Press release
Increase In Prevalence Of Chronic And Infectious Diseases Is Projected To Push The Demand For Polymerase Chain Reaction Market
Market SnapshotDemand for polymerase chain reaction tests is anticipated to reach US$ 3.6 Bn by 2021-end, further expanding to US$ 12 Bn at the conclusion of the 2021-2031 assessment period, according to a recent report published by Fact.MR. The market is poised to expand 3x, with PCR reagents set to capture 60% of total revenue.
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Revenue from Polymerase Chain Reaction Industry from 2016 to 2020 Compared to Demand Outlook for 2021 to 2031
Over the past half decade, various factors drove the growth of the global Polymerase Chain Reaction (PCR) market, such as mounting prevalence of chronic and infectious diseases and swelling application of PCR. This has ultimately escalated the demand for Polymerase Chain Reaction (PCR) to grow at a CAGR of 8.4% during the historic period 2016-2020.
The dreadful impact of SARS-CoV-2, surged the need for reliable and rapid detection systems, such as qPCR. It is the gold standard for detecting the novel coronavirus, owing to its higher specificity and sensitivity than other tests.
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Further, growing adoption of technological advancements and hasty investments in pharmaceutical and healthcare industry pushed the market towards a positive trajectory. In the forthcoming years, the global PCR market is projected to Expand at an anticipated CAGR of 10% and is set to surpass US$ 12 Bn by 2026.
What are the Factors Driving the Demand for Polymerase Chain Reaction?
The growth PCR technologies market is primarily driven by the rising incidences of target diseases and genetic disorders; continuous technological advancements in PCR technologies, the development of miniaturized portable instruments, and incorporation of robotics; increasing investments, funds, and grants for research activities; increasing use of biomarker profiling for disease diagnostics; and the successful completion of the Human Genome Project.
The demand for genomic analysis techniques has grown steadily during the last decade on the back of their increasing use (microbial identification and detection of genetic mutations) in the diagnosis of major infectious diseases (such as tuberculosis, HIV, malaria, hepatitis, and Staph-related diseases) and genetic disorders (such as cancer and fragile X syndrome).
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Key Segments Covered
Product
PCR Instruments
Standard PCR Systems
RT PCR Systems
Digital PCR Systems
PCR Reagents
PCR Consumables
End User
PCR for Pharmaceutical & Biotechnology Industries
PCR for Clinical Diagnostics Labs and Hospitals
PCR for Academic and Research Organizations
PCR for Other End Users
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Competitive Landscape
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their footprint.
In October 2021, US based Thermo Fisher Scientific, provider of scientific instrumentation, reagents and consumables, introduced the Applied Biosystem QuantStudio Absolute Q-Digital PCR System, the first fully integrated digital PCR (dPCR) system designed to provide highly accurate and consistent results in genetic analysis and research within 90 minutes.
In March 2021, Agilent Technologies Inc., announced the launch of a real-time reverse transcription (qRT) PCR-based diagnostic kit for the detection of SARS-CoV-2 RNA. The CE-IVD mark is in accordance with the European Union In-Vitro Diagnostic Directive 98/79/EC and is available for immediate distribution.
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