Growth opportunities supported by implementation of cloud computing, collaborative business models and Big Data application, finds Frost & Sullivan
LONDON, Jan. 22, 2018 /PRNewswire/ -- Frost & Sullivan's latest analysis of the European prenatal genetic testing market point to advancements in technologies, such as next-generation sequencing techniques (NGS) and use of non-invasive prenatal testing (NIPT), as the key factors triggering market growth. The new research, Growth Opportunities in European Prenatal Genetic Testing Market, Forecast to 2021, projects that the market will reach $615.7 million by 2021 at a compound annual growth rate (CAGR) of 9.6 percent.
Frost & Sullivan expects the transitioning to NGS, implementation of cloud computing platforms, application of Big Data for in-house data interpretation and collaborative business models to open new growth opportunities. Growth Opportunities in European Prenatal Genetic Testing Market, Forecast to 2021 provides an analysis of key market dynamics, drivers, restraints, forecast and trends, market growth opportunities, segments to watch, and competitive analysis.
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"With only 60 to 70 per cent of pregnant women presently opting for prenatal testing, there is wide scope for increased penetration," said Frost & Sullivan Transformational Health Senior Industry Analyst Aarti Chitale. "Taking steps toward increasing physician and patient awareness and adoption of cutting-edge technologies such as NGS are expected to give the prenatal testing market much-needed revitalisation."
Whilst a major portion of the market is dominated by four to five United States-based participants, Aarti recommends a strong reliance on partnering with regional clinical labs and government-aided labs alongside research collaborations. Through these collaborations, market leaders will be able to penetrate the region, including Eastern European countries.
Further strategic imperatives for growth in the European prenatal genetic testing market include:
- Providing value-added services such as genetic counselling by certified genetic counsellors or clinical geneticists;
- Developing unique business models, including different partnership approaches such as collaborating with regional clinical labs, public centers, and hospitals;
- Implementing pricing control strategies and adopting a centralised pricing strategy before collaborating with the local labs to ensure increased patient uptake; and
- Focusing on technology collaboration to leverage proprietary technology platforms.
"Despite notable growth opportunities, strict regulations toward genetic testing across the European continent could hamper market growth," observes Aarti. "Moreover, the higher cost of NIPT tests, which are not consistent across different labs, could have a direct impact on the use of prenatal genetic tests."
Growth Opportunities in European Prenatal Genetic Testing Market, Forecast to 2021 is part of Frost & Sullivan's Transformational Health Growth Partnership Services Program.
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Growth Opportunities in European Prenatal Genetic Testing Market,
Forecast to 2021
SOURCE Frost & Sullivan