PORTLAND, Oregon and PUNE, India, January 18, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Polymerase Chain Reaction Technologies Market by Technology, Products, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the polymerase chain reaction technologies market accounted for $7,027 million in 2016, and is estimated to reach $10,776 million by 2023, registering a CAGR of 6.2% from 2017 to 2023. North America is the highest contributor in the polymerase chain reaction technologies market; however, Asia-Pacific is expected to witness the highest growth rate.
PCR techniques have the most potential features such as absolute detection and quantification of genetic materials such as DNA and RNA that are increasingly being used in life sciences research and molecular diagnostics. The device can be used quantify and analyze rare alleles and point mutations. Advanced PCR systems are being developed with enhanced capabilities such as broad menu of tests, higher sensitivity, and specificity. Other major advances related with the PCR are shorter PCR cycling time, higher productivity, and automated workflow.
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The advancement in the technology of qPCR and dPCR leading to automation, improved accuracy, and enhanced sensitivity majorly drive the market growth. These products provide high level of efficiency and productivity in research and drug discovery and reduce the time required for the novel drug development. In addition, there is increased demand for polymerase chain reaction technologies owing to increase in number of hospitals and research centers. Furthermore, the increase in number of patients suffering from infectious diseases and rise in funding in gene therapy and human genome projects will also help to fuel the growth of the global polymerase chain reaction technologies market. Moreover, there is growth in demand for polymerase chain reaction technologies in the field of life science, clinical diagnostics, and others, which would further drive the market. However, growth of non-validated home brew test and unstable reimbursement policies are projected to hinder the growth of global polymerase chain reaction technologies market.
The report segments the market by product, technology, end user, application, and geography. In terms of technology, it is bifurcated into quantitative PCR and digital PCR. By product, it is classified into instruments, reagents, and consumables. Based on application, it is categorized into clinical, research, and forensic applications. On the basis of end user, it is divided into diagnostic centers & hospitals, forensic laboratories, biotech & pharma companies, and academic & research institutions. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The real-time PCR segment is the major contributor towards the global PCR market in 2016, due to several factors including increase in use of qPCR in research and medical diagnostics, technological advancements, growing use of robotics for lab automation, and expansion of installation base.
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Among the end-users, academic & research institutions occupied the major share of PCR instrument market due to increased test volume of infectious diseases and various types of cancers.
In 2016, North America accounted for maximum contribution to the total revenue generated, owing to the rise in prevalence of infectious diseases and cancer in this region and technological advancement in PCR. However, Asia is projected to grow at the highest CAGR during the forecast period. Opportunities in the Asian market have attracted huge investments by major companies in the area of R&D activities.
KEY FINDINGS OF THE STUDY
- Digital PCR segment is projected to grow at the highest rate during the analysis period.
- Reagents and consumables segment was the highest revenue-generating segment in 2016, and is expected to continue its dominance in future.
- North America dominated global polymerase chain reaction technologies market in 2016, and is projected to continue its dominance in future.
- China is expected to grow highest in the Asia-Pacific region during the forecast period.
- Services segment was the largest contributor among the products and services segments.
Key players operating in the market are Thermo Fisher Scientific Inc., Sygnis AG, LGC Ltd, Bio-Rad Laboratories Inc., Agilent Technologies, Inc., BioMerieux S.A., RainDance Technologies, Inc., Affymetrix Inc., Fluidigm Corporation, and Takara Bio Inc.
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Other prominent players in the value chain include Beckman Coulter, Becton, Dickinson and Company, Cepheid, Clontech Laboratories, Eppendorf, Fluidigm, GE Healthcare, Kapa Biosystems, Maxim Biotech, PerkinElmer, Promega, and Siemens Healthcare.
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SOURCE Allied Market Research