Polymerase Chain Reaction Market Size, Share & Growth [2031]

Report Description

The global polymerase chain reaction market size was valued at 11.23 billion in 2020 and is projected to expand at a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for forensic and research laboratories, prenatal genetic testing procedures, and advanced diagnostic techniques along with rising number of CROs.

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Polymerase chain reaction (PCR) is a type of testing process that involves developing billions of copies of a particular DNA and expands it to a greater extent for various medical and healthcare-related applications. It is a critical molecular diagnostic method, which are primarily used in clinical laboratories for early detection of infectious and viral diseases. The PCR testing devices can offer effective result and multiple outcomes in a single screening sample run.

Since the outbreak of COVID-19 pandemic has taken millions of lives across the globe in a short period of time, several governments have started focusing on the establishment of several healthcare units and clinical laboratories to increase PCR testing. The testing is widely used as it can detect the presence of the virus in a body and an individual with COVID positive can be segregated from the rest to curb the virus spread globally. With the advent of the second COVID wave and constantly rising number of cases, governments across the globe have started imposing several rules and regulation to make PCR testing mandatory for all. For instance, all passengers traveling in the commercial airlines have to undergo PCR test and show a negative result of the test to allow the travel from one country to another.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing government funding for research on genomics to find vaccines and drugs for the treatment of various chronic and infectious diseases is expected to lead the market growth during the forecast period.
• Launching of new technology to offer innovations diagnostic devices and improve testing or screening process is expected to boost the market growth in the coming years.
• Rapid development of new clinical laboratories and growing applications of PCR procedure especially in pathogen testing to expand medical research are key factors driving the market expansion.
• Issues regarding the lack of accurate and substantial results pose major challenges that can hamper the market growth during the projected period.

Scope of the Report

The report on the polymerase chain reaction market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Conventional PCR segment is expected to grow at a rapid pace

Based on types, the global polymerase chain reaction market is segregated into conventional PCR and others. The conventional PCR segment is expected to grow at a rapid pace in the market during the forecast period owing to wide adoption of qPCR and dPCR methods compared to conventional technology for detecting several diseases.

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Consumables & reagents is projected to expand at a considerable CAGR

On the basis of products, the market is divided into consumables & reagents, instruments, and software & services. The consumables & reagents segment accounts for a key share of the market owing to significant demand for genetic testing. However, the instruments part is anticipated to expand at a rapid pace during the forecast period since these instruments benefits in sensitivity, and automation during the development process.

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Medical segment is expected to grow at a rapid pace

Based on applications, the global polymerase chain reaction market is segregated into medical and non-medical. The medical segment is further divided into clinical, research, and forensic & others while the non-medical segment is divided into food and others. The medical segment held a key share, accounting for more than 75.2% of the total revenue share of the market in 2020. The segment growth can be attributed to increasing research collaborations and initiatives for expanding the medical applications of the PCR diagnostic tests and devices.

North America is anticipated to constitute a key market share

In terms of regions, the global polymerase chain reaction market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key market share in the coming years due to the government initiatives to excel and expand the healthcare infrastructure and clinical facilities. Meanwhile, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increasing cases of several infectious and chronic illness as well as expansion of the food industry in the region. The department of Health and Human Services, in February 2020, escalated the authorization for the urgent use of the PCR diagnostics for the detection of the COVID-19 virus.