Yahoo Finance Global New Born Screening Market to Surpass US$ 2,838.4 Million by 2028, Says Coherent Market Insights (CMI)
SEATTLE, Aug. 03, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global newborn screening market is estimated to be valued at US$ 1,412.2 million in 2021 and is expected to exhibit a CAGR of 10.5% during the forecast period (2021-2028).
Key Trends and Analysis of the Global New Born Screening Market:
Key trends in the market includes increasing government support for newborn screening and development in screening technology are expected to drive the market growth during the forecast period. The newborn screening program was recommended by World Health Organization (WHO) to safeguard the health of children across the globe. Under this program, numerous initiatives and policies have been taken on heritable disorders in newborns and children (SACHDNC) by the Human Services Secretary’s Advisory Committee and the U.S. Department of Health, advocacy groups such as the March of Dimes and Japan’s Society of Obstetrics and Gynecology (JSOG) and U.K. Procedure for Electronic Application for Certificates from the Horticultural Marketing Inspectorate (PEACH). World Health Organization (WHO) is focusing on allocation of necessary resources as an additional investment of US$ 0.20 cents per person, which can save two of every three newborns in low and middle income countries like Africa, Saudi Arabia and other GCC countries by 2030.
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Furthermore, high birth rate and increasing incidence of neonatal diseases are expected to drive the market growth during the forecast period. For neonatal screening, preventive public health programs are conducted by government bodies and they are implemented in most of the developed countries like USA, Germany, and UK. However, government agencies in emerging economies such as China, India, Brazil, and other countries need to implement such programs, owing to high birth rate, which is almost half of the world. For instance, according to Worldometers, February 2019, Asia Pacific ranks number one among the regions of the world with population of 4,570,024,951 which is equivalent to 59.66% of the total world population.
Key Market Takeaways:
The global newborn screening market is expected to exhibit a CAGR of 10.5% during the forecast period as government bodies in various regions are focusing on initiatives to create awareness about newborn screening tests and are offering free screening services and raising funding for newborns screening initiatives. Furthermore, various government programs and legislation are also creating a conducive environment for the growth of the global newborn screening market.
Among products, the assay kit and reagents segment is expected to observe the highest market share in the global newborn screening market over the forecast period, owing to the increasing product approvals of key players operating in the market. For instance, in 2019, PerkinElmer, Inc., a medical equipment company, announced the approval for GSP Neonatal Creatine Kinase –MM (CK-MM) kit by the U.S. Food And Drug Administration (FDA).
On the basis of test type, the dry blood spot test segment accounts for the largest market share in the global newborn screening market over the forecast period. For instance, according to the U.S. Department of Health & Human Services fact sheet 2020, around 7,200 babies born every year are diagnosed with critical congenital heart defect (CHDs) in the U.S.
On the basis of region, North America is expected to exhibit a higher market share in the global newborn screening market owing to the high newborn screening rate in the region. For instance, according to Alabama Public Health Article in 2020, Alabama Bureau of Clinical Laboratories (BCL) screens nearly 60,000 babies each year, and approximately 150,000 specimens are sent for testing.
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Competitive Landscape:
Key players operating in the global new born screening market include Agilent Technologies,Inc., Bio-Rad laboratories, Inc., Medtronic Plc., Masimo Corporation, Natus Medical Inc., Perkin Elmer, Inc., ZenTec S.A. ,Trivitron Healthcare Pvt Ltd, Waters Technologies Corporation, Danaher Corporation, Baebies Inc., Parseq Lab Co. Ltd, Chromesystem Instruments and Chemicals GmbH, and RECIPE Chemicals+ Instrument GmbH.
Market Segmentation:
Global New Born Screening Market, By Product:
Instruments
Assay Kits and Reagents
Global New Born Screening Market, By Test Type:
Dry Blood Spot Test
Cardiac test
Hearing Test
Urine Test
Others
Global New Born Screening Market, Application:
Phenylketonuria
Critical Congenital Cardiac Disease
Maple Syrup Urine Disease
Hearing Disability
Sickle Cell Disease
Others
Global New Born Screening Market, By End User:
Hospitals
Maternity and Specialty Clinics
Diagnostic Centers
Global New Born Screening Market, By Region:
North America
By Country
U.S.
Canada
Latin America
By Country
Brazil
Mexico
Argentina
Rest of Latin America
Europe
By Country
Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific
By Country
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
By Country
GCC
Israel
Rest of Middle East
Africa
By Country/Region
South Africa
Central Africa
North Africa
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
CONTACT: Mr. Shah Senior Client Partner – Business Development Coherent Market Insights Phone: US: +1-206-701-6702 UK: +44-020-8133-4027 Japan: +81-050-5539-1737 India: +91-848-285-0837 Email: sales@coherentmarketinsights.com Website: https://www.coherentmarketinsights.com
