Polymerase Chain Reaction Market is expected to register a CAGR of 1.1% by 2032 | insightSLICE
According to estimates, the global market for Polymerase Chain Reaction (PCR) was worth $22.7 billion in 2021 and will expand at a CAGR of 1.1% through 2032.
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Uses of PCR equipment:
The polymerase chain reaction is among the most significant, potent, and frequently employed methods in contemporary biology. It is a molecular method for creating millions of clones of a particular section of a DNA strand in vitro.
The main reason driving the polymerase chain reaction market growth during the projection timeframe is the increase in the incidence of infectious diseases, cancer, and genetic problems as well as the development in the adoption of equipment for the detection of such diseases.
Additionally, it is anticipated that the market would rise during the anticipated period due to rising research and development efforts in sophisticated molecular biology, forensics, the need for customized medications, and genetic engineering.
The key players of the Global Polymerase Chain Reaction Market are:
The profiles of the top businesses worldwide are provided; the market competition and the market share percentages owned by well-known businesses have been carefully examined and calculated.
The report includes company profiles, which include an overview, a list of services offered, operating income, a strategy pursued, and important recent partnerships. In the end, this report will equip the user to make important business decisions.
Fluidigm Corporation, Abbott, Thermo Fisher Scientific Inc., Qiagen, Agilent Technologies Inc., Stilla Technologies, F. Hoffmann-La Roche Ltd., Microsynth AG, Bio-Rad Laboratories Inc., JN Medsys, bioMérieux SA, Cytiva, Danaher Corporation, and others are significant market participants in the global Polymerase Chain Reaction market.
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Driving factors for the growth of Global Polymerase Chain Reaction Market
Even during the forecast period, the incidence of chronic and infectious conditions as well as genetic problems are anticipated to rise. The CDC estimates that 7 in 10 deaths in the United States occur as a result of chronic conditions such as cancer, hypertension, chronic renal, and respiratory illnesses like asthma.
In addition, the prevalence of congenital cardiovascular problems is rising, necessitating the search for genetic diagnostic equipment by medical practitioners to make reliable diagnoses.
Congenital heart problems, which afflict around 1% of newborns annually, are the most prevalent deformities in the U.S., based on the CDC data. As a result, during the projection period, there will be greater demand for new molecular diagnostic tests due to the rising prevalence of diseases.
The market for polymerase chain reaction testing is also anticipated to rise throughout the projected period due to rising demand for point-of-care and self-testing. Additionally, major industry participants are creating portable, quick, and simple-to-use equipment for use in point-of-care venues.
For example, QuantuMDx announced the introduction of the Q-POC technology in July 2021. This system enables quick POC diagnostic kits that are useful for environments like ICUs, hospitals, and maternity facilities.
In addition, many POC polymerase chain reaction diagnostics for the diagnosis of COVID-19 disease have been approved in the previous two years.
Factors affecting the growth:
The need for prenatal genetic testing techniques is predicted to increase as people become more aware of hereditary diseases such as cystic fibrosis, hemophilia, and thalassemia.
Employing qPCR and dPCR methods, embryonic DNA that is present in the mother’s blood or the amniotic fluid during the initial stages of pregnancy can be examined to find genetic problems before delivery. Therefore, during the early stages of pregnancy, potential genetic abnormalities and fetuses with genetic defects can be addressed.
The utilization of PCR assays in clinical diagnostics is anticipated to rise as technology improves their sensitivity, accuracy, efficiency, and cost-effectiveness. One of the main variables anticipated to propel the market is the growing number of automated instruments as well as associated widespread availability.
Additionally, the market is anticipated to be driven by technological advancements and the ensuing emergence of low-cost, highly effective goods.
Global Polymerase Chain Reaction Market Key Segments:
By End Use
- Diagnostic Centers & Hospitals
- Biotech & Pharma Companies
- Academic & Research Institutions
By Technology
- Real-Time PCR
- Traditional PCR
- Digital PCR
By Product
- Reagents & Consumables
- Instruments
- Software
- Services
By Geography
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- South America
- Brazil
- Rest of South America
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The leading market segments of Global Polymerase Chain Reaction Market
During the projection period, it is anticipated that the conventional PCR segment would have significant expansion. Traditional PCR is expanding as a result of increased product announcements, increased use of conventional PCR for food safety testing, and other factors.
Over 95.0% of the market’s revenue was owned by the dPCR, qPCR, as well as other innovative techniques categories in 2021, and it is projected that they will continue to dominate the market during the forecast period.
Over the projection period, the segment is anticipated to be driven by the development of technologically enhanced PCR tests, the rising prevalence of targeted diseases, and the increased application of current technology.
The measurement of cell proliferation, disease detection, copy number variability, database verification, viral characterization, SNP sequencing, and microRNA research are just a few of the many uses for new PCR.
Regional performance of Polymerase Chain Reaction Market
With a market share of over 40% in 2021, North America is expected to keep its lead throughout the projected period.
The high incidence of diseases, the existence of important companies in the region, the existence of favorable regulations, and numerous initiatives regarding improvements in healthcare infrastructure initiated by the government, as well as these factors all contribute to the growth of the regional market.
An additional aspect influencing the rise is the increasing patient knowledge of the accessibility of contemporary products for successful diagnosis. One of the most lucrative markets in the Asia Pacific, which is giving leaders around the world new possibilities.
Global companies are being urged to invest in the Asia Pacific region of the untapped talent, significant unmet medical requirements, and rising healthcare expenditures in the region’s member states.
Additionally, during the projection period, PCR consumption is likely to increase due to technological developments and the increased prevalence of several target diseases. In addition, the local businesses’ product releases in new areas to increase their presence are anticipated to support industry growth.
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