of infectious diseases.
- Asia Pacific market revenue is expected to expand significantly over the forecast period due to rising prevalence of cancer, and infectious diseases, better healthcare facilities, advanced diagnosis methods, and growing health awareness. In addition, ongoing research & development in biotechnology, is the factor responsible for the market growth.
Reports and Data utilizes a unique approach to research to offer a comprehensive overview of the global Nucleic Acid Testing Market to offer insights into investment opportunities for stakeholders, investors, clients, and businesses to make informed decisions. The report includes SWOT analysis, Porter’s Five Forces analysis, feasibility analysis, and investment return analysis to offer a better understanding of the market scenario.
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
- Applied Gene Technologies
- Dickinson and Company
- Illumina, Inc.
- Elitech Group
- Exact Sciences
- Perkin Elmer/Caliper
- Siemens Healthineers
Nucleic Acid Testing Market Segmentation:
Product Type Outlook:
- Ligase Chain Reaction
- Polymerase Chain Reaction (PCR)
- Transcription-mediated Amplification (TMA)
- Whole Genome Sequencing
- Probe Amplification Systems
- Target Amplification Systems
- Signal Amplification
- Infectious Diseases
- Viral Detection & Load
- Viral & Bacterial Genotyping
- Bacterial Tests
- Genetic And Mitochondrial Disorders
- Genetic Testing
- Disease Predisposition
- Chromosomal Aberrations
- Cervical Cancer Screening
- Breast Cancer
- Forensic Testing
- Paternity Testing/Hla Typing
- Personalized Medicine
- Government-Regulated Clinical Laboratories
- Academic And Research Institutions Dermatology
- R&D Centers
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
- What is the revenue growth rate of the global Nucleic Acid Testing market over the forecast period?
- What are the major factors driving the growth of the Global Nucleic Acid Testing Market?
- What are the key challenges impacting the global Nucleic Acid Testing market growth?
- What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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