Global PCR Technologies Market was valued at US$ 7.8 billion in 2020 and is anticipated to reach US$ 12.8 billion by 2027 displaying an elevated CAGR of 6.2% over the forecast period (2021-2027). The polymerase chain reaction is a revolutionary method developed by Kary Mullis which is used to rapidly generate multiple copies of the targeted DNA sequence.
Deteriorating health coupled with the rising cost of medical treatment is one of the major reasons of concern across the globe owing to the advancement in medical technology. Early diagnostics and gene-based studies assist in developing preventative health plans, thereby reducing healthcare costs for patients with chronic disease as it helps in the detection and management of the disease in the long run. Moreover, health systems reduce healthcare costs while still providing high-quality care by utilizing resources like the use of effective and accurate diagnostic techniques such as PCR, which further assist health systems with population studies.
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Furthermore, the increase in demand for PCR-based diagnostics is owing to the rising health concerns among the geriatric population is another reason propelling the growth of the PCR technologies market. For instance, according to the United Nations population division, the total population in 2020 was 7,794,799 thousand. Also, 9.3% of the population was aged 65+ in the same year and is projected to reach 22.6% by 2100. Additionally, the rising incidences and mortality rate due to cancer is another significant factor responsible for the growth of the market as PCR techniques are used in various gene-based studies which provide physicians with more data about the causes of cancer and changing the way some forms of the disease are treated. For instance, as per the American Cancer Society, In 2021, there will be an estimated 1.9 million new cancer cases diagnosed and 608,570 cancer deaths in the United States. However, some of the restraints in the market include high cost of instruments and the lack of skilled professionals.
Based on product, the market is fragmented into reagents & consumables, instruments, and software. The reagents & consumables segment dominated the market in 2020 and generated total revenue of USD million. The growth of this segment is attributed to the frequent use of PCR-based diagnostic testing procedures. However, the software segment is expected to witness the highest CAGR of XX% during the forecast period as the large volumes of data generated needs the required analysis.
Based on technology, the market is fragmented real-time PCR, traditional PCR, and digital PCR. The real-time PCR segment dominated the market in 2020 and generated total revenue of USD XX million. It is anticipated to maintain its dominance during the forecast period as SBS is one of the most widely used PCR technology for gene quantification all over the world as it offers many advantages over traditional PCR technologies such as easier automation and processing of large numbers of samples. However, the digital PCR segment is expected to grow at the highest CAGR during the forecast period.
Additionally, the report provides detailed initiatives that are being taken in the field of PCR technologies. The market is classified into distinct regions North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of APAC), and Rest of World has been conducted. North America dominated the market and generated revenue of USD XX million in 2020 owing to the increasing cancer incidence and higher government-funded initiatives. For instance, as per the GLOBOCON 2020, 22,81,658 new cancer cases and 6,12,390 deaths were reported in the United States.
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Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Bio-Rad Laboratories, F. Hoffmann-La Roche, Takara Bio, Inc., Merck KGaA, BioMerieux SA, Siemens Healthineers, Abbott Laboratories are some of the prominent players operating in the global PCR technologies market. Several M&A’s along with partnerships have been undertaken by these players to develop novel PCR kits.
Global PCR Technologies Market Segmentation
Market Insight, by Product
· Reagents & Consumables
· Instruments
· Software
Market Insight, by Technology
· Real-Time PCR
· Traditional PCR
· Digital PCR
Market Insight, by Application
· Clinical Diagnostics
· Research
· Forensic
Market Insight, by End-User
· Pharma & Biotechnology Companies
· Diagnostics Labs & Hospitals
· Academic & Government Research Institutes
· Others
Market Insight, by Region
· North America
o United States
o Canada
o Rest of North America
· Europe
o France
o Germany
o Italy
o Spain
o United Kingdom
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Australia
o Rest of Asia-Pacific
· Rest of World
Top Company Profiles
· Bio-Rad Laboratories
· F. Hoffmann-La Roche
· QIAGEN
· Thermo Fisher Scientific
· Agilent Technologies
· Takara Bio, Inc.
· Merck KGaA
· BioMerieux SA
· Siemens Healthineers
· Abbott Laboratories
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