Wilmington, Delaware, United States, May 05, 2023 (GLOBE NEWSWIRE) -- The global polymerase chain reaction (PCR) market size stood at US$ 4.1 Bn in 2020 and is expected to surpass US$ 8.1 Bn by 2028. The global market is likely to grow at a CAGR of 6.4% between 2021 and 2028.
Companies in the PCR market have stepped up the manufacturing of nasal swab PCR assays to provide accurate and dependable COVID-19 viral testing. It has been discovered, nevertheless, that the timing, handling, kind, storage, and processing of sample collection have a significant impact on how accurately RT-PCR findings can be generated.
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The tests can only identify infections that are in progress; they are unable to determine if a person has previously been affected. A false negative result could arise if the sample is not collected correctly or if a person is tested too soon after viral exposure or in the later stage of the infection. Nevertheless, companies in the global polymerase chain reaction (PCR) market are expected to increase their output capacity for PCR testing considering the rise in frequency of current and potential infectious illnesses.
The World Health Organization (WHO) estimates that 3.7 billion people worldwide have herpes simplex virus type 1. Prevalence of several infectious illnesses is increasing. This is likely to fuel market demand for diagnostic products, thus accelerating the growth of the global market. Growth in R&D in genetic engineering, forensic science, and advanced molecular biology is anticipated to drive the global polymerase chain reaction (PCR) market in the near future.
Key Findings of Market Report
- Research in biotechnology, pharmaceuticals, and microbiological quality control has proven the importance of the polymerase chain reaction (PCR) method. The method is also extensively applied in genetic engineering, which is likely to drive the global industry.
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Global Polymerase Chain Reaction (PCR) Market: Growth Drivers
- Small amounts of RNA from samples are amplified using PCR technology to create deoxyribonucleic acid (DNA), which is replicated until SARS-CoV-2, if present, is detected. The PCR test has become the industry standard for diagnosing COVID-19, since its usage was approved in February 2020. Laboratories and research institutions choose it because of its precise, practical, and dependable results. High demand for RT-PCR assays for the identification of COVID-19 infection is likely to drive revenue generation opportunities for the global market
- Increase in R&D spending, advances in pharmacogenomics, and tendency of the people to self-diagnose illnesses as a preventative precaution are driving market development. Additionally, development of digital PCR technology, which is efficient in detection of cancer, is anticipated to fuel industry growth during the forecast period.
Global Polymerase Chain Reaction (PCR) Market: Regional Landscape
- Surge in prevalence of different forms of cancer and metabolic illnesses in North America is anticipated to drive business opportunities in the North America market
Global Polymerase Chain Reaction (PCR) Market: Key Players
- Siemens Healthcare GmbH (Siemens AG)
- Thermo Fisher Scientific, Inc.
- Agilent Technologies
- F. Hoffmann-La Roche AG
- bioMérieux SA
- Becton, Dickinson and Company
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Global Polymerase Chain Reaction (PCR) Market: Segmentation
Product Type
- Instruments
- Standard PCR
- RT PCR
- Digital PCR
- Reagents
- Consumables
End-user
- Pharmaceutical & Biotechnology Industries
- Clinical Diagnostics Labs & Hospitals
- Academic & Research Organizations
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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