Global Polymerase Chain Reaction Market to Surge 3x, Backed by Extensive Application for COVID-19 Testing, finds Fact.MR
Published : 03 Nov 2021 Industry: Healthcare
A recently published Fact.MR report concludes that the market for polymerase chain reaction will surge at a CAGR of 10% from 2021-2031, reaching US$ 12 Bn. The ever proliferating incidences of infectious disease pandemics and epidemics are chiefly driving market growth.
From 2016 to 2020, the global polymerase chain reaction market experienced a noteworthy upsurge, registering a growth rate of 8.4%. A massive demand spike was registered during the COVID-19 pandemic, attributed to the increasing need for detecting infection presence. With nearly 250 million active cases detected as of November 2021, healthcare providers are racing to procure adequate PCR testing kits to provide timely diagnosis.
Researchers are currently emphasizing on pluripotent stem cells for studying genomes and genomic abnormalities. As per a popular 2020 study, current assays are inadequate for regular screening of human pluripotent stem cells genomic integrity. Hence, key medical players are accelerating efforts to develop effective PCR kits to facilitate this process. Furthermore, the amplifying threat of future pandemics will keep PCR testing in high demand.
Key Takeaways from the Market Study
- PCR reagents anticipated to capture 3/5th of global market demand until 2031
- Pharmaceutical & biotechnology industry to be primary end user, registering a CAGR of 8.6%
- Clinical diagnostic labs & hospitals to register a CAGR of approximately 9%
- North America to generate 46.2% market revenue for polymerase chain reaction
- Asia to be the fastest growing market, registering a CAGR worth 9.7% through 2031
“Rise in the prevalence of chronic and infectious diseases is projected to push the demand for PCR solutions during the forecast period,” comments a Fact.MR analyst
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- 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.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the polymerase chain reaction market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product (instruments, standard PCR systems, RT PCR systems, digital PCR systems, reagents and consumables) and end user (pharmaceutical & biotechnology industries, clinical diagnostics labs and hospitals, academic and research organizations and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Healthcare