PCR Technologies Market: Current Analysis and Forecast (2021-2027)

Report Description

Global PCR Technologies Market was valued at US$ 7.8 billion in 2020 and is anticipated to reach US$ 12.8 billion by 2027 displaying an elevated CAGR of 6.2% over the forecast period (2021-2027). PCR stands for polymerase chain reaction that is a molecular diagnostic technique that detects genetic material from a specific organism such as a virus. PCR technology is used to generate millions of copies of a piece of DNA. These techniques are commonly used in various life science fields such as genetics, molecular biology research, and clinical diagnostics.

The PCR technologies market is growing exponentially on account of rapid advancements in PCR technology and rising incidences of various chronic and infectious diseases. For instance, the most common infectious diseases are respiratory infections and tuberculosis which are 43% prevalent of all the infectious diseases. Also, another most common infectious disease around the world is HIV/AIDS, in 2019, 38 million people were affected by the disease. Furthermore, increasing adoption of PCR in various non-medical applications such as food safety, water contamination and for detection of the various pathogen in environmental samples are also expected to drive the market growth globally.

Another significant reason contributing towards the growth of the market is the growing focus on gene-based research and the launch of new and innovative technologies by key industry leaders to strengthen their portfolios. For instance, in July 2021, PathStore, a France-based multinational company launched the covid-19 RT-PCR test priced at ₹299, the lowest so far among the private sector diagnostic industry. Furthermore, due to Covid-19, testing and prevention of infectious diseases has also witnessed a boom and thus the growth in the PCR technologies market. For example, as many as 1.8 million covid tests were performed in a single day in India alone. This sudden ramp-up in facilities is going to last even after covid, making it easier to get tests for infectious diseases as well.

Thermo Fisher Scientific, QIAGEN, Agilent Technologies, Bio-Rad Laboratories, F. Hoffmann-La Roche, Takara Bio, Inc., Merck KGaA, BioMerieux SA, Siemens Healthineers, Abbott Laboratories are some of the prominent players operating in the global PCR technologies market. Several M&A’s along with partnerships have been undertaken by these players to by these players to develop new and advanced PCR technologies.

Insights Presented in the Report

“Amongst product, reagents & consumables segment holds the major share”

Based on product, the market is fragmented into reagents & consumables, instruments, and software. The reagents & consumables segment generated considerable revenue in 2020. Owing to the rising number of PCR testing procedures and launch of new and advanced consumables. However, the software segment is expected to grow at the highest CAGR during the projected timeframe. The growth of this segment is attributed to the growing adoption of PCR-based diagnostics and need for better data management software for storing a huge amount of generated data.

“Amongst technology, real-time PCR dominated the market in 2020”

Based on technology, the market is fragmented into real-time PCR, traditional PCR, and digital PCR. The real-time PCR segment held prominent market share in 2020.. This segment is expected to grow as Real-time PCR has become one of the most widely used methods of gene quantitation owing to its large dynamic range, boosted tremendous sensitivity, highly sequence-specific, has little to no post-amplification processing, and is amenable to increasing sample throughput. However, the digital PCR segment is expected to grow at the highest CAGR during the forecast period.

“Amongst application, clinical diagnostics is anticipated to grow at the highest CAGR during the analyzed period”

Based on application, the market is fragmented into clinical diagnostics, research, and forensic. The clinical diagnostics segment generated significant revenue share in 2020. Owing to the rising incidences of various infectious and chronic disease coupled with the rapid incorporation of PCR techniques in clinical diagnostics globally. Also, the clinical applications of PCR technologies are vast and offer opportunities to improve healthcare across the breadth of medical specialties. For instance, PCR technologies can be used by clinicians from all specialties to diagnose their patients who have high-risk genetic errors causing disease. Researchers are using these techniques to identify new genes which cause genetic disease at an astonishing rate as over 4000 diseases now have a known single genetic cause, compared to around 50 in 1990. However, the research segment is expected to grow at the highest CAGR between 2021-2027F as many researchers are focusing on identifying & monitoring different biomarkers that can be later used for developing efficient personalized medicine.

Amongst end-users, diagnostics labs & hospitals segment holds the major share”

Based on end-users, the market is fragmented into pharma & biotechnology companies, diagnostic labs & hospitals, academic & government research institutes, and others. The diagnostic labs & hospitals segment held considerable market share in 2020. Owing to the growing number of diagnostic labs & medical labs across the world. For instance, As of 2021, there are 29,227 Diagnostics and Medical Laboratories in the United States which is a 2% increase since 2020. Also, the growth is diagnostics centers all over the world is due to the emergence of the coronavirus pandemic, but in the long run this will help in boost the diagnostics for various infectious and genetic diseases.

“North America signifies one of the largest markets of PCR Technologies Market”

For a better understanding of the market dynamics of the PCR Technologies market, a detailed analysis was conducted for different regions across the globe including North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market in 2020 owing to the increasing cancer incidence and presence of well-established players in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global PCR Technologies Market were the three major steps undertaken to create and analyze the adoption of PCR for the different diseases across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the PCR technologies. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the PCR technologies market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the PCR technologies market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product, technology, application, and end-user. Further country-level analyses were conducted to evaluate the overall utilization of PCR technologies in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of PCR technologies market. Further, we conducted factor analysis using dependent and independent variables such as increasing incidences of infectious diseases and rising government funded initiatives. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the PCR technologies industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the PCR technologies market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the utilization rate of PCR technologies across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the PCR technologies market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the PCR technologies market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, technology, application, and end-user of the PCR technologies market.

Main Objective of the PCR Technologies Market Study

The current & future market trends of PCR Technologies were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of PCR technologies in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product, technology, application, and end-user
• Define and analysis of the regulatory framework for the PCR technologies industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the PCR technologies market for the major region
• Major regions studied in the report include North America (the United States, Canada and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia and Rest of Asia-Pacific), and Rest of the World
• Company profiles of the PCR technologies market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry