A recent report published by Allied Market Research states that the global polymerase chain reaction technologies market generated $7.03 billion in 2016 and is expected to reach $10.78 billion by 2023, growing at a CAGR of 6.2% during the forecast period, 2017-2023.
The growth of the global polymerase chain reaction technologies market is driven by surge in incidences of infectious diseases and cancer, increased awareness and acceptance of personalized medicine, and rapid technological advancements. However, the rise of non-validated homebrew test and issues concerning reimbursement hamper market growth. Nonetheless, increased R&D funding and untapped market in developing economies would provide lucrative opportunities to emerging market players.
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The report segments the global polymerase chain reaction technologies market based on technology, product, application, end user, and geography. By technology, the report segregates the market into real-time PCR, traditional PCR, and digital PCR. The real-time PCR segment generated the highest global revenue in 2016 and is expected to continue its dominance through 2023, owing to increased usage in research and medical diagnostics, technological advancements, growing use of robotics for lab automation, and expansion of installation base. Meanwhile, the digital PCR is expected to grow at the fastest CAGR from 2017 to 2023. By product, the market is categorized into reagents & consumables, instruments, software, and services. The reagents & consumables segment is expected to continue its dominance through the forecast period.
By application, the report sub-segments the market into clinical, research, and forensics. By end user, the market is divided into diagnostic centers & hospitals, biotech & pharma companies, and academic & research institutions. The academic & research institutions segment occupied the major share of the global market in 2016 due to increased test volume of infectious diseases and various types of cancers. Regionally, North America is the highest contributor in the polymerase chain reaction technologies market, owing to the rise in prevalence of infectious diseases and cancer in this region and technological advancement in PCR. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period.
The report also profiles key players involved in the global polymerase chain reaction technologies market, such as 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. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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