Jul 02, 2020
Polymerase Chain Reaction (PCR) Market Poised to Expand 2X Through 2026, Buoyed by Growing Frequency of Disease Outbreaks: Fact.MR
by Team Fact.MR
Polymerase Chain Reaction (PCR) techniques have found increased application in pharmaceutical, biotechnology and life sciences industries. PCR is primarily used for developing assays, test kits & solutions, and culture media in the tissue culture industry. Adoption of this technique is the end result of important technological breakthroughs in the healthcare industry.
PCR is also used to determine the genesis of several chronic and infectious diseases. For instance, the technique was widely applied in 2015 for determining the outbreak of the Zika virus epidemic. Such increased applications are anticipated to double the revenue of the global polymerase chain reaction (PCR) market during the forecast period (2020-2026). Expanding at an anticipated CAGR of 8.4%, the global PCR market is set to surpass US$ 7 Bn mark by 2026.
Key Takeaways of the Global PCR Market Study
- PCR reagents are anticipated to capture three-fifths of the total market share during the forecast period. Continuous increase in the number of diagnostic tests and launch of new reagents specific to the test type are set to augment demand for reagents used in polymerase chain reaction.
- Use of PCR in pharmaceutical and biotechnology industries is anticipated to account for a majority share of the total market value. This is stimulated by a rise in test volumes, laboratory automation, research & development in genetic engineering, and competition in drug discovery for diseases such as HIV-AIDS and cancer.
- Growing awareness about molecular diagnostic applications of PCR in cancer and HIV-AIDS detection, rising prevalence of infectious diseases and laboratory automation will augment the use of PCR techniques in clinical diagnostic labs and hospitals. The segment is poised to expand impressively at a CAGR of 8.8% through 2026.
- North America is set to dominate the global PCR market in terms of value. The availability of advanced technologies such as of multifaceted synthetic and bioprospected polymerases and symbiotic sequencing technologies is projected to fuel the regional market growth. Greater budgetary allocation for research & development in PCR technologies will further augment the regional market growth, which is expected to register a CAGR of 7.5% through 2026.
- Asia Pacific shows prolific growth opportunities. Improvements in healthcare infrastructure, penetration of global market players via licensing and distribution agreements with local players, and increased investments in life sciences research will boost the regional market growth.
“The global PCR market is poised to embark on a positive growth trajectory, driven by rising number of key players offering a diverse range of PCR solutions. Favorable governmental policies and increased budget allocation towards improving healthcare infrastructure are set to broaden the market prospects for PCR solutions,” concludes the Fact.MR analyst
COVID-19 Impact Analysis
With the number of coronavirus cases proliferating at an exponential rate, the need for COVID-19 testing has surged in the past few months. The most frequently employed testing method is the RT-PCR test, which provides a reliable estimate of the degree of infection within a patient. Due to the dearth of availability of alternative tests, the RT-PCR is gaining the upper hand in this regard, despite the fact that the time lag between the test and results is immensely large.
Market players specializing in the provision of RT-PCR testing kits are working towards enhancing the testing efficiency and providing timely results. For instance, Thermo Fisher Scientific is looking to maintain the geometric amplification of the target gene throughout the testing duration for better results. Presently, the geometric progression eventually transforms to a linear progression, thus reducing testing efficiency. Nevertheless, RT-PCR tests will continue to gain popularity in the duration of the pandemic.
R&D and Product Launches Remain Key Growth Catalysts of Market Players
The global PCR market is consolidated with leading players such as Roche Diagnostics, Abbott Laboratories and Thermo Fishers Scientific accounting for maximum market share. However, new entrants are finding a marketplace, owing to the introduction of advanced technologies.
F. Hoffmann La- Roche AG is the dominant market player, offering diverse products and solutions in various fields including clinical chemistry and immunoassay, molecular diagnostics, and tissue diagnostics. It specializes in the provision of real-time PCR and includes products such as Cobas S 201, Cobas TaqScreen MPX Test, Cobas 4800 System and Light Cylinder MRSA Advanced Test.
Competitors such as Becton, Dickinson and Company are set to have significant market presence with greater focus on research & development and new product launches. The company offers Real Time PCR systems, PCR assays and PCR Cloning Kits. Some products include the BD MAX System, BD-Qzyme Assays and BD In-Fusion.
Looking for more information?
The research study on the global PCR market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global PCR market over 2020-2026. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2026. Market statistics have been presented 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.
>>> To Get more insights on Polymerase Chain Reaction market, visit- https://www.factmr.com/report/4861/polymerase-chain-reaction-pcr-market
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