The major factors for the growth of the polymerase chain reaction market include the increasing application in clinical diagnostics, rising demand for personalized and precision medicine, and technological advancements and application in drug development.
Personalized medicine, which aims to provide tailor-made therapies to individual patients, depending on the molecular basis of disease, became popular over recent years. Personalized medicine holds the promise of providing better patient care and a high safety margin while lowering the total healthcare costs. The rising demand for personalized medicine has created tremendous opportunities in the field of genetic medicine. In order to exploit these opportunities, novel technologies must be developed, which, in turn, result in the rapid expansion of the market studied. To gain a competitive advantage in the emerging field of personalized medicine, the biotechnology and pharmaceutical firms are exploring the grounds of genomic medicine and direct-to-consumer genetic testing.
Furthermore, the polymerase chain reaction is gaining higher importance in the molecular diagnosis of infectious and genetic diseases with the advent of COVID-19. To facilitate personalized medicine, it is crucial to develop precise and reproducible means of gaining molecular information about the underlying disease, which can be used to guide clinical decision making, with PCR techniques being increasingly utilized in such methods. Therefore, increasing the focus on personalized medicine and patient-centered approach is driving the growth of the market studied.
Key Market Trends
Clinical Diagnostics under Application Segment is Expected to Witness Good Growth over the Forecast Period
PCR-based molecular diagnostic tests are increasingly being used to guide patient management, particularly in the fields of infectious disease, cancer, and congenital abnormalities. Globally, the prevalence of genetic, infectious, and chronic diseases, coupled with the increased availability of genetic and genomic information, is on the rise and it has led to the rapid incorporation of PCR techniques in clinical laboratories. The high specificity, sensitivity, and low sample requirement make PCR-based molecular assay a go-to technique for the purpose of clinical diagnosis. PCR-based molecular assays are becoming the primary mode of diagnosis for the detection of pathogens in case of a rapid disease outbreak, such as the recent Zika and Coronavirus outbreaks. This trend is primarily due to the low or non-availability of rapid or specific diagnostic tests for such diseases. In the field of oncology, PCR techniques are routinely used for tumor profiling and prognosis for the detection of bacterial infections, such as tuberculosis by Mycobacterium tuberculosis, and for viral infections, such as HIV infection. With the increase in the prevalence of such diseases the demand for clinical diagnostics increases. Pertaining to broad applications of PCR in the field of clinical diagnostics, the market segment is likely to register high growth during the forecast period.
North America is Expected to Dominate the Market over the Forecast Period
The increasing prevalence of genetic and chronic disorders, such as cancer, aging population, rising demand for precision and personalized medicine, and favorable government initiatives, are the primary factors driving the growth of the market. The growth can also be attributed to the presence of sophisticated diagnostic laboratories and the high acceptance rate of novel assay technologies. There is a growing trend of genetic engineering and genomic research in academia and biotechnology industries of the United States. Increasing genomic research is primarily fueled by the high demand for targeted and precision medicine, for the management of chronic disorders, as well as due to the need for understanding the genetic and molecular basis of disease. In recent years, several government initiatives were launched, which are supplementing the growth of the PCR market.
The market studied is moderately consolidated in nature, owing to the presence of a few major players. Some of the market players are Abbott Laboratories, Agilent Technologies Inc., Becton, Dickinson and Company, bioMerieux SA, Bio-Rad Laboratories Inc., GE Healthcare, Merck KGaA, PerkinElmer Inc., Promega Corporation, Siemens Healthcare, and Thermo Fisher Scientific Inc.
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