The Polymerase Chain Reaction (PCR) market to grow at a CAGR of 9.91% during the forecast period 2017–2023 to aggregate $14.24 Billion by 2023
Factors, such as mounting demand for PCR in genetic and molecular testing, expiry of key patents, and the advent of digital PCR technology, are expected to drive the market growth during the forecast period.
Infoholic Research LLP, a global market research and consulting organization, has published a study titled “Worldwide Polymerase Chain Reaction Market – Drivers, Restraints, Opportunities, Trends, and Forecasts: 2017–2023” (June 2017).
According to Infoholic Research, the advent of digital PCR and the increasing use of PCR in genetic testing will boost the growth of the market in the coming years. Increasing drug development and growing investments in companion diagnostics will, in turn, increase the usage of PCR, thus, fueling the market growth. Large scale PCR usage in hospitals is a relatively recent trend and it is driving the market growth.
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The market growth can also be attributed to the pressing need for early diagnosis of life-threatening diseases such as cancer, HIV, hepatitis B and C, and tuberculosis.
According to Infoholic Research, the global polymerase chain reaction market is expected to grow at a CAGR of 9.91% during the forecast period 2017–2023 to touch an aggregate of $14.24 billion by 2023.
The global polymerase chain reaction market is analyzed based on four segments – product, application, end-users, and regions. Based on the product types, the market is segmented into instruments, reagents & consumables, and software & services. Reagents hold a major share of 66.0% of the PCR market and it is the fastest growing segment.
The regions covered in the report are the Americas, Europe, Asia Pacific, and Rest of the World (ROW). In the Americas region, the US and Canada are the leading countries. Europe is the second leading region and held more than 27.6% of the market share in 2015. Germany is one of the leading countries in Europe in terms of revenue. In the Asia Pacific region, India is one of the most attractive market for the vendors and holds huge business opportunities. ROW is set to be an emerging market in the next 5–6 years.
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Hospitals, pharmaceutical, & biotechnological companies, academics, and others (blood banks) are the various end-users of the market. Academics and research organizations are the largest end-users in the market though they are the late adopters of the PCR technology. A high growth rate in PCR technology adoption is been witnessed in the hospitals and pharmaceutical & biotechnology companies.
“Polymerase chain reaction market is a technology driven and is advancing significantly from conventional standard PCR to real-time PCR and digital PCR systems to provide better results. Advanced drug discovery and increasing genetic analysis have increased the adoption of PCR technology in the global market” – Rikitha K Murthy, Research Analyst (Research – Healthcare) at Infoholic Research
Furthermore, the report aims to cover the below points:
- Provides an in-depth analysis of key business opportunities in countries and verticals
- Provides details about the various types of PCR
- Provides detailed analysis of the top 10 industry players
- Provides industry outlook including current and future market trends, drivers, restraints, and emerging technologies