The polymerase chain reaction market was valued at approximately USD 5,170. 37 million in 2020, and it is expected to reach USD 8,094 million by 2026, registering a CAGR of 7. 83% during the forecast period, 2021-2026.
New York, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Polymerase Chain Reaction Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06179112/?utm_source=GNW
The major factors driving the growth of the polymerase chain reaction market include the increasing application in clinical diagnostics, rising demand for personalized and precision medicine, and technological advancements and applications in drug development.
There is a positive impact on the PCR market due to the increasing demand in the clinical diagnostic segment of the market. As the authorities have not recommended the viral culture tests, almost all the diagnostic tests use RT-PCR to test the population who have symptoms of COVID 19 and are advised by healthcare professionals to undergo a diagnostic test.
Furthermore, the polymerase chain reaction is also gaining higher importance in the molecular diagnosis of infectious and genetic diseases with the advent of COVID-19. To facilitate personalized medicine, it is crucial to develop precise and reproducible means of gaining molecular information about the underlying disease, which can be used to guide clinical decision making, with PCR techniques being increasingly utilized in such methods. Therefore, increasing the focus on personalized medicine and patient-centered approach is driving the growth of the market studied.
Personalized medicine, which aims to provide tailor-made therapies to individual patients, depending on the molecular basis of disease, became popular over recent years. The aging global population and the rising prevalence of chronic disease are putting unrelenting pressure on the healthcare system’s capacity and financial viability across the world.
According to the World Population Prospects: the 2019 Revision, one in every six people will be over 65 years of age by 2050. The rising demand for personalized medicine has thus created tremendous opportunities in the field of genetic medicine. To gain a competitive advantage in the emerging field of personalized medicine, biotechnology, and pharmaceutical firms are exploring the grounds of genomic medicine and direct-to-consumer genetic testing. To develop these products, the industry is ramping up the R&D process in the areas of biotechnology, where the polymerase chain reaction finds its major applications.
Personalized medicine thus holds the promise of providing better patient care and a high safety margin while also lowering the total healthcare costs. Therefore, the increasing geriatric population, demand for personalized medicine, and the role PCR play in developing them boost the market growth.
Key Market Trends
The Clinical Diagnostics Segment is Expected to Witness Good Growth over the Forecast Period
PCR-based molecular diagnostic tests are increasingly being used to guide patient management, particularly in the fields of infectious diseases, cancer, and congenital abnormalities. Globally, the prevalence of genetic, infectious, and chronic diseases, coupled with the increased availability of genetic and genomic information, is on the rise, and it has led to the rapid incorporation of PCR techniques in clinical laboratories.
The rising COVID-19 cases and spread of the disease in major countries have increased the demand for the diagnostic tests of the virus in the suspected population. This trend is primarily due to the low or non-availability of rapid or specific diagnostic tests for such diseases. Therefore, pertaining to broad applications of PCR in clinical diagnostics, the segment is likely to register high growth during the forecast period.
The high specificity, sensitivity, and low sample requirement make PCR-based molecular assay a go-to technique for the purpose of clinical diagnosis. PCR-based molecular assays are becoming the primary mode of diagnosis for the detection of pathogens in case of a rapid disease outbreak, such as the recent Zika and coronavirus outbreaks.
North America is Expected to Dominate the Market over the Forecast Period
The increasing prevalence of genetic and chronic disorders, such as cancer, the aging population, the rising demand for precision and personalized medicine, and favorable government initiatives are the primary factors driving the growth of the market in North America region.
As the COVID-19 cases are increasing rapidly and the spread of the virus is very rapid, speeding up the transmission. The increasing count of suspects increases the number of diagnostic tests, boosting the market growth in the country.
Pixel by LabCorp COVID-19 is a home collection test kit where the patient can self-collect nasal swab specimens at home when approved by a healthcare provider to be appropriate based on the results of a COVID-19 questionnaire. The specimen is collected carefully and sent back to the lab for RT-PCR, where the results are produced and sent back. Due to such advancements in the country, it has a cutting edge over others in the market.
In February 2020, the Department of Health and Human Services also announced the authorization of the emergency use of diagnostics for the detection of COVID-19. This authorization has increased the number of diagnostics product launches in the region.
There is also a growing trend of genetic engineering and genomic research in academia and biotechnology industries of the United States. Increasing genomic research is primarily fueled by the high demand for targeted and precision medicine for the management of chronic disorders, as well as due to the need for understanding the genetic and molecular basis of the disease. In recent years, several government initiatives were launched, which are supplementing the growth of the PCR market.
The market studied is moderately consolidated in nature, owing to the presence of a few major players. Some of the market players are Abbott Laboratories, Agilent Technologies Inc., Becton, Dickinson and Company, bioMerieux SA, Bio-Rad Laboratories Inc., GE Healthcare, Merck KGaA, PerkinElmer Inc., Promega Corporation, Siemens Healthcare, and Thermo Fisher Scientific Inc. These major companies are found focusing on R&D to develop advanced technology products to gain a competitive edge. Companies are also found engaging in partnerships, mergers, and acquisitions, aiming to strengthen their product portfolios and manufacturing capacities and provide competitive differentiation.
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