Polymerase Chain Reaction (PCR) Market Size to Surpass USD 13.75 billion in 2028, exhibiting a CAGR of 8.4%

As per the report by Fortune Business Insights, the global Polymerase Chain Reaction (PCR) Market size is projected to reach USD 13.75 billion in 2028, at a CAGR of 8.4% during the forecast period

Polymerase Chain Reaction (PCR) Market

Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) — The global polymerase chain reaction (PCR) market size is projected to grow from USD 7.80 billion in 2021 to USD 13.75 billion in 2028 at a CAGR of 8.4% in the 2021-2028 period. The introduction of innovative devices by the key market players is anticipated to drive the global market during the forecast period

According to our researchers, the growth in the occurrence of infectious diseases, cancer, and genetic diseases and the increase in the utilization for diagnosing such conditions is the crucial factor accountable for enhancing the market growth during the forecast period.

Industry Developments:

July 2021 – Path Store declared the unveiling of the COVID-19 RT-PCR test in India at the lowest price in comparison with other companies. This rapid test is aimed towards getting the most out of COVID-19 diagnosis to ensure well-timed treatment.

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Key Takeaways:

• The growth of the Polymerase Chain Reaction (PCR) market is being driven by the increasing prevalence of infectious diseases and the technological advancements in PCR technology.
• The rising demand for PCR testing in clinical and research applications is another major driver of the market growth.
• The key players in the PCR market are Thermo Fisher Scientific, Inc., Roche Diagnostics, Danaher Corporation, QIAGEN N.V., and Agilent Technologies, Inc.
• These companies are investing in research and development, new product development, and mergers and acquisitions to maintain their competitive edge in the market.
• The PCR market is facing some challenges, such as the high cost of PCR testing, the need for skilled personnel, and the regulatory hurdles.

Discover the Leading Players Featured in the Report:

Major players in the polymerase chain reaction (PCR) market are Bio-Rad Laboratories, Inc. (California, U.S.), QIAGEN (Hilden, Germany), , F. Hoffmann-La Roche Ltd (Basel, Switzerland), Agilent Technologies, Inc. (California, U.S.), Abbott (Illinois, U.S.), Eppendorf AG (Hamburg, Germany), Sysmex Inostics (Hyogo, Japan), Thermo Fisher Scientific Inc. (Massachusetts, U.S.), BD (New Jersey, U.S.).

Report Scope:

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Drivers and Restraints:

Improvements in PCR Procedures to Hasten Market Growth

Polymerase Chain Reaction is an enzyme-powered procedure intended for augmenting a small area of DNA in-vitro. In spite of this power of magnification, restrictions in its sustaining hardware obstruct from reaching its full prospective. Technological progressions and surging demand for ground-breaking devices have resulted in the introduction of contraction of the devices in the market. These shrunken devices provide abundant medical profits to patients as well as healthcare suppliers which will drive the polymerase chain reaction market growth.

Report Scope & Segmentation

By Type

• Standard PCR
• Real-time PCR
• Digital PCR

By Product

• Instruments
• Reagents & Consumables

By Indication

• Infectious Diseases
• Oncology
• Genetic Disorders
• Others

By End User

• Hospitals & Clinics
• Pharmaceutical & Biotechnology Industries
• Diagnostic Centers
• Academic & Research Organizations

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Segmentation:

On the basis of type, the market is segregated into standard PCR, real-time PCR, and digital PCR. The real-time PCR segment dominated the global market share in 2020. Augmentation in demand owing to the COVID-19 pandemic promoted the growth in sales of the companies.

Based on product, the market is classified into instruments and reagents & consumables.

By indication, the market is separated into infectious diseases, oncology, genetic disorders, and others.

On the basis of end-user, the market is categorized into hospitals & clinics, pharmaceutical & biotechnology industries, diagnostic centers, and academic & research organizations.

In terms of region, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Regional Insights:

North America to Dominate Market Share Due to Favorable Compensation Guidelines for PCR Devices.

North America held the largest polymerase chain reaction market share and was valued at USD 2.94 billion in 2020. The market in the region is characterized by bigger occurrence and diagnosis rates for contagious illnesses, combined with tolerable compensation guidelines for PCR devices.

Europe is the second largest region owing to the growing occurrence of several kinds of cancer as well as metabolic ailments necessitating unconventional diagnosis and therapies.

The market in Asia Pacific is anticipated to document a relatively greater CAGR during the forecast period.

Report Coverage:

The market report delivers valued understandings attained by a detailed study done by our researchers. An all-encompassing research was conducted to provide the projected size of the market. The data executed to accentuate the shares for manifold segments at the national, domestic, and global stages is attained from in-depth interviews with several stakeholders. Additionally, our researchers have gained admittance to numerous international as well as regional paid databases to deliver precise information to make business investment choices easy for all clients.

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Competitive Landscape:

Acquisitions Initiated by Fundamental Companies to Promote Market Growth

The leading companies in the market persistently root for efficient strategies to augment their brand value as well as promote the global market growth of the product with experiencing least conceivable obstacles. One such operative approach is acquiring competitive companies and further guaranteeing an exciting profit for both the involved companies.

FAQ’s

How Big Is The Polymerase Chain Reaction (PCR) Market?

Polymerase Chain Reaction (PCR) Market size was USD 7.80 billion in 2021.

How Fast the Polymerase Chain Reaction (PCR) Market Growing?

The Polymerase Chain Reaction (PCR) Market will exhibit a CAGR of 8.4% during the forecast period, 2021-2028

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• Polymerase Chain Reaction (PCR) Market