Polymerase Chain Reaction (PCR)Market is Expected to Grow at a CAGR of 6.4%, Reaching a Valuation of US$ 8.1 Billion from 2021-2028 | Transparency Market Research, Inc.

Posted on 2024-03-21 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-21 — /EPR Network/ — Transparency Market Research Inc. –

The global polymerase chain reaction (PCR) industry, valued at US$ 4.1 billion in 2020, is projected to grow at a CAGR of 6.4% from 2021 to 2028. By the end of 2028, the market is expected to surpass US$ 8.1 billion.

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Manufacturers in the PCR market are ramping up production of nose swab PCR tests to ensure accurate and reliable testing for the COVID-19 virus. However, the accuracy of RT-PCR results depends heavily on factors such as sample collection timing, type, storage, handling, and processing. These tests can only diagnose active infection and cannot detect past infections. There is a risk of false negative results if samples are not properly obtained or if individuals are tested too early or too late in their infection. Despite these challenges, companies in the market should increase output capacities for PCR tests due to the high prevalence of existing and potential infectious diseases.

Polymerase chain reaction (PCR) is a method for amplifying small amounts of DNA into millions or billions of copies, facilitating genetic testing and research. It enables researchers to analyze archaic DNA samples and identify infectious agents by intensifying DNA concentration significantly.

PCR Gains Prominence in Ever-expanding Pharmaceutical and Biotechnology Industries

The polymerase chain reaction (PCR) technique is highly effective in pharmaceutical, biotechnology research, microbiological quality control, and genetic engineering. Genetic engineering, especially, is a key driver for the global PCR market expansion, aiding in the discovery of genes linked to specific phenotypes like genetic diseases. In pharmaceutical and biotechnology industries, regular PCR testing of raw materials and finished products for microbial contamination is crucial.

PCR finds extensive application in clinical laboratory research for various purposes, including biological research and forensic sciences. This technique enables the generation of millions or billions of copies of DNA, facilitating researchers to amplify small DNA samples to a significant extent. Such applications continue to drive the growth of the PCR market.

Major Players:

Bio-Rad Laboratories, Inc.,QIAGEN N.V.,F. Hoffmann-La Roche AG,Thermo Fisher Scientific, Inc.,Becton,Dickinson and Company,Abbott,Siemens Healthcare GmbH (Siemens AG),bioMérieux SA,Danaher Corporation,Agilent Technologies

Market Segmentation:

Product Type

Instruments
Standard PCR
RT PCR
Digital PCR
Reagents
Consumables

End-user

Pharmaceutical & Biotechnology Industries
Clinical Diagnostics Labs & Hospitals
Academic & Research Organizations
Others

Rise in R&D Expenditure: Key Driver

The projected growth of the global market is driven by increased R&D spending, advancements in pharmacogenomics, a trend towards self-diagnosis for preventive care, and the emergence of digital PCR technology for cancer diagnosis. Additionally, increased focus on R&D in advanced molecular biology, genetic engineering, and forensic science is expected to further propel market growth.

Market Drivers and Challenges:

Market drivers:

Growing prevalence of infectious diseases and genetic disorders
Technological advancements in PCR techniques
Increasing adoption of personalized medicine
Rising demand for point-of-care testing
Expansion of biotechnology and pharmaceutical industries

Market challenges:

High cost associated with PCR instruments and consumables
Lack of skilled professionals
Regulatory challenges in certain regions
Competition from alternative technologies

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Market Trends:

Shift towards automation and miniaturization of PCR systems
Integration of PCR with next-generation sequencing (NGS) technologies
Development of portable and point-of-care PCR devices
Rising demand for multiplex PCR assays
Emergence of digital PCR as a powerful tool for absolute quantification

Regions Covered:

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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