Press Release: April 23, 2020
The global nucleic acid testing market was valued at USD 2,478.0 million in 2017 and is projected to reach USD 4,154.8 million by the end of 2025, growing at a CAGR of 6.8% during 2018–2025.
The key factors bolstering the market growth are growing awareness and rising molecular diagnosis, improving diagnosis rate in developing regions, advancement in technology and shift from curative healthcare to preventive healthcare across the globe.
Based on the product type, polymerase chain reaction segment is anticipated to lead the market during 2018–2025
Polymerase chain reaction segment is expected to hold the maximum market share of about 40% during the forecast period due to operational simplicity and high efficiency. On the other hand, ligase chain reaction segment is projected to exhibit the highest growth rate due to a number of factors, including the expansion of sequencing into new applications in the clinical and applied market segments.
Based on end user, research institutes dominate the market due to extensive research and development activities and lack of molecular diagnostic labs in developing countries, such as China, India, Brazil, etc. The end-user segment includes hospitals, pathology laboratories, research institutes and clinics. Research Institutes’ segment is expected to grow at an estimated CAGR of 7.0% rate during the forecast period, owing to, rising demand for whole-genome sequencing as preventive care diagnosis grows rapidly. Also, the significant rise in demand for molecular testing for the cancer diagnosis, infectious disease, forensic and other applications are predicted to aid the market growth in the coming years.
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The global nucleic acid testing market has been segmented on the basis of product type, end use and key geographies. Based on the product type, the market comprises of polymerase chain reaction (PCR), transcription-mediated amplification (TMA), ligase chain reaction (LCR), and whole genome sequencing. The end use areas include hospitals, pathology laboratories, research institutes and clinics.
The research report provides in-depth analysis of the global nucleic acid testing market, based on product type, end use and major geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers fuelling the growth as well as challenges faced by the market participants. The research report provides market size and forecast for nucleic acid testing market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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Key questions answered in this research report:
1. At what pace is nucleic acid testing market growing, globally? What will be the growth trend in future?
2. What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints over the coming years?
3. What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the nucleic acid testing market?
4. What are the various application areas and how they are poised to grow?
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