Rockville, MD, Aug. 05, 2024 (GLOBE NEWSWIRE) -- As per this updated industry report by Fact.MR, a market research and competitive intelligence provider, the global polymerase chain reaction market size is expected to attain a valuation of US$ 6.2 billion in 2024. Projected to expand at a CAGR of 10%, worldwide sales of polymerase chain reaction products are foreseen to reach US$ 16 billion by 2034.
Polymerase chain reaction (PCR) technology has been gaining widespread importance in genetic testing. Ongoing advancements are set to introduce cutting-edge PCR products over the coming years. Introduction of molecular and point-of-care (POC) diagnosis is also expected to complement polymerase chain reaction market growth. Rising prevalence of infectious diseases and increasing demand for sophisticated diagnostic methods are increasing the popularity of real-time polymerase chain reaction technologies
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Cases of chronic and genetic disorders such as Turner syndrome, Alzheimer's, and Parkinson's disease are increasing at a high pace across the world. Healthcare experts are demanding advanced molecular diagnostic tools for accurate diagnoses. Through the use of these tools, doctors can make quick and effective treatment decisions. Altering lifestyles, stress, improper diet, and high consumption of alcoholic products are increasing the cases of cancer. Leading producers are analyzing all these aspects and are focused on introducing rapid medical diagnosis solutions such as RT-PCR to detect disease quickly and offer proper care.
Cases of corona, due to its evolving variants, are still prevalent across the world. This factor is also driving the use of qPCR technologies for rapid testing.
According to The Weather Channel Report published on 13th May 2024, in India, Maharashtra state recorded 91 cases of the new FLiRT COVID-19 variants, with the most being in Pune and Thane cities.
Key Takeaways from Market Study
- Global sales of polymerase chain reaction technologies are calculated to reach US$ 16 billion by 2034.
- The United States market is set to register a CAGR of 10.5% through 2034.
- Japan is estimated to capture 28.9% of the East Asia market share in 2024.
- The South Korea market is expected to reach a valuation of US$ 300 million in 2024.
- Digital PCR system demand is foreseen to increase at a CAGR of 11.1% during the next 10 years.
- PCR product demand in the pharmaceutical & biotechnology sectors is forecasted to reach a market value of US$ 5.7 billion by 2034.
“Increasing demand for prenatal genetic testing procedures is set to boost the adoption of qPCR and dPCR technologies over the coming years,” says a Fact.MR analyst.
Leading Players Driving Innovation in Polymerase Chain Reaction Market:
Bio-Rad Laboratories Inc.; Stilla; Standard BioTools; Siemens Healthineers; BioMerieux S.A; Danaher Corporation; Thermo Fisher Scientific Inc.; Qiagen N.V; Becton Dickinson & Company (BD); Abbott Laboratories; Agilent Technologies; F. Hoffmann-La Roche Ltd.; Microsynth AG.
Competitive Landscape
The polymerase chain reaction market is highly competitive due to the high presence of established companies. Prime focus point of new as well as prominent companies is innovation to increase their market reach and share. For this, they are adopting various strategies such as integration of digital technologies, high investments in research and development activities, collaborations with research organizations, partnerships with other players, and fundraising.
In March 2024, Autonomous Medical Devices Incorporated (AMDI) received US$ 5.2 million in RADx Tech funding to complete its production of point-of-care PCR viral testing solutions.
Country-Specific Analysis
By 2034, the United States is expected to hold a 45.6% market share in North America for polymerase chain reactions, maintaining its position as the industry leader. The existence of sophisticated healthcare infrastructure and the growing uptake of state-of-the-art diagnostic technologies, such as PCR systems for clinical and research purposes, are driving the need for PCR systems. Key factors driving market expansion in the United States include the introduction of innovative biotechnologies, growing consumer awareness of PCR products, and significant funding commitment for research in national budgets.
Polymerase chain reaction Industry News –
Seegene Inc., a South Korean manufacturer of PCR molecular diagnostics solutions, said in January 2024 that it was collaborating with Microsoft on technology for its SG OneSystemTM business model.
The Applied Biosystem QuantStudio Absolute Q-Digital PCR System was introduced in 2021 by Thermo Fisher Scientific, a US-based company that specializes in scientific instrumentation, reagents, and consumables. It is the first fully integrated digital PCR (dPCR) system that can produce highly accurate and consistent results in genetic analysis and research in less than 90 minutes.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global polymerase chain reaction market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on product (PCR instruments, standard PCR systems, RT PCR systems, digital PCR systems, PCR reagents, PCR consumables) and end user (pharmaceutical & biotechnology industries, clinical diagnostics labs & hospitals, academic & research organizations), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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