Segmentation By Technique (Standard PCR, Digital PCR, Real-Time PCR, Reverse Transcriptase PCR, Multiplex PCR and Others); By Product (Instruments, Reagents and Software & Services); By Application (Clinical Diagnostics, Life Science Research, Industrial Applications and Others); By End User (Hospitals, Clinical Diagnostic Labs, Academic Institutes and Others) – Global Demand Analysis & Opportunity Outlook 2028
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Rising Demand for Early Detection of Diseases to Boost the Market Growth
Polymerase chain reaction based assays are increasingly being used for the detection of several infectious diseases. PCR technique provides faster detection with high accuracy, which is essential during cases of a disease outbreak. For instance, the newly discovered Coronavirus disease or COVID-19 does not have any known vaccines or specific treatment methods currently. On March 3, 2020, the World Health Organization reported 90,870 confirmed cases of COVID-19 globally, out of which 80,304 confirmed cases and 2,946 deaths were reported in China, the country of origin of the disease. In order to develop an effective treatment, the demand of PCR techniques is growing substantially at research laboratories all across the globe. Additionally, advancements in medical technologies in the healthcare industry is another important factor which is estimated to drive the market growth over the next few years.
Growing Demand for Personalized and Precision Medicines to Expand the Market
A large number of companies are developing genomic testing methods in order to develop personalized medicines that are custom-made for patients. They provide improved patient care and are highly precise as they target specific genes which are responsible for causing various health conditions. The development of personalized medicines requires the use of PCR technology, which is anticipated to result in a high demand for the polymerase chain reaction market in the coming years. Moreover, the growing genetic and molecular testing in research laboratories at various educational institutions and hospitals is predicted to play a significant role in expanding the market size.
The polymerase chain reaction market is anticipated to record a significantly high CAGR over the forecast period, i.e., 2020-2028. The market is segmented by technique, by product, by application, by end user and by region, out of which, the technique segment is further segmented into standard PCR, digital PCR, real time PCR, reverse transcriptase PCR, multiplex PCR and others. The market for real time PCR (qPCR) is anticipated to hold the largest share in the polymerase chain reaction market on account of real-time process monitoring and high accuracy of results. The digital PCR (dPCR) segment is predicted to observe a substantially high growth as well, which can be attributed to the rising development of advanced and innovative dPCR equipment and reagents along with a growing demand for new research methodologies in molecular biology.
The segment for application is further segmented into clinical diagnostics, life science research, industrial applications and others, out of which, the largest share is estimated to be held by the life science research segment. This can be attributed to the growing funding by government and private institutions for promoting research activities in various countries. Moreover, the clinical diagnostics segment is anticipated to be the fastest growing segment during the forecast period as a result of rising cases of infectious diseases which require effective and better detection as well as treatment methods. CLICK TO DOWNLOAD FREE SAMPLE
The major restraint which the polymerase chain reaction market faces is the high cost of using PCR assays for clinical testing. The availability of alternate techniques is further predicted to hamper the growth of this market. Additionally, the PCR technique is relatively new as a result of which there is a lack of skilled researchers and technicians in the market who can operate the device properly. On the back of these limitations, the polymerase chain reaction market is estimated to become restricted.
Our in-depth analysis of the polymerase chain reaction market includes the following segments:
By Technique
By Product
By Application
By End User
By Region
On the basis of regional analysis, the polymerase chain reaction market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Polymerase chain reaction market is anticipated to witness a surge in Europe as a result of growing advancements in the healthcare industry in the region. Countries such as Germany and UK are actively involved in research and development of new medical technologies and devices. The market in North America currently holds the largest share on account of presence of key players in the region. Further, the rising prevalence of chronic genetic disorders among people belonging to various age groups is another major factor estimated to impact the market growth positively.
The polymerase chain reaction market is further classified on the basis of region as follows:
On November 11, 2019, Bio-Rad Laboratories released its new QX One Droplet Digital polymerase chain reaction (ddPCR) system in Baltimore at the Association for Medical Pathology (AMP). The single, integrated system is designed to analyze up to 480 samples per day.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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