The polymerase chain reaction market is projected to register a CAGR of 8.30% during the forecast period, with a revenue of approximately USD 5,970 million in 2020 and expected to reach USD 10,310 million by 2026. 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 application in drug development.
There is a positive impact on the PCR market due to the increasing demand for 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
Clinical Diagnostics Segment is Expected to Witness a 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 disease, 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.
As the COVID-19 cases are on the rise and spread of the disease in major countries has increased the demand for the diagnostic test 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 a 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 Polymerase Chain Reaction 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.
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 test home collection 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 the others in the market.
In February 2020, the Department of Health and Human Services has 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 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 focussing 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 portfolio, manufacturing capacities, and provide competitive differentiation.
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TABLE OF CONTENTS
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Increasing Application in Clinical Diagnostics
- 4.2.2 Rising Demand for Personalized and Precision Medicine
- 4.2.3 Technological Advancements and Application in Drug Development
- 4.3 Market Restraints
- 4.3.1 High Cost of Instruments
- 4.3.2 Emergence of Alternative Technologies
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product
- 5.1.1 Instruments
- 220.127.116.11 Standard PCR Systems
- 18.104.22.168 Digital PCR Systems
- 22.214.171.124 Real-time PCR Systems
- 5.1.2 Reagents and Consumables
- 5.1.3 Software
- 5.2 By Application
- 5.2.1 Clinical Diagnostics
- 5.2.2 Life Science Research and Industrial Applications
- 5.2.3 Other Applications
- 5.3 By End User
- 5.3.1 Academic Institutes
- 5.3.2 Clinical Diagnostics Labs and Hospitals
- 5.3.3 Pharmaceutical and Biotechnology Industries
- 5.3.4 Other End Users
- 5.4 Geography
- 5.4.1 North America
- 126.96.36.199 United States (By Product, By Application, and By End User)
- 188.8.131.52 Canada (By Product, By Application, and By End User)
- 184.108.40.206 Mexico (By Product, By Application, and By End User)
- 5.4.2 Europe
- 220.127.116.11 Germany (By Product, By Application, and By End User)
- 18.104.22.168 United Kingdom (By Product, By Application, and By End User)
- 22.214.171.124 France (By Product, By Application, and By End User)
- 126.96.36.199 Italy (By Product, By Application, and By End User)
- 188.8.131.52 Spain (By Product, By Application, and By End User)
- 184.108.40.206 Rest of Europe (By Product, By Application, and By End User)
- 5.4.3 Asia-Pacific
- 220.127.116.11 China (By Product, By Application, and By End User)
- 18.104.22.168 Japan (By Product, By Application, and By End User)
- 22.214.171.124 India (By Product, By Application, and By End User)
- 126.96.36.199 Australia (By Product, By Application, and By End User)
- 188.8.131.52 South Korea (By Product, By Application, and By End User)
- 184.108.40.206 Rest of Asia-Pacific (By Product, By Application, and By End User)
- 5.4.4 Middle East and Africa
- 220.127.116.11 GCC (By Product, By Application, and By End User)
- 18.104.22.168 South Africa (By Product, By Application, and By End User)
- 22.214.171.124 Rest of Middle East and Africa (By Product, By Application, and By End User)
- 5.4.5 South America
- 126.96.36.199 Brazil (By Product, By Application, and By End User)
- 188.8.131.52 Argentina (By Product, By Application, and By End User)
- 184.108.40.206 Rest of South America (By Product, By Application, and By End User)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Abbott Laboratories
- 6.1.2 Agilent Technologies Inc.
- 6.1.3 Becton, Dickinson and Company
- 6.1.4 bioMerieux SA
- 6.1.5 Bio-Rad Laboratories Inc.
- 6.1.6 GE Healthcare
- 6.1.7 Merck KGaA
- 6.1.8 PerkinElmer Inc.
- 6.1.9 Promega Corporation
- 6.1.10 Siemens Healthcare
- 6.1.11 Thermo Fisher Scientific Inc.
- 6.1.12 QIAGEN
- 6.1.13 F. Hoffmann-La Roche Ltd.
- 6.1.14 Fluidigm Corporation
- 6.1.15 Takara Bio Inc.
- 6.1.16 Danaher Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS