Leading players in the polymerase chain reaction (PCR) market are focusing on enhancing the accuracy of the testing while also ensuring timely results to capitalize on the surging demand amid the COVID-19 pandemic.
ROCKVILLE, MD / ACCESSWIRE / September 16, 2020 / Fact.MR: The Polymerase Chain Reaction (PCR) market is forecasted to progress at an impressive CAGR of 8.4% in terms of value through the period of forecasting between 2020 and 2026. The growth of the market is primarily driven by the growing adoption of technological advancements in molecular biology, life sciences, and biotechnology coupled with increased expenditure on R&D by pharmaceutical organizations and governments. Most importantly, the outbreak of COVID-19 has created an unprecedented demand for testing kits and PCR testing remains the benchmark of testing, owing to their reliability, thus catalysing the overall growth of the market.
"Factors such as the rising prevalence of chronic and infectious diseases such as cancer and AIDS, increased spending on R&D of genetic engineering, and growing emphasis on the discovery of new drugs for diseases, will continue to fuel the growth of the market" opines Fact.MR analyst.
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Polymerase Chain Reaction Market - Key Takeaways
- The global PCR market is forecasted to reach a valuation of US$ 7 Bn by the end of 2026.
- Based on products, the PCR reagents segment is poised to capture 3/5th of global share through the forecast period, backed by an ever-increasing number of diagnostic tests.
- By end-use, the pharmaceutical and biotechnology segment is forecasted to hold the lion's share in the global value, owing to penetration of laboratory automation and increased incidence of infectious diseases.
- North America will account for the majority of the market share on the back of the availability of advanced technologies and high spending on enhancing medical technology.
- Asia Pacific is projected to grow in value at a CAGR of 9.7%, attributed to improvements in healthcare infrastructure and penetration of global market players through licensing and distribution.
Polymerase Chain Reaction Market - Driving Factors
- Increased awareness pertaining to molecular diagnostic applications of the PCR technique in the detection of cancer and HIV-AIDS will remain a crucial growth attribute.
- The growing prevalence of infectious diseases and the subsequent demand for clinical & diagnostic solutions will continue to impel revenue prospects.
- Technological advancements are propelling the adoption of PCR techniques in drug discovery, personalized medicines, and forensic sciences applications, further boosting market growth,
Polymerase Chain Reaction Market - Constraints
- Several consumers are resorting to unregulated tests, such as non-validated home-brew tests to reduce spending, thus posing a threat to the PCR market.
- The long time taken to produce results with PCR testing is asserting medical institutions to seek faster testing methodologies, which is likely to challenge the steady growth of the market.
Anticipated Market Impact by Coronavirus Outbreak
From January 2020, over 29 Mn cases of COVID-19 have been confirmed worldwide and the number continues to explode day-by-day. The swiftly spreading infection has created an unprecedented demand for testing methodologies and the RT-PCR approach has emerged as a lucrative methodology owing to its accuracy and reliability. With the support of governments, the sales of TCR testing kits are thriving across severely affected nations such as India and the US. In India, the testing capacity has been expanded to 140,000 per day. With no sight of vaccine approval in sight, the demand for PCR tests is higher than ever before, giving a major boost to the market growth.
Explore the global Polymerase Chain Reaction market with 74 figures, 72 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/4861/polymerase-chain-reaction-pcr-market
Competition Landscape
The key players operating in the Polymerase Chain Reaction Market include, but not limited to, F. Hoffmann- La Roche AG, Thermo Fisher Scientific Corporation, Abbott Laboratories, Bio-Rad Laboratories, Inc., Qiagen N.V., Becton, Dickinson and Company, Siemens Healthcare Gmbh (Siemens AG) and bioMerieux SA. In the wake of COVID-19, market players are upscaling their production capacities to leverage surging demand for testing kits across the world. Furthermore, players continue to work on developing solutions in diverse fields such as clinical chemistry and immunoassay, molecular diagnostics, and tissue diagnostics.
More on the Report
The Fact.MR's market research report provides in-depth insights into the polymerase chain reaction market. The market is scrutinized on the basis of product (instruments, reagents and consumables) and end-users (pharmaceutical and biotechnology industries, clinical diagnostic labs and hospitals, academic and research institutions and others) across five major regions (North America, Latin America, Europe, Asia Pacific, Latin America, the Rest of the World)
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SOURCE: FactMR