The PCR & NGS based diagnostic testing market is estimated to see steady growth by 2027 due to increasing incidences of infectious diseases and the subsequent rise in demand for diagnostic assays.

Due to the COVID-19 outbreak, there was an unprecedented rise in the requirement for diagnostic testing, particularly in regions with high infection rates.

Since the initial phases of the pandemic, Reverse-transcription PCR (RT-PCR) and Metagenomic next-generation sequencing (mNGS) have been commonly used molecular methodologies for COVID-19 diagnosis.

To speed up the diagnostic process, companies have been producing testing kits that can detect the COVID-19 infection rapidly and accurately.

For instance, in May 2021, XPhyto, a next gen bioscience company, introduced one of the fastest RT-PCR test systems for COVID-19.

The company has recently announced that distributor Max Pharma GmbH would commence the sale of its recently-approved 25-minute RT-PCR test system for COVID-19 (Covid-ID Lab) in Germany from 25th May 2021.

The Covid-ID Lab kit has been registered with the European Union as a commercial in-vitro diagnostic (CE-IVD) test. The test system is a rapid RT-PCR test that carries out qualitative detection of SARS-CoV-2 through the RT-PCR method.

The test, which boasts of a 20-minute PCR run time, has been devised to incorporate both the speed of an antigen test and the accuracy of a PCR test to give quick and precise readings.

On the other hand, next generation sequencing (NGS) diagnostic method has increasingly allowed genetic sequencing with an extensive scope of applications in different sectors of medical research.

The major advantage of NGS is that it can screen for and identify viral agents without requiring previous knowledge of the causative agent .

In October 2020, a team of UCLA researchers developed ???SwabSeq’ - a high-throughput testing platform for the novel coronavirus - after witnessing the surging burden of testing during the pandemic. The platform utilizes next-generation sequencing (NGS) as a readout.

SwabSeq uses sample-specific molecular barcodes, which allow thousands of samples to be combined and analyzed simultaneously to detect the presence or absence of SARS-CoV-2 in a single run.

Consequently, these recent technological advancements focused on improving efficacy and precision of diagnostic testing systems are projected to drive market growth through the forecast period.

For comprehensive assessment, the PCR & NGS based diagnostic testing market has been bifurcated based on product, end-use, and region.

In terms of product, the market has further been segmented into consumables, equipment, and labware.

The consumables sub-segment is projected to exhibit a CAGR of around -0.7% over the analysis period owing to high consumption of diagnostic consumables during the outbreak of the COVID-19 pandemic.

Based on end-use, the PCR & NGS based diagnostic testing market has been divided into hospitals and clinics, ambulatory settings, diagnostic centers, and others.

The diagnostic centers sub-segment held more than 36% market share in 2020 due to the high volume of diagnostic tests carried out in diagnostic centers.

Based on the regional landscape, the Latin America market is projected to witness a -1.1% CAGR over the forecast period due to the increased sales of diagnostic test kits after the outbreak of the COVID-19 pandemic.