PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1496070
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1496070
The Global Polymerase Chain Reaction Market is projected to reach $25.3 billion in 2024, with growth anticipated to $29.4 billion by 2031, reflecting a CAGR of 2%. This comprehensive market analysis explores key trends, growth drivers, and significant insights shaping the industry's future.
Factors Driving PCR Demand
The increasing adoption of digital diagnosis methods over traditional real-time diagnostic techniques is a pivotal factor fueling demand for Polymerase Chain Reaction. This shift is notably significant in diagnosing various diseases, including rare genetic disorders, which afflict an estimated 300 million individuals worldwide. Additionally, the demand for PCR testing extends to a spectrum of diseases beyond COVID-19, encompassing cancer, malaria, pneumonia, and tuberculosis. For instance, the World Health Organization reported a rise in global malaria cases from 227 million in 2019 to 241 million in 2021, underlining the ongoing need for PCR diagnostics.
Regional Insights
Asia-Pacific Emerges as a Lucrative Market
The Asia-Pacific region stands out as a highly lucrative market for Polymerase Chain Reaction technologies. The launch of SARS-CoV-2 RNA RT-PCR testing in Singapore and the projected increase in cancer cases in India to 1.57 million by 2025 underscore the region's burgeoning demand for PCR testing. Moreover, initiatives like mandatory PCR testing for millions of residents in Chinese provinces and cities contribute to the region's market growth, with China expected to reach a valuation of US$ 2.7 billion by 2032.
North America Sustains Market Dominance
North America is poised to maintain its market share of over 35% in the Polymerase Chain Reaction market, driven by the escalating demand for PCR testing in infectious disease diagnosis and the ongoing COVID-19 pandemic. The region's PCR market also benefits from the rising incidence of Lyme disease, with approximately 30,000 cases reported annually in the United States alone, necessitating PCR diagnostics for accurate detection.
Country-specific Analysis
U.S. PCR Market Outlook
The U.S. PCR market is forecasted to grow at a CAGR of 1.7% during the forecast period, reaching a valuation of US$ 9.4 billion. The market is bolstered by its indispensable role in DNA profiling for criminal cataloging and its application in diagnosing diseases such as tuberculosis and cancer. With an estimated 1.2 million HIV-AIDS patients and a rising number of cancer cases, PCR testing remains vital for disease management and surveillance in the U.S.
U.K. PCR Market Projection
The U.K. PCR market is expected to achieve a valuation of US$ 1.1 billion by 2032, growing at a CAGR of 1.7%. The market growth is fueled by the increasing demand for PCR testing in various applications, including clinical diagnostics and research endeavors.
Japan and South Korea PCR Market Analysis
Japan's PCR market is anticipated to reach US$ 1.4 billion by 2032, while South Korea's market is projected to reach US$ 692 million during the same period. Both countries are expected to witness steady growth, supported by rising healthcare needs and advancements in PCR technologies.
Category-wise Insights
Impact of Consumables & Reagents
The Consumables & Reagents segment of the PCR market is poised for growth, with a projected CAGR of 1.7% from 2022 to 2032. This growth is fueled by the increasing volume of diagnostic testing and the development of new reagents tailored to specific PCR assays, further propelled by the surge in RT-PCR testing demand.
PCR Demand in the Medical Segment
PCR applications in the medical segment are expected to drive market revenue growth at a CAGR of 1.7% over the forecast period. The increased utilization of PCR in forensics, infectious disease diagnosis, and cancer detection contributes to this growth, aligning with global health trends highlighting cancer as a leading cause of mortality worldwide.
Competitive Analysis
Key players driving the competitive Analysis of the PCR market include Abbott, Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., and others. Recent market developments include product launches aimed at enhancing PCR capabilities for applications ranging from infectious disease diagnosis to cancer research.
Key Segments Covered in Market Survey
By Type
By Product Type
By Application
By Region