Market Trends of Global PCR Molecular Diagnostics
This section covers the major market trends shaping the PCR Molecular Diagnostics Market according to our research experts:
The Oncology Testing Segment is Expected to Grow Over the Forecast Period
Polymer Chain Reaction (PCR) is widely used in diagnostics of oncology. Real-time PCR technology is best used for cancer diagnostics. In addition to this, there are several PCR techniques that help in cancer diagnosis and prognosis. In Jan 2020, a group of scientists in cancer research during a Bio-Rad workshop at the Precision Medicine World Conference (PMWC) in Santa Clara, California, has showcased that the Integrated Use of Next-Generation Sequencing and Droplet Digital PCR (ddPCR) in Cancer Monitoring in which they have concluded that droplet digital PCR (ddPCR) technology quantifies genetic material from tumor cells that have been entered to the bloodstream through a liquid biopsy approach. Using droplet digital PCR (ddPCR), 1,000 or even 10,000 wild-type copies with cancer-associated mutations can be detected within a few days. This data gives insights regarding when to add new therapies or discontinue existing treatments that are not working with this data valuable for clinicians.
Along with that, the companies are merging, engaging in partnerships and acquisitions to increase their manufacturing capacities, improve their product portfolio and to provide a competitive diversity. For instance, In Septemebr 2020, Qiagen announced the acquisition of the remaining 80.1% of diagnostics instruments company NeuMoDx Molecular, Inc. for USD 248 million in cash. The move rounds out QIAGEN's portfolio of automated molecular testing solutions based on the proven PCR technology. The above conditions show that the PCR Molecular Diagnostics market is expected to have a promising growth rate over the forecast period.
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America holds the major market share in the PCR Molecular Diagnostics market. Rising incidence of diseases, the elderly population (aging), and technological advancements are attributed to the market growth. Especially in recent times, pandemics have also boosted the PCR molecular diagnostics market.
American Cancer Society estimated that in 2020, around 1,806,590 new cancer cases and 606,520 cancer deaths are projected to occur in the United States. In 2020, according to an article published in Cancer Journal for Clinicians, estimated that 43% of all cancers diagnosed in men are colorectal, lung, and prostate cancers. The most common cancers in women are breast, lung, and colorectal which accounts for 50% of new cancers diagnosed in 2020. With the early diagnosis and rising awareness on preventive care especially with the technological development of PCR techniques in recent times, the rate of cancer survivors has increased potentially. According to National Cancer Institute, it is estimated that there were 16.9 million cancer survivors in 2019 and by 2030 it is projected to increase to 22.2 million.
A study on PCR past, present, and future, published in Aug 2020 declared that PCR is one of the most valuable techniques used in diagnostics, bioscience and forensics. A study conducted on important diagnostics methods for cancer biomarkers in March 2020, published at Journal of Critical Review stated that RT-PCR was used to screen her-2 biomarkers in breast cancer which will have a vital effect in the progression and pathogenesis of cancer. Her-2 gene is considered to be a significant biomarker and target of therapy. Adding to this the use of PCR in COVID 19 diagnostics has given a wide opportunity to top players of PCR molecular diagnostics market, one such is Abbott Real-time SARS-CoV-2-Assay is an Emergency Use Authorization (EUA) test authorized by the U.S. FDA which uses polymerase chain reaction (PCR) technology for diagnosis of SARS-CoV-2 virus infection. Hence, considering to above mentioned factors, the market is expected to witness significant growth in the future.
