Global Market Report 2024: Prenatal and Newborn Genetic Testing Developments

"The Business Research Company recently released a comprehensive report on the Global Prenatal And Newborn Genetic Testing Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The prenatal and newborn genetic testing market size has grown rapidly in recent years. It will grow from $5.87 billion in 2023 to $6.68 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to improved non-invasive prenatal testing, increased maternal age, government support and healthcare policies, patient demand for early detection..

The prenatal and newborn genetic testing market size is expected to see rapid growth in the next few years. It will grow to $10.7 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to expanded genetic test panels, increasing maternal health awareness, prenatal and newborn screening guidelines, rising focus on rare diseases, ethical and regulatory considerations.. Major trends in the forecast period include non-invasive prenatal testing (nipt), genome sequencing (wgs) and whole exome sequencing, integration of artificial intelligence (ai), preimplantation genetic testing (pgt), direct-to-consumer genetic testing..

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Market Drivers and Trends:

The increasing demand for energy-efficient buildings is expected to propel the growth of the mechanical, electrical, and plumbing software market going forward. Energy-efficient buildings refer to structures designed and constructed to minimize energy consumption and maximize resource efficiency while maintaining comfort, functionality, and occupant well-being. Mechanical electrical and plumbing software aids in operational efficiency, lifecycle analysis, and green building certification, meeting the rising awareness of environmental impact. For instance, in October 2022, according to the US Green Building Council (USGBC), a US-based non-profit organization, in the US over 5,000 additional projects were leadership in energy and environmental design (LEED) certified in 2022, and 8,800 additional project registrations were made in 2022. Further, in February 2022, 1,077 leadership in energy and environmental design projects were approved in China, covering more than 152 million square feet of certified Leadership In Energy And Environmental Design space in 2021. Therefore, the increasing demand for energy-efficient buildings is driving the growth of the mechanical, electrical, and plumbing software market.

Major companies operating in the prenatal and newborn genetic testing markets are focusing on developing innovative screening tests, such as noninvasive prenatal screening tests, with improved accessibility and affordability to provide reliable services to customers. Noninvasive prenatal screening (NIPS), or noninvasive prenatal testing (NIPT), is a highly advanced and safe genetic screening method performed during pregnancy to assess the risk of specific fetal chromosomal abnormalities. For instance, in November 2022, Juno Diagnostics Inc., a US-based healthcare technology company, launched Juno Hazel, a noninvasive prenatal screening test that detects chromosomal aberrations and provides clinical content. The test uses a sample collection kit, eliminating the need for phlebotomy and improving accessibility. The company plans to offer educational resources and personalized genetic counseling support by partnering with physicians and genetic counselors.

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Major Key Players of the Market:

F. Hoffmann-La Roche AG, Novartis AG, Sanofi S.A., Thermo Fisher Scientific Inc., Abbott Laboratories, Danaher Corporation, Siemens Healthineers AG, Becton, Dickinson and Company, Quest Diagnostic Incorporated, Agilent Technologies Inc., Grifols S.A., Terumo Corporation, Illumina Inc., PerkinElmer Genomics, Quidel Corporation, Bio-Rad Laboratories Inc., Qiagen NV, Werfen S.A., DiaSorin S.p.A, Nova Biomedical, BGI Group, Natera Inc., Trinity Biotech plc, Meridian Bioscience Inc., Sekisui Diagnostics, Chembio Diagnostics, PTS Diagnostics, Ariosa Diagnostics Inc., AccuBioTech Co. Ltd., Sequenom Inc.

Prenatal And Newborn Genetic Testing Market 2024 Key Insights:

• The prenatal and newborn genetic testing is expected to grow to $10.7 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Government Initiatives Boost Growth In Prenatal And Newborn Genetic Testing Market
• Rising Genetic Disorder Rates Drive Prenatal And Newborn Genetic Testing Market Growth
• North America was the largest region in the prenatal and newborn genetic testing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the prenatal and newborn genetic testing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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This release was published on openPR.