The Polymerase Chain Reaction (PCR) market is forecasted to progress at an impressive CAGR of 8.4% in terms of value through the period of forecasting between 2020 and 2026. The growth of the market is primarily driven by the growing adoption of technological advancements in molecular biology, life sciences, and biotechnology coupled with increased expenditure on R&D by pharmaceutical organizations and governments. Most importantly, the outbreak of COVID-19 has created an unprecedented demand for testing kits and PCR testing remains the benchmark of testing, owing to their reliability, thus catalysing the overall growth of the market.
“Factors such as the rising prevalence of chronic and infectious diseases such as cancer and AIDS, increased spending on R&D of genetic engineering, and growing emphasis on the discovery of new drugs for diseases, will continue to fuel the growth of the market” opines Fact.MR analyst.
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Polymerase Chain Reaction Market – Key Takeaways
Polymerase Chain Reaction Market – Driving Factors
Polymerase Chain Reaction Market – Constraints
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Anticipated Market Impact by Coronavirus Outbreak
From January 2020, over 29 Mn cases of COVID-19 have been confirmed worldwide and the number continues to explode day-by-day. The swiftly spreading infection has created an unprecedented demand for testing methodologies and the RT-PCR approach has emerged as a lucrative methodology owing to its accuracy and reliability. With the support of governments, the sales of TCR testing kits are thriving across severely affected nations such as India and the US. In India, the testing capacity has been expanded to 140,000 per day. With no sight of vaccine approval in sight, the demand for PCR tests is higher than ever before, giving a major boost to the market growth.
The key players operating in the Polymerase Chain Reaction Market include, but not limited to, F. Hoffmann- La Roche AG, Thermo Fisher Scientific Corporation, Abbott Laboratories, Bio-Rad Laboratories, Inc., Qiagen N.V., Becton, Dickinson and Company, Siemens Healthcare Gmbh (Siemens AG) and bioMerieux SA. In the wake of COVID-19, market players are upscaling their production capacities to leverage surging demand for testing kits across the world. Furthermore, players continue to work on developing solutions in diverse fields such as clinical chemistry and immunoassay, molecular diagnostics, and tissue diagnostics.
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More on the Report
The market research report provides in-depth insights into the polymerase chain reaction market. The market is scrutinized on the basis of product (instruments, reagents and consumables) and end-users (pharmaceutical and biotechnology industries, clinical diagnostic labs and hospitals, academic and research institutions and others) across five major regions (North America, Latin America, Europe, Asia Pacific, Latin America, the Rest of the World).
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