According to Stratistics MRC, the newborn screening market is estimated at $540.4 million in 2015 and is projected treach $1,240.2 million by 2022 growing at a CAGR of 12.6% from 2015 t2022. Rising awareness and demand for newborn screening in developed nations, presence of federal bodies for organizing awareness programmes, rising paranoia of parents and government initiatives are some of the key factors driving the market growth. Additionally, technological advancements, increasing benefits related tnewborn screening and growing array of new born diseases are some of the factors contemplated tfuel the market growth. However, lack of skilled professionals and lack of awareness in developing regions are the major restraints inhibiting the market growth. Furthermore, Next-Generation Sequencing (NGS) is anticipated tprovide growth opportunities for the newborn screening market.
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Dry blood spot test segment is expected twitness highest growth on account of rapidly launching new and advanced products. Due tcost effectiveness and time effectiveness provided by mass spectrometry, tandem mass spectroscopy market dominated the global newborn screening technology market. North America accounted for the largest share in newborn screening market followed by Europe. Rapid technological advancements due tconsiderable R & D activities, enhanced insurance coverage and stable healthcare infrastructure are the major factors favouring the North American market over the forecast period. However, Asia Pacific is expected twitness highest growth on account of rapidly expanding healthcare industry and rising awareness.
Some of the key players in this market include GE Healthcare, Covidien, Plc., Agilent Technologies Inc., MasimCorp., Perkinelmer, Inc., AB Sciex LLC, Natus Medical Inc, Waters Corporation, Trivitron Healthcare , Bio-Rad Laboratories, Inc., Quest Diagnostics Inc, Illumina, Inc. and Laboratory Corporation of America Holdings.
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