PerkinElmer, Inc. (NYSE:PKI) recently announced CE-IVD mark for commercialization and distribution of its Vanadis NIPT (non-invasive prenatal testing) system throughout Europe and countries that recognize the marking. However, Vanadis NIPT is not available for clinical use in the United States yet.
The latest development is likely to fortify PerkinElmer’s hold in the global non-invasive prenatal testing market.
Following the announcement, shares of PerkinElmer rose 0.3% to $82.76 at close. Over the past year, shares of PerkinElmer have rallied 12.6% against the industry’s 5.7% decline. The current level is also higher than the S&P 500 index’s 1% rise.
The stock carries a Zacks Rank #3 (Hold).
More on Vanadis NIPT
Vanadis NIPT enables pregnant women to receive reliable and accurate cell free DNA-based screenings through a cost-efficient method. The non-invasive system provides screening results for trisomy 21, trisomy 18 and trisomy 13.
The company has also collaborated with Women & Infants Hospital of Rhode Island to evaluate an innovative test method using Vanadis NIPT.
For investors’ notice, Sweden-based Vanadis Diagnostics was acquired by PerkinElmer in 2016, with a view to improve maternal and fetal health offerings.
A Peek Into NIPT Market
MarketsandMarkets opines that the global NIPT market is expected to reach $2.88 billion by 2021 at a CAGR of 16.4%. Growing preference for non-invasive techniques over invasive methods, rising focus on reimbursement for NIPT and launch of advanced NIPT products are fueling growth.
Hence the regulatory approval has been a well-timed one for the Massachusetts-based provider of scientific instruments.
Some key players in the space who deserve mention are Illumina (NASDAQ:ILMN) and Natera (NASDAQ:NTRA) . Notably, Illumina’s VeriSeq NIPT Solution and Natera’s Panorama next-generation NIPT are currently much in demand.
A Key Pick
A better-ranked stock in the broader medical space is Veeva Systems (NYSE:VEEV) .
Veeva Systems’ long-term earnings growth rate is estimated at 19.3%. The stock carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Veeva Systems Inc. (VEEV): Free Stock Analysis Report
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