Polymerase Chain Reaction (PCR) Market Revenue to Double by 2026, on the back of Technological Advancements in Healthcare Industry
Technological advancements in molecular biology, life sciences, and biotechnology have brought paradigm shifts in healthcare diagnostics, drug discovery, personalized medicines, forensic sciences, and clinical research & development. Polymerase Chain Reaction (PCR) is an important breakthrough in this respect. PCR is an integral part of the pharmaceutical, biotechnology and life science industries for developing assays, test kits & solutions, and culture media in the tissue culture industry.
Thus, an increase in pharmaceutical R&D budgets by governments and private players is anticipated to boost growth prospects of the global polymerase chain reaction (PCR) market in the future. Also, rise in prevalence of chronic and infectious diseases is projected to push the demand for PCR solutions during the forecast period (2020-2026). The global PCR market is poised to expand nearly 2X and reach US$ 7.0 Bn by 2026-end.
Pharmaceutical and Biotechnology Industries Emerge as Key End Users
Pharmaceutical and biotechnology Industries are poised to capture a major chunk of the global PCR market. Increasing test volumes and laboratory automation are projected to drive demand for PCR services in the pharmaceutical and biotechnology industries.
Rising investments in R&D of genetic engineering and competition in the discovery of new drugs for diseases such as HIV-AIDS and cancer will also boost growth prospects. Adoption of PCR in pharmaceutical and biotechnology industries is anticipated to grow impressively at a CAGR of 8.6% in the forecast period.
The demand for PCR in clinical diagnostic labs and hospitals is forecast to surge at a significant rate. Increased awareness about molecular diagnostic applications of the PCR technique in cancer and HIV-AIDS detection, laboratory automation and high prevalence of infectious diseases are projected to boost the adoption of PCR solutions in clinical & diagnostic labs and hospitals during the forecast period. The segment is anticipated to record a CAGR of 8.8% through 2026.
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North America to Reign Supreme, Asia Pacific Market to Register an Uptick
North America is foreseen to remain the kingpin of the global PCR market. This is attributed to adoption of new biotechnologies, increased awareness about PCR products, significant fund allocation for research in national budgets, early availability of advanced technologies, and a rise in R&D activities in the region.
For example, the advent of multifaceted synthetic and bioprospected polymerases and development of symbiotic sequencing technologies have transformed the PCR market in North America. The regional market is projected to record a CAGR of 7.5% and account for nearly half of the global market value by 2026.
Asia Pacific’s PCR market is anticipated to experience healthy growth during the forecast period. This is primarily due to improvements in healthcare infrastructure, a rise in public and private investment in life science research, and technological advancements in the healthcare industry in developing economies. Significant expansion of market players in Asia Pacific through licensing and distribution agreements with local players is also anticipated to fuel the PCR market growth. A prolific CAGR of 9.7% is projected for the Asia-Pacific region for the predefined timeframe.
Product Launches and R&D Remain Important Growth Strategies
The global PCR market is consolidated, with leading players such as Roche Diagnostics, Abbott Laboratories and Thermo Fishers Scientific accounting for the maximum share. However, new entrants are finding a marketplace, owing to the introduction of advanced technologies.
F. Hoffmann La- Roche AG, one of the dominant market players, offers diverse products and solutions in various fields including clinical chemistry and immunoassay, molecular diagnostics, and tissue diagnostics. The company specializes in the provision of real-time PCR and includes products such as Cobas S 201, CobasTaqScreen MPX Test, Cobas 4800 System and LightCylinder MRSA Advanced Test.
Competitors, such as Becton, Dickinson and Company, also have a market presence via focus on R&D 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.
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COVID-19 Impact Assessment
With the number of coronavirus cases growing exponentially per day and no vaccine or drug across the horizon, healthcare providers have their hands full. In the wake of such rapidly increasing cases, the demand for testing kits has surged. In India, the number of tests for the detection of the COVID-19 exceeded the 4 million mark as of June 2020.
Testing capacity has been increased to 140,000 per day across more than 600 government and private laboratories during this period. Amongst all the testing mechanisms which are currently employed, PCR remains the most prevalent. The test is being extensively employed to detect the presence of the virus and to determine the degree of infection within the patient.
