Global Non-Invasive Prenatal Testing Market Is Likely To Achieve USD 6406 Million By 2027 Expanding At A CAGR Of 12% Between 2020 And 2027

The global non-invasive prenatal testing market is estimated to grow on the back of rising healthcare expenditure with increasing demand for efficient disease diagnostic practices coupled with growing technological developments and discoveries. The world bank reported a rise in global current health expenditure (% GDP) from 9.453% in 2011 to 10.023% in 2016.

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Increasing incidences of chronic oncogenic diseases such as cancer with an estimated new cases of 18.1 million in 2018, as per International Agency for Research on Cancer (IARC), is anticipated to display rapid growth in application of non-invasive prenatal testing in the upcoming years to diagnose irregular chromosome sequences of fetuses and calculate the probability of cancer incidence in the fetus over the future.

Besides, increasing maternal age of the present population on the back of increasing working women population across the developed and developing countries of the world is anticipated to display rapid growth of NIPT market around the world.

Global non-invasive prenatal testing market stood at USD 2168 Million in 2018 and is likely to achieve USD 6406 Million by 2027 expanding at a CAGR of 12% between 2020 and 2027.

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The Centers for Medicare & Medicaid Services reported that the US health care spending grew 3.9% in 2017, reaching USD 3.5 trillion or USD 10,739 per person. This rise in healthcare expenditure across the nation is expected to boost the high-end healthcare diagnostic and treatment procedures and technologies in-turn propelling the non invasive prenatal testing market during the forecast period. The US holds around 84% of the market share of the NIPT market in North America majorly due to its dominating share in the healthcare industry in 2018. Presence of major market players across the US such as, Natera Inc., Illumina Inc., Laboratory Corporation of America Holdings and others are significantly influencing the non invasive prenatal testing market. The US NIPT market is expected to grow further on the back of growing research and development practices and expanding product applications with increasing discoveries.

Germany’s healthcare market has grown at a rate of 3.8% over the past 10 years. The healthcare expenditure exceeds USD 1.10 Billion per day, making healthcare as one of the largest economic sectors in Germany. Additionally, Germany’s outstanding capabilities, resources, and infrastructure in healthcare accompanied with companies participating in thousands of research projects with other partners from industry and scientific institutions to scale-up production, sales, and marketing as well as R&D in biotechnological procedures or pharmaceutical products are propelling the healthcare sector progressively. This is attributed to drive the non invasive prenatal testing market coherently, during the forecast period.

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A growing middle-class and rapidly-aging society presents vast opportunities for the healthcare industry. China promotes the structural adjustment, transformation and upgrade of the healthcare industry and bring marketed products up to international standards in terms of efficacy, safety and quality, so as to better meet the public needs for various testing techniques. Healthcare expenditure of China increased from 4.889% of GDP in 2015 to 4.982% of GDP in 2016. The largest genetic analysis of China’s population has been carried out recently, over 1,40,000 pregnant women, revealing new insights into migration patterns and disease risk in Chinese people which in turn increases the demand for NIPT screening system to reduce these diseases.

According to the International Trade Administration, UAE government had launched a new health insurance program in Dubai in June 2015 to support nationals not covered under any other government funded health insurance scheme. This scheme benefited around 130,000 by offering healthcare at 23 private hospitals and more than 500 medical clinics in and around Dubai. Increasing government initiatives in UAE tends to boost the pharma industry. Rapid advancement in the medical technology and innovation within pediatric care including those being exhibited and enhanced in the UAE are making it increasingly likely that genetic diseases can be diagnosed easily and conclusively before a couple choose to have a child with the help of NIPT screening.

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Original Source:
https://www.marketwatch.com/press-release/global-non-invasive-prenatal-testing-market-is-likely-to-achieve-usd-6406-million-by-2027-expanding-at-a-cagr-of-12-between-2020-and-2027-2019-11-07

This release was published on openPR.