CTNG Testing Market Projected to Reach US$ 3.9 Billion by 2033 | Future Market Insights, Inc.
Increasing Prevalence of STD Infections Among Teenagers Driving Advancements in CTNG Testing Procedures. Operational barriers and the high cost of CT/NG testing instruments is likely to hamper the growth of CT/NG testing market
NEWARK, Del, Nov. 13, 2023 (GLOBE NEWSWIRE) -- The value of the global CTNG testing market is projected to grow from *US$ 1.8 billion* in 2023 to *US$ 3.9 billion* by 2033. Between 2023 and 2033, the demand for CTNG testing is projected to grow at a *CAGR of 8.0%.* Increased funding and investment will probably cause the market to grow. Growth prospects for the CTNG testing market can be attributed to increased government funding opportunities as well as other initiatives that foster innovation and development.The CTNG testing industry is expected to grow considerably due to increasing awareness of sexual health. The prevalence of CT and NG infections is rising, driving research and technological advancements for efficient, precise, and easily accessible testing methods. Telemedicine and at-home testing kits are transforming the industry and improving public health outcomes.
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The cost of laboratory diagnostics is significantly influenced by variable costs associated with reagents and instruments, as well as supplier fees. Additional expenses, such as maintenance and insurance, laboratory supervision, and administrative costs, add to the overall cost. Only major hospitals and reference labs with substantial capital budgets can bear the enormous cost of diagnostic equipment. Conversely, small laboratories, physicians' offices, and individual practitioners often require more capital, making it difficult for them to purchase costly instruments and analyzers.
Efficient collection, storage, and transportation of samples are crucial in clinical laboratories. Nevertheless, technicians need help in achieving this. Redesigning laboratory areas to conduct specific diagnostic procedures for pathogen detection is necessary to ensure time management and prevent cross-contamination. As a result, the maintenance and operation costs of modern CTNG devices, especially those designed to handle a single type of sample, have significantly increased.
In addition, to keep up with the fast mutation of micro-organisms and the increasing number of epidemic outbreaks, clinical testing facilities are adopting advanced diagnostic technologies that provide rapid sample diagnosis. Nevertheless, the widespread utilization of modern molecular diagnostic technologies faces obstacles, especially in developing nations, as there is a need for more experienced and technically skilled laboratory employees. Nevertheless, the development of the CTNG testing market is restrained by operational obstacles and the high cost of CTNG testing equipment.
*“The growth of the CTNG market is being driven by various factors, including the rising incidence rate of CTNG infections, growing investments and funding, and increased awareness of disease diagnosis. Launching novel products and acquiring commercial enterprises are some of the most widely adopted strategies by the market players,” *opines Sabyasachi Ghosh, Associate Vice President at Future Market Insights (FMI).
*Key Takeaways:*
· The global CTNG testing market is projected to register a CAGR of 8.0% with a valuation of US$ 3.9 billion by 2033.
· The market captured a CAGR of 10.2% in the historical period from 2018 and 2022.
· South Korea is anticipated to dominate the global market by registering a 13.8% CAGR during the forecast period.
· With a CAGR of 12.7%, Japan is expected to drive the global market through 2033.
· The United Kingdom is anticipated to secure a CAGR of 12.2% during the forecast period.*Competition Analysis:*
Many companies in the CTNG testing market have capitalized on the significant growth opportunities in emerging economies. The investments made in healthcare and life science research in these markets have resulted in improvements in laboratory infrastructure. This development has aided in the installation of diagnostic systems in laboratories, ultimately leading to the increasing adoption of CTNG testing.
*CTNG Testing Market Size:*
*Attributes* *Key Statistics*
*CTNG testing Market Value (2023)* US$ 1.8 billion
*Anticipated Market Value (2033)* US$ 3.9 billion
*Value-based CAGR (2023 to 2033)* 8.0% CAGR
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*Recent Developments:*
· Hologic, Inc. launched its latest Aptima CT/NG Assay in March 2023. This advanced molecular diagnostic test can efficiently detect CT and NG DNA in a single sample. It is highly sensitive and can generate results in just under two hours.
· BD, also known as Becton, Dickinson and Company, introduced its new BD SurePath LCT/NG Test in February 2023. The test can detect CT and NG DNA in a single sample through nucleic acid amplification. Additionally, the test is remarkably accurate and can produce results in under two hours.
· In January 2023, Quest Diagnostics launched the Aptima CT/NG Assay in its clinical laboratories. The patients can get tested for CT and NG at Quest Diagnostics locations across the United States.*Key Companies:*
· F. Hoffmann-La Roche Ltd. (Switzerland)
· Hologic, Inc. (USA)
· Thermo Fisher Scientific Inc. (USA)
· Abbott Laboratories (USA)
· Bio-Rad Laboratories, Inc. (USA)
· Siemens Healthineers AG (Germany)
· Becton, Dickinson, and Co. (BD)
· Linear Diagnostics
· TIB Molbiol (Germany)
· Quest Diagnostics
*CTNG Testing Market Segmentation*
*By Product:*
· Assays & kits
· Instruments/Analyzers
*By Test Type:*
· Laboratory
· Point-of-care Testing
*By Technology:*
· INAAT
· PCR
· Immunodiagnostics
· Others
*By Region:*
· North America
· Europe
· Asia Pacific
· Latin America
· The Middle East & Africa*Author By:*
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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