A high degree of accuracy and reliability of testing data is what makes the RT-PCR approach highly popular amongst medical practitioners to detect COVID-19 cases. The testing typically takes 4 to 8 hours while the results are delivered almost 24 hours after the testing has been conducted. Due to this time lag, healthcare settings are looking for alternative testing mechanisms capable of delivering the results in a shorter timeframe.
Nevertheless, the RT-PCR testing is projected to maintain an upward sloping curve until the time the pandemic is here to stay. Additionally, home testing kits are being rolled out to facilitate unfettered access to rapid and safe COVID-19 testing.
The Analyst’s Viewpoint
“Testing kit manufacturers are exploring multifarious ways to enhance the quality of RT-PCR tests, given the high degree of time-lag between the testing and results. Emphasis on maintaining the geometric amplification of the target gene is being stressed upon to deliver consistent results throughout the testing process, paving way for more accurate data.”
An Adaptive Approach to Modern-day Research Needs
Global Polymerase Chain Reaction Market: Scope of the Report
The recent study undertaken by Fact.MR on the global polymerase chain reaction (PCR) market incorporates an unbiased analysis of the key market dynamics such as the prominent drivers, restraints and opportunities shaping market growth during the forecast period 2020-2026. The market has been analyzed in great detail, providing crucial information on the revenue and growth prospects of each segment, which include product and end users.
Both the aforementioned segments have been regionally profiled across the following geographies: North America, Europe, Asia Pacific, Latin America and Rest of the World. In the final section, the report elaborates on the competition landscape, providing details about prominent market players, their revenue and market shares, important product launches and collaborations and a SWOT analysis of each market player. Overall, the report presents an optimistic scenario of the market growth prospects.
Global Polymerase Chain Reaction (PCR) Market: Key Segmentation
Fact.MR has studied the global polymerase chain reaction (PCR) market with detailed segmentation on the basis of product, end user and region.
- Standard PCR Systems
- RT PCR Systems
- Digital PCR Systems
- Pharmaceutical & Biotechnology Industries
- Clinical Diagnostics Labs and Hospitals
- Academic and Research Organizations
- North America
- Asia Pacific
- Latin America
- Rest of the World
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
Global Polymerase Chain Reaction (PCR) Market: Report Summary
The study offers a comprehensive analysis on diverse features including production capacities, demand, product developments, revenue generation and sales in the global polymerase chain reaction (PCR) market.
A comprehensive estimate of the global polymerase chain reaction (PCR) market has been provided through an optimistic as well as a conservative scenario, taking into account the adoption of polymerase chain reaction (PCR) during the forecast period. Price point comparison by region with global average price is also considered in the study.
Global Polymerase Chain Reaction (PCR) Market: Size Evaluation
The global polymerase chain reaction (PCR) market has been analyzed for each market segment, in terms of value (US$ Mn).
Market estimates at global and regional levels for polymerase chain reaction are available in terms of “US$ Mn” for value. A Y-o-Y growth contrast on prominent polymerase chain reaction (PCR) market segments along with market attractiveness evaluation has been incorporated in the report.
Global Polymerase Chain Reaction (PCR) Market: Inspected Assessment on Regional Segments
Key sections have been elaborated in the global polymerase chain reaction (PCR) report, which have helped deliver projection on the regional markets. These chapters include the regional macros (economic, and business environment outlook), which are expected to have a momentous influence on the growth of the global polymerase chain reaction (PCR) market during the forecast period.
Country-specific valuation on demand for polymerase chain reaction (PCR) has been offered for each regional market, along with the market scope, estimate and forecast, price index, and impact analysis of dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
Global Polymerase Chain Reaction (PCR) Market: In-Depth Analysis on Competitive Landscape
The report sheds light on the leading players in the global polymerase chain reaction (PCR) market along with their detailed profiles. Essential and up-to-date data and information related to the market performers, who are principally engaged in the provision of polymerase chain reaction (PCR) solutions, have been presented with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit the report readers to take preemptive steps in advancing their businesses.
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