There are several factors that are responsible for the overall development of the global polymerase chain reaction market.
Increasing Investments to Help Market Development
There are several factors that are responsible for the overall development of the global polymerase chain reaction market. One of the key development factors for the global market has been increasing investments in the activities of research and development. In addition to this, emergence of digital polymerase chain reaction (PCR) technologies have become highly useful for cancer diagnosis as well treatment. This too has emerged as a key driving factor for the development of the global market. Furthermore, innovations and developments in pharmacogenomics and growing trend of self-diagnosis of disorders as a preventive measure are also expected to work in favor of the growth of the global polymerase chain reaction (PCR) market in the coming years of the forecast period. In recent years, the activities of research and development have considerably increased in the field of forensic science, genetic engineering, and advanced molecular biology. This too has worked in favor of the development of the global polymerase chain reaction (PCR) market.
However, there are a few factors that are projected to impede the development of the global polymerase chain reaction (PCR) market in the coming years. These challenges are projected to stop the market from reaching its full potential. One of the key restraining factors for the market development has been the emergence of alternative technologies. Some of the new and upcoming alternative technologies are next gen sequencing. In addition to this, high costs associated with some of the prominent polymerase chain reaction (PCR) technologies are also projected to impede the growth of the market in the near future.
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The global polymerase chain reaction (PCR) market is primarily segmented based on type of product and end user. Based on the type of product, the global market is mainly segmented into consumables, reagents, and instruments. Among these, the segment of reagents has been the most dominant one in terms of value. This dominance of the segment is due to its high levels of consumption. This segment is expected to witness a promising CAGR in the coming years of the forecast period because of the rising innovation in the field of specificity of reagents. In addition to this, large scale availability of different types of tests which need different types of reagents, increasing geriatric population, growing prevalence of infectious diseases, and increasing demand for innovation in specificity of reagents are some of the other factors helping to drive overall growth of the reagent segment.
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The segment of instruments is further segmented into digital polymerase chain reaction (PCR) systems, RT PCR systems, and standard polymerase chain reaction (PCR) systems. Of these, the sub segment of the RT polymerase chain reaction (PCR) is projected to account for a greater chunk in the global market in the coming years of the forecast period. However, the sub segment of digital polymerase chain reaction (PCR) is expected to witness a highly promising CAGR in the near future.
Diagnostic Labs and Hospitals to Witness Promising Growth
Based on end user, the global market for polymerase chain reaction (PCR) is segmented into research and academic organizations, clinical diagnostics hospitals and labs, and pharmaceutical and biotechnology industries. Among these, the segment of pharmaceutical and biotechnology industries account for a larger share in the global market. Constant advancements and developments in the fields of biotechnology as well pharmaceutical is projected to be the key driving factor for the development of the segment. These developments are also helping researchers and scientists to determine new gene expressions, genetic variations, and novel genes in the tissue of an organism.
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On the other hand, the segment of clinical diagnostics labs and hospitals is expected to witness a highly promising CAGR in the coming years of the forecast period. This growth of the segment is primarily driven due to the increasing prevalence of cancer and other prominent infectious disorders across the globe.
North America to Continue Leading Global Market
Based on geography, the global polymerase chain reaction (PCR) market is segmented into five key regions viz. North America, Latin America, Middle East and Africa, Europe, and Asia Pacific. Among these, the regional segment of North America has been the most dominant one in recent years. The growth of the regional market can be attributed to the matured and developed healthcare infrastructure present in North America. In addition to this, in recent years, there has been a growing advent of automated polymerase chain reaction (PCR) instruments. This, coupled with improved spending power and affordability of these instruments have also helped in improving the development of the regional market.
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Major players operating in the global PCR market include 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 & acquisitions and partnerships & collaborations with leading pharmaceutical and biotechnology companies and by offering technologically advanced products.
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