The global prenatal and newborn genetic testing market accounted to US$ 4,034.37 Mn in 2018 and is expected to grow at a CAGR of 12.2% during the forecast period 2019 – 2027
The players in the prenatal and newborn genetic testing market are adopting various inorganic and organic developments for individual growth, and thus, the growth of the market is highly dependent on them. The vital players in the prenatal and newborn genetic testing market focus on various growth strategies to enroot their presence and garner significant market share across the globe. Some of the notable players in the global prenatal and newborn genetic testing market include Abbott, Quest Diagnostics Incorporated, Ravgen, Bio-Rad Laboratories, Inc., Illumina, Inc., F. Hoffmann La-Roche Ltd., Qiagen, Berry Gene, PerkinElmer, Inc., Natera, Inc., and Laboratory Corporation of America Holdings (Sequenom) among others. The major market players within recent years have been observed to invest a substantial amount towards the development of new products. This implies a bright picture of the type of strategies majorly incorporated by the prenatal and newborn genetic testing market players to sustain their positions as well as to generate increased growth revenue in the prenatal and newborn genetic testing market. The global leaders in the market have been majorly adopting product launches, partnerships, and acquisitions as one of the key strategies to improve their product lines in order to build up customer-centric benefits to its end users and enhance its geographic diversification.
The global leaders are expanding their activities across the world and are developing various innovative techniques to diagnose and genetic diseases within infants and fetuses. For instance, in April 2017, Illumina announced the introduction of VeriSeq NIPT Solution, an NGS based approach to non-invasive prenatal testing in the European Union. The company aims to expand its product offering and revenue generation from the European region with this launch. Thus, considering these developments for the genetic diagnostic industry, the players operating for the prenatal and newborn genetic testing are likely to improve their performance and provide enormous benefits to their customers and end users.
Apart from the developments for the prenatal and newborn genetic testing market, the key market players are entering strategic partnerships and acquisitions and working towards developments of non-invasive prenatal tests and other genetic tests suitable to cater the demands for the patients. For instance, in January 2017, PerkinElmer Inc. entered an agreement to acquire Tulip diagnostics, a company based in India. Tulip is a domestic provider of in-vitro diagnostic kits, reagents, and instruments. The acquisition has helped PerkinElmer to establish a stronghold in the diagnostics market. Moreover, in April 2018, QIAGEN N.V. and Natera, Inc., announced a partnership to develop cutting-edge cell-free DNA assays for Prenatal Screening on QIAGEN’s GeneReader NGS System. Therefore, the prenatal and newborn genetic testing market is likely to experience rapid growth in the coming years.
