The rising incidence of fetal health-related abnormalities is one of the key factors boosting the demand for prenatal and newborn genetic testing across the globe. Prenatal and newborn genetic testing comprises genetic testing that is conducted before and after the birth. Prenatal testing assists in detecting several changes in the fetus before the birth of the child. The newborn genetic testing, on the other hand is done just after the birth of the child in order to identify any genetic disorders.
According to a research study by Transparency Market Research, in 2012, the global market for prenatal and newborn genetic testing was worth US$1.20 bn and is estimated to reach a value of US$8.37 bn by the end of 2019. The market is anticipated to exhibit a remarkable 26.9% CAGR between 2013 and 2019.
In this blog, TMR presents insights by emphasizing on the key trends, growth drivers, and opportunities in the global prenatal and newborn genetic testing market.
What are the key factors encouraging the growth of the global prenatal and newborn genetic testing market?
The rising prevalence of genetic diseases, including Edward syndrome, Down syndrome, and Patau syndrome in prenatal and new born is the primary factor augmenting the growth of the global prenatal and newborn genetic testing market. In addition, the increasing research and development activities related to the proteomics and genomics and rising number of private and public organizations are expected to fuel the growth of the overall market in the next few years.
Furthermore, the key players in the market are focusing on introducing new technologies in order to provide innovative solutions and help a couple in deciding if they want to go ahead with the pregnancy or abort it in the case of undesirable conditions.
What are the key ongoing trends raising the revenue in the global prenatal and newborn genetic testing market?
In recent years, genetic testing has become widespread with the emergence of several innovative technologies and the rising number of pathology labs and clinical laboratories offering the services. A large number of women across the globe are opting for late pregnancies. This has resulted in an increased number of genetic diseases among children. In addition, the growing awareness among the population regarding the benefits of prenatal and newborn genetic testing is propelling the market. The increasing number of new product launches and technological advancements in the genetic testing field are expected to generate potential opportunities for the leading players in the market.
What are some notable recent developments by key players in the global prenatal and newborn genetic testing market?
The leading key players, including Sequenom, Inc., Illumina, Inc. Verinata Health, and Natera, Inc., are making remarkable efforts to introduce new products and create awareness among the population. The rising approaches for novel diagnostic tools and techniques and developing genome profiling technologies such as TaqMan PCR are anticipated to encourage the growth of the market in the next few years. In addition, the key players are focusing on launching innovative newborn screening programs, developing non-invasive solutions, integrating advanced technologies, and controlling the rising level of genetic disorders to cater the unmet needs of the patients.