High birth rate and increase in incidence of neonatal diseases drive the growth of the global newborn screening market. Based on product type, the consumables segment contributed to the major share in 2021. By region, on the other hand, the market across Asia-Pacific would showcase the fastest CAGR by 2031.
Portland, OR, June 21, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global newborn screening market was estimated at $1.1 billion in 2021 and is expected to hit $2.0 billion by 2031, registering a CAGR of 6.8% from 2022 to 2031. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
High birth rate and increase in the incidence of neonatal diseases drive the growth of the global newborn screening market. On the other hand, lack of improvement in healthcare infrastructure and limited number of trained professionals restrict the market growth. However, screening of genetic disorders and emerging market such as Brazil, China, and India Brazil provide significant opportunities for the key players in the industry.
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Impact of Covid-19 on Newborn Screening Market-
The Covid-19 pandemic had a negative impact on the newborn screening market, as the majority of the screening centers experienced a broad spectrum of difficulties and most were affected during the pandemic.
Availability of laboratory equipment and reagents was also delayed due to postal delays and unreliability, as well as flight cancellation.
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The global newborn screening market is analyzed across product type, test type, technology, end-user, and region. Based on product type, the consumables segment contributed to nearly two-thirds of the total market revenue in 2021 and is projected to lead the trail by 2031. The same segment would also exhibit the fastest CAGR of 7.2% during the forecast period.
Based on test type, the blood test segment generated the highest share in 2021, accounting for more than two-fifths of the global market. The same segment would also portray the fastest CAGR of 7.3% from 2022 to 2031.
Based on region, the market across North America held the major share in 2021, garnering nearly half of the global market. The Asia-Pacific region, on the other hand, would manifest the fastest CAGR of 7.9% throughout the forecast period.
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The key market players analyzed in the global newborn screening market report include Perkinelmer, Inc., Waters Corporation, Natus Medical Incorporated, Trivitron Healthcare, Masimo Corporation, Agilent Technologies Inc., Covidien Plc, Ab Sciex LLC (a subsidiary of Danaher Corporation), Ge Healthcare (a subsidiary of General Electric Company), and Bio-Rad Laboratories, Inc. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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