Nucleic acid testing is a new-age testing practice that helps in detection, diagnosis and screening of pathogens, even when there is no relative clinical sign for a health condition.
The market is expected to have positive prospects in the coming years due to the support that nucleic testing provides to healthcare centres and the public.
A new research report by Future Market Insights (FMI) on the global nucleic acid testing market titled ‘Nucleic Acid Testing Market – Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’ assesses the growth prospects of the nucleic acid testing market for the next nine years.
The global revenue of the market is foreseen to exceed $4.9bn by the end of 2027. Over the 2017-2027 forecast period, the market is expected to expand at a robust compound annual growth rate (CAGR) of 7.5%.
Nucleic acid testing market overview
Nucleic acid testing helps detect nucleic acids such as viral DNA or ribonucleic acid (RNA) in specimen samples.
Chronic disease incidences due to changing lifestyles have resulted in escalating demand for diagnostic procedures worldwide. The advanced Nucleic acid testing technique helps doctors cope with increasing severity of health-related issues.
The testing kits and consumables are also key products in the in-vitro diagnostic (IVD) industry, as they deliver promising results during critical diagnosis in various applications.
Emerging countries in the Asia Pacific (APAC) region such as China and India are hotspots for investment because of the higher growth rate of diagnosis, treatment and research activities.
FMI expects that developing regional markets will experience higher demand for nucleic acid testing over the assessment period. According to the report, North America is expected to hold a market value of more than $1.6bn by the end of 2027, but the APAC region is expected to create more incremental opportunities and will reportedly witness a CAGR of 8.6% during the forecast period.
Nucleic acid testing market trends
Looking at recent demands for nucleic acid testing, key manufacturers are now focusing on introducing new custom product offerings for specific needs.
Due to the research community’s ever evolving needs, the demand for specialised tools and reagents have grown to the point where most vendors that are currently offering these products cannot depend solely on sales of catalogue products.
Customised products are likely to trend in the near future, creating attractive growth opportunities for emerging businesses.
A rise in demand has also encouraged many companies to consider expanding their businesses. Various companies are emphasising on expansion activities by setting-up their plants and regional offices in developing regions, including APAC and the Middle east and Africa (MEA).
The competitive scenario of the market is consolidated, and a majority of players will prefer to be involved in sales and service agreements, collaborations, research and development (R&D), new product launches, joint ventures (JV), partnerships, patent transfers and mergers and acquisitions.
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