Market Trends of Polymerase Chain Reaction Industry
This section covers the major market trends shaping the Polymerase Chain Reaction Market according to our research experts:
Clinical Diagnostics Segment is Expected to Witness a Significant Growth Over the Forecast Period
The clinical diagnostics segment is expected to witness significant growth over the forecast period. PCR has become an integral part of clinical diagnosis over the years. PCR helps reduce diagnosis time and has improved the specificity and accuracy of clinical diagnostic tests. Hence, factors such as the increasing adoption of PCR in clinical diagnostics and the rising prevalence of infectious diseases such as HIV/AIDS are driving the segment's growth.
According to an article updated by NCBI in May 2022, PCR is considered a laboratory technique that is utilized to amplify specific segments of DNA for a wide range of laboratory and/or clinical diagnostic applications. The article further stated that PCR amplification has various applications within medicine, such as being used to test for the presence of specific alleles in the case of prospective parents screening for genetic carriers; it can also be used to diagnose the presence of disease directly and for mutations in the developing embryo.
Also, the rising prevalence of infectious diseases is expected to enhance the segment's growth. For instance, as per the data by UNAIDS in 2022, an estimated 38.4 million people globally were living with HIV in 2021, and 1.5 million people became newly infected with HIV in 2021. Hence, the rising prevalence of infectious diseases around the world is expected to enhance segment growth, as PCR plays an important role in the diagnosis of diseases.
The growth of this market segment is also helped by the introduction of new products.For instance, in August 2022, Molbio Diagnostics launched a new test named the Trunet RT-PCR test for the differential diagnosis of HIV-1 and HIV-2 with viral loads within 60 minutes. Such launches also propel the growth of the market segment.
Thus, factors such as the increasing adoption of PCR in clinical diagnostics, the rising prevalence of infectious diseases such as HIV, and the launch of new products are expected to enhance the segment's growth during the forecast period.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
The North America segment is growing because there are a lot of manufacturers in the market, there are more genetic and chronic diseases like cancer, the population is getting older, people want more precise and personalized medicine, and the government is doing things to help.
For instance, according to data from the American Cancer Society, in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States. Furthermore, according to the data updated by the CDC in November 2022, it is estimated that from October 2022 to November 2022 there have been 2,800,000-6,600,000 flu-related illnesses, 1,400,000-3,300,000 flu-related medical visits, and 23,000-48,000 flu-related hospitalizations in the United States. Moreover, according to the data published by Statistics Canada in collaboration with the Canadian Cancer Society and the Public Health Agency of Canada in June 2022, an estimated 233,900 people in Canada will be diagnosed with cancer during 2022. Hence, the rising prevalence of such diseases is poised to increase the adoption of PCR, thus enhancing market growth during the forecast period of the study.
Furthermore, the launch of new products based on PCR tests will drive the market's growth significantly. For instance, in November 2022, Roche introduced the Cobas 5800 System in the United States. It is a compact, fully-automated molecular laboratory instrument that offers a flexible PCR testing solution that aids clinicians in the diagnosis of infectious diseases. Furthermore, in May 2021, the United States FDA approved the TheraScreen KRAS RGQ PCR Kit by Qiagen, a laboratory test that detects seven mutations found in the KRAS gene of non-small cell lung cancer and colorectal cancer.
Thus, in view of factors such as the increasing prevalence of genetic and chronic disorders and the launch of new products based on PCR tests, the market is expected to witness significant growth in the region over the forecast period.
