Insights Into The Pediatric And Neonatal Testing Kit Market’s Growth Potential 2024-2033
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What Growth Rate is Forecasted for the Pediatric And Neonatal Testing Kit Market over the 2024-2033 Period?
In recent times, the market size for pediatric and neonatal testing kits has experienced significant growth. The market, which stood at $3.7 billion in 2023, is projected to increase to $4.02 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 8.5%. Factors such as improvements in pediatric and neonatal care, heightened attention to child health, expanded healthcare infrastructure, heightened awareness about prenatal testing, and a changing regulatory environment are behind the growth seen during the historic period.
There is an anticipation of robust growth in the market size of pediatric and neonatal testing kits in the forthcoming years. It’s estimated to reach a valuation of $5.51 billion by 2028, featuring a compound annual growth rate (CAGR) of 8.2%. Such an expansion during the projected period is understood to result from factors such as the escalating demand for non-invasive testing approaches, growth in point-of-care testing for children, increased funding towards neonatal and pediatric investigation, and usage of digital health technologies. The period also foresees trends such as advancements in the creation of swift and precise testing equipment, incorporation of next-generation sequencing into pediatric diagnostic methods, enlargement of infant screening programs, rising emphasis on metabolic evaluations in newborns, and the assimilation of artificial intelligence into diagnostic instruments.
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Which Factors Are Stimulating Growth in the pediatric and neonatal testing kit Market?
The growing incidence rate of innate disorders in newborns is a significant propeller for the pediatric and neonatal testing kit market. These disorders, present at birth or developed during pregnancy, can be promptly identified through pediatric and neonatal screening. The early detection aids medical practitioners in treating these anomalies at the initial stage. As per the World Health Organization (WHO), a United Nations-affiliated health agency based in Switzerland, around 240,000 infants globally succumb to congenital anomalies within their first 28 days of existence every year, in February 2023. Approximately 170,000 children aged between 1 month to 5 years die due to such disorders. Moreover, the European Commission, an independent executive arm based in Europe, reported in December 2022 that the incidence of irregularities per 10,000 in 2020 stood at 253.38, and the termination of pregnancy for congenital anomaly (TOPFA) was 58.22 in 2020. Consequently, the escalating incidence of congenital disorders is stimulating the pediatric and neonatal testing kits market.
What Are the Main Segments of the Pediatric And Neonatal Testing Kit Market?
1) By Test Type: Dried Blood Spot, Hearing Screening, Critical Congenital Heart Defect (CCHD), Other Test Types
2) By Product: Assay Kits And Reagents, Instruments
3) By Technology: Tandem Mass Spectrometry, Pulse Oximetry, Enzyme-Based Assays, DNA Based Assays, Electrophoresis, Others Technologies
4) By End User: Hospitals, Diagnostic Centers, Maternity And Specialty Clinics, Other End Users
What Innovative Trends Are Redefining the Pediatric And Neonatal Testing Kit Landscape?
The growth of innovative screening test developments is a crucial trend gaining traction in the pediatric and neonatal testing kit market. The focus of major companies in this market is to develop distinctive screening kits like Calmark Neo-Bilirubin to maintain their market dominance. Calmark, a diagnostics company based in Sweden, reported in April 2020 that their product, Calmark Neo-Bilirubin, had been given regulatory approval and a CE stamp from the European Union. This new product is a point-of-care diagnostic system primarily used to measure bilirubin in newborns. Unlike traditional testing methods, this novel system offers high tolerance to hemolysis and can yield accurate results at up to 60% hematocrit. The product has been specifically catered to hospital settings and has been approved by NEST360 for its superior quality and safety.
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Which Regions Are Key Players in the Growth of the Pediatric And Neonatal Testing Kit Market?
North America was the largest region in the pediatric and neonatal testing kit market in 2023. The regions covered in the pediatric and neonatal testing kit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Pediatric And Neonatal Testing Kit Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the pediatric and neonatal testing kit market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Pediatric And Neonatal Testing Kit Market Include
1. Pediatric And Neonatal Testing Kit Market Executive Summary
2. Pediatric And Neonatal Testing Kit Market Segments
3. Pediatric And Neonatal Testing Kit Market Size And Template Market Growth Rate
4. Key Pediatric And Neonatal Testing Kit Market Trends
5. Major Pediatric And Neonatal Testing Kit Market Drivers
……
25. Key Mergers And Acquisitions In The Pediatric And Neonatal Testing Kit Market
26. Top Pediatric And Neonatal Testing Kit Companies
27. Pediatric And Neonatal Testing Kit Market Opportunities And Strategies
28. Pediatric And Neonatal Testing Kit Market, Conclusions And Recommendations
29. Appendix
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