Rising at an impressive single digit CAGR, the global polymerase chain reaction market is predicted to attain a value of almost US$7.0 bn by 2026-end.
Rising at an impressive single digit CAGR, the global polymerase chain reaction market is predicted to attain a value of almost US$7.0 bn by 2026-end. Factors enabling the market to rise so impressively is the increasing research and development expenditure, gigantic strides made in the domain of pharmacogenomics, and rising trend of self-diagnosis of ailments. The global polymerase chain reaction (PCR) market is also being boosted by new technologies for diagnosis of cancer.
Further, research and development in advanced molecular biology, forensic science, and genetic engineering are also predicted to positively influence the global polymerase chain reaction (PCR) market. The only hurdle – emergence of the alternative next-generation sequencing. The expensiveness of certain commercial PCR technologies is also dampening sales in the market to a degree.
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A few noticeable trends which key stakeholders in the global polymerase chain reaction (PCR) market need to keep in mind are as follows:
- The various products available in the market are reagents, instruments, and consumables. Among them, reagents account for most of the share in the market. Their consumption is set to rise in the near future as well. Constant improvements in the current crop of products through innovation and a growing pool of elderly means the reagents would see their demand rise in the near term as well.
- The instruments in the global polymerase chain reaction (PCR) market comprise of RT PCR systems, PCR systems, and digital PCR systems. Of these, the RT PCR systems are predicted to see their demand rise in the near future as well.
- Main end-users in the global PCR market are hospitals and clinical diagnostics labs, pharmaceutical and biotechnology industries, and academic and research organizations. Of them, most of the demand at present is created by the pharmaceutical and biotechnology industries.
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Pharmaceutical & Biotechnology Industry Segment Held a Major Share of the Global PCR Market in 2017
The PCR technique has been found to be useful in pharmaceutical and biotechnology research activities as well as microbial quality testing. The technique is also applied in genetic engineering. Genetic engineering is the key driver for the global PCR market. It is used to identify genes related to certain phenotypes including genetic disorders. Regular testing of the microbial load of raw materials and finished products is an important process in the pharmaceutical & biotechnology industry. Sophisticated analytical methods such as polymerase chain reaction (PCR) have been widely applied for quality control analysis in the pharmaceutical sector.
Market in Asia Pacific to Expand at a High CAGR
Molecular diagnosis has revolutionized the modern diagnosis technology. PCR has become a method of choice in early and accurate detection of diseases. Expansion by leading manufacturers of PCR products in the Asia Pacific region by strengthening of the distribution network and new product launches in developing countries of Asia Pacific are key factors likely to drive the PCR market in the region during the forecast period.
Moreover, rise in the incidence of cancer and infectious diseases has resulted in increase in the demand for use of the PCR technique in clinical diagnosis of these diseases in Asia Pacific. For instance, according to the Korea Central Cancer Registry published in 2016, there were 217,057 cancer cases in South Korea in 2014. Moreover, in 2016, the WHO estimated that the Asia Pacific region has the second-highest number (i.e. 5.1 million) of people living with HIV across the world. Thus, Asia Pacific is expected to be the most lucrative market for PCR by 2026.
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Competition Landscape
Major players operating in the global PCR market are 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, and Agilent Technologies. Key players are expanding their product portfolio through mergers and acquisitions and partnerships and collaborations with leading pharmaceutical and biotechnology companies and by offering technologically advanced products.
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