PCR and Real-time PCR Molecular Diagnostics Market to Surpass US$ 6 Bn by 2030; Covid-19 Outbreak to Boost Growth with Diagnostics for Asymptomatic Patients
Published : 30 Oct 2020 Industry: Healthcare
As per data from the World Health Organization, millions of deaths can be attributed to diseases such as cancer and HIV each year. Further, the recent outbreak of the COVID-19 virus has also created massive demand for effective diagnostics processes. The PCR and real-time PCR molecular diagnostics market has been gaining traction in recent years on the back of investments by PCR diagnostic test manufacturers towards the incorporation of molecular testing technologies for fast real-time results and automated operations, with minimal risks of false positives and negatives. PCR and real-time PCR molecular diagnostics is also finding growing roles in a number of other healthcare sectors, including forensics and genetics, which are likely to bode well for the PCR and real-time PCR molecular diagnostics market in the foreseeable future. Digital PCR, in particular, is projected to reflect fast growth, owing to higher accuracy and sensitivity in the quantification of molecular materials.
On the whole, rising global incidence of cancer and infectious diseases will bolster the growth of the PCR and real-time PCR molecular diagnostics market, which was valued at more than US$ 4 billion in 2019.
Key Takeaways from PCR and Real-time PCR Molecular Diagnostics Market Report
- Real-time PCR technologies are estimated to hold major market share, supported by higher research & development investments by market players and improved awareness about molecular diagnostics among patients and healthcare professionals.
- North America is the leading regional markets for PCR and real-time PCR molecular diagnostics, followed by Europe, owing to faster regulatory approvals and access to new healthcare technologies.
- Oncology diagnostics is expected to surge in the near future driven by growing number of patients and investments towards modernization of healthcare facilities with government aid, providing impetus to the PCR and real-time PCR molecular diagnostics market in emerging economies.
- The COVID-19 outbreak, which has had a worldwide impact, is projected to positively influence the prospects of the PCR and real-time PCR molecular diagnostics market, aided by emergency authorization for new products being given by regulatory bodies.
“Widespread incidence of target ailments, including cancer and COVID-19, coupled with technological advancements for faster results and automated work processes are likely to provide leverage to the PCR and real-time PCR molecular diagnostics market in the long term,” says a Fact.MR analyst.
Key Players Focus on New Product Launches and Regulatory Approval
Abbott Laboratories, Elekta AB Bio-Rad Laboratories Inc., bioMerieux SA, Danaher Corporation, Thermo Fisher Scientific Inc., Becton, Dickinson and Company, F.Hoffmann-La Roche Ltd., Qiagen NV, Hologic Inc, Grifols SA, Genomic Health, and Seegene Inc. are some of the more prominent players operating in the PCR and real-time PCR molecular diagnostics market. Leading market players have been observed investing significant resources towards product development and launch strategies, and pushing for faster regulatory approvals to gain an edge over the competition. Market players are also focused on leveraging short term opportunities arising from the COVID-19 pandemic.
- For instance, in October 2020, Abbott Laboratories announced the receipt of FDA approval for its PCR covid-19 antigen test, under emergency use authorization, for the company’s BinaxNow COVID-19 Ag Card, which provides rapid results similar to an over-the-counter pregnancy test.
- BioMérieux has also announced regulatory clearance for its Vitek 2 AST Gram Negative Ceftazidime test, to trace gram-negative bacilli bacteria, which is compatible with the company’s proprietary Vitek 2 Compact and Vitek 2 molecular diagnostics platforms.
- Similarly, Roche Diagnostics has also received FDA approval for its Cobas RT-PCR test, aimed at detecting the BK virus, which is designed to run alongside the business’ Cobas 8800 and 6800 diagnostic platforms.
More Insights on PCR and Real-time PCR Molecular Diagnostics Market
The report on the PCR and real-time PCR molecular diagnostics market by Fact.MR provides readers with an unbiased analysis of the major driving factors that influenced the PCR and real-time PCR molecular diagnostics market from 2015 to 2019, and for the forecast period of 2020 and 2030. Statistics on the market have been discussed on the basis of technology (traditional PCR, real-time PCR, and digital PCR), product (instruments, reagents, and consumables), application (infectious diseases testing, oncology testing, genetic testing, and others), and end user (hospitals, diagnostic laboratories, academic & research centers, and others), across 5 key regions (North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa).
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