Polymerase Chain Reaction Market 2023-2030: Comprehensive Industry Overview and Growth Prospects
The global polymerase chain reaction (PCR) market size reached USD 31.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 8.5% during the forecast period. Polymerase chain reaction is a widely recognized and efficient technique used to duplicate specific sections of DNA for further analysis in various fields such as clinical infectious illness diagnosis, nucleic acid amplification, paternity testing, and DNA fingerprinting.
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The market is primarily driven by the growing geriatric population, the increasing number of hospitals, and the rise in infectious diseases. Moreover, advancements in technology, the growing acceptance of personalized medicine, and awareness of advanced procedures have also contributed to the market's growth. The COVID-19 pandemic further accelerated the market, as PCR techniques were extensively used for the detection of SARS-CoV-2 infection, leading to an exponential growth in 2020 and 2021.
Technological advancements and the introduction of innovative PCR tests have played a significant role in driving market growth. For instance, F. Hoffmann-La Roche Ltd. received approval from the US Food and Drug Administration for the Cobas SARS-CoV-2 nucleic acid test, facilitating the detection of asymptomatic and symptomatic cases in point-of-care settings. Many other companies have also received global approval for their PCR assays for the identification of SARS-CoV-2 infection.
Despite the favorable impact of the pandemic on the PCR market, declining demand for COVID-19-related disorders is expected to restrain market growth in the coming years. However, the rising number of infectious diseases, chronic and genetic disorders, and the need for molecular diagnostic techniques for reliable diagnoses are likely to drive up demand during the forecast period.
The North American region is projected to dominate the market due to factors such as the increasing prevalence of genetic and chronic disorders, a well-established healthcare infrastructure, and favorable government initiatives. Within North America, the United States has witnessed significant growth in the PCR market, with many players engaged in manufacturing and introducing new PCR-based products.
Despite the overall positive outlook, the PCR market faces challenges such as high assay costs and lack of awareness in developing countries. The high costs of tests in some regions may limit adoption, hindering the market's growth. Addressing these challenges and expanding awareness about PCR technology in low-income countries would be crucial for sustained market expansion.
Key players in the polymerase chain reaction market include Thermo Fisher Scientific Inc., Danaher, Standard BioTools, Abbott, Stilla, F. Hoffmann-La Roche Ltd., Bio-Rad Laboratories, Agilent Technologies, Inc., Qiagen, and Microsynth AG.
In conclusion, the global polymerase chain reaction market is poised to witness significant growth during the forecast period, driven by technological advancements, increasing demand for PCR tests, and the rising prevalence of infectious and chronic diseases. However, addressing cost challenges and increasing awareness in developing countries will be essential for unlocking the full potential of the PCR market.
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