Market Research Report
Polymerase Chain Reaction Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||871438|
|Published||Content info||114 Pages
Delivery time: 2-3 business days
|Polymerase Chain Reaction Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: May 1, 2019||Content info: 114 Pages||
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, has become popular over recent years. Personalized medicine holds the promise of providing better patient care and a high safety margin while also 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 results 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. To develop these products, the industry is ramping up the R&D process in the areas of biotechnology where the polymerase chain reaction finds its major applications. Furthermore, the polymerase chain reaction is also gaining application in the molecular diagnosis of infectious and genetic diseases. Genetic tests that can detect genetic variations and predict how a person is likely to respond to certain drugs are becoming commercially available. 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.
As per the scope of this report, polymerase chain reaction (PCR) is a technique which is used to amplify target DNA and to generate thousands to millions of copies of a particular DNA segment. PCR techniques are used in clinical and research laboratories for a broad variety of applications which includes clinical diagnosis, criminal forensics, and biomedical research.
Clinical Diagnostics is the Segment by Application is expected to witness Fastest 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 is on the rise and coupled with the increased availability of genetic and genomic information, 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 Ebola virus outbreaks. This trend is primarily due to 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. In the field of infectious disease for detection of bacterial infections, such as tuberculosis by Mycobacterium tuberculosis and for viral infections, such as HIV infection. 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
The increasing prevalence of genetic and chronic disorders, such as cancer, aging population, growing 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 have been launched, which are supplementing the growth of the PCR market. For example, in 2015, the Precision Medicine Initiative was introduced to revolutionize the treatment of chronic diseases, including cancer. Initiatives like these are presenting a favorable environment for the pharmaceutical and biotechnology firms to develop and market gene-based diagnostics and therapeutics, which in turn fuel the growth of PCR technologies, due to their wide applications in drug discovery, toxicity, and efficacy studies, as well as in general life science research.
The market studied is a moderately consolidated market owing to the presence of the few major market 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.