Polymerase Chain Reaction (PCR) Market Revenue to Double and reach US$ 7.0 Bn by 2026 End - Fact.MR
Pharmaceutical and biotechnology Industries are poised to capture a major chunk of the global PCR market.
PCR is also used to determine the genesis of several chronic and infectious diseases. For instance, the technique was widely applied in 2015 for determining the outbreak of the Zika virus epidemic. Such increased applications are anticipated to double the revenue of the global polymerase chain reaction (PCR) market during the forecast period (2020-2026). Expanding at an anticipated CAGR of 8.4%, the global PCR market is set to surpass US$ 7 Bn mark by 2026.
Key Takeaways of the Global PCR Market Study
• PCR reagents are anticipated to capture three-fifths of the total market share during the forecast period. Continuous increase in the number of diagnostic tests and launch of new reagents specific to the test type are set to augment demand for reagents used in polymerase chain reaction.
• Use of PCR in pharmaceutical and biotechnology industries is anticipated to account for a majority share of the total market value. This is stimulated by a rise in test volumes, laboratory automation, research & development in genetic engineering, and competition in drug discovery for diseases such as HIV-AIDS and cancer.
• Growing awareness about molecular diagnostic applications of PCR in cancer and HIV-AIDS detection, rising prevalence of infectious diseases and laboratory automation will augment the use of PCR techniques in clinical diagnostic labs and hospitals. The segment is poised to expand impressively at a CAGR of 8.8% through 2026.
• North America is set to dominate the global PCR market in terms of value. The availability of advanced technologies such as of multifaceted synthetic and bioprospected polymerases and symbiotic sequencing technologies is projected to fuel the regional market growth. Greater budgetary allocation for research & development in PCR technologies will further augment the regional market growth, which is expected to register a CAGR of 7.5% through 2026.
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"The global PCR market is poised to embark on a positive growth trajectory, driven by rising number of key players offering a diverse range of PCR solutions. Favorable governmental policies and increased budget allocation towards improving healthcare infrastructure are set to broaden the market prospects for PCR solutions," concludes the Fact.MR analyst
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