PUBLISHER: Grand View Research | PRODUCT CODE: 1363318
PUBLISHER: Grand View Research | PRODUCT CODE: 1363318
The global nucleic acid amplification testing market size is expected to reach USD 19.2 billion by 2030, registering a CAGR of 12.2% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Rising awareness regarding early detection of chronic and infectious diseases, and emerging technological advancements in PCR technology are the factors expected to significantly drive the market growth. In addition, the global rise in the prevalence of infectious diseases such as influenza, hepatitis, and sexually transmitted infections is anticipated to increase the demand for nucleic acid amplification testing and positively affect market growth.
Nucleic acid amplification testing has witnessed a high amount of investment in recent years due to its applicability to diagnose a variety of disease conditions, including life-threatening conditions such as cancer. For instance, the development of Cepheid's Gene Xpert technology involved a total public investment of over USD 252.0 million, including grants of more than USD 56.0 million from the National Institutes of Health, and around USD 73.0 million from other U.S. government departments.
Moreover, the high efficiency and accuracy of nucleic acid amplification testing have led to an increasing preference for the technique over traditional diagnostic options, such as culture-based identification. These attributes are boosting the growth of nucleic acid amplification testing technologies.
COVID-19 has increased demand for rapid and accurate testing methods, including nucleic acid amplification testing, for the detection of the SARS-CoV-2 virus. Key players involved in the market have developed new product offerings, such as isothermal nucleic acid amplification technology-based tests, to meet the high demand for rapid and point-of-care testing.
For instance, in March 2020, Abbott Laboratories received Emergency Use Authorization (EUA) for its Abbott ID NOW COVID-19 test which can deliver positive results within five minutes and negative results within 13 minutes. Such strategic initiatives fueled by the pandemic are expected to boost market growth in the near future.