Is PCR Market Moving Toward Personalized Medicine? New Study Explores
Polymerase Chain Reaction (PCR) market revenues are set for a revival in 2021, with a new study projecting revenues to grow at over 8% through 2026. Growing focus on effective healthcare, and myriad applications are likely to steer the market to over US$ 7 billion in revenues by 2026.
Growing demand for prenatal genetic testing procedures, advanced diagnostic techniques, and growing number of CROs continue to be key for PCR market growth. In addition, increased availability of government funding for carrying on research based on genomics is projected to accelerate growth of the market.
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How Technology is Influencing Demand for PCR?
Technological progression in biotechnology, life sciences, and molecular biology have brought exemplar changes in personalized medicines, drug discovery, healthcare diagnostics, clinical research & development, and forensic sciences. PCR is a significant breakthrough in this aspect. It is an integral division of the life science, biotechnology and pharmaceutical industries for culture media, test kits & solutions, and developing assays in the tissue culture industry.
PCR Market Players Need to Focus on Personalized Medicine
Personalized medicine, which offers custom-made therapies to specific patients, relying on the molecular basis of disease, gained traction over recent years. Personalized medicine offers enhanced patient care and a higher safety margin when lowering the overall healthcare costs. The growing demand for personalized medicine has generated significant prospects in the area of genetic medicine. To make use of these prospects, new technologies must be developed, which, consecutively, result in the rapid expansion of the market studied. To attain a competitive advantage in the evolving field of personalized medicine, the pharmaceutical and biotechnology firms are discovering direct-to-consumer genetic testing and the grounds of genomic medicine.
Explore 72 tables and 74 figures in the study. Request TOC of the report at-
Some of the leading PCR market players include Thermo Fisher Scientific Corporation, F. Hoffmann- La Roche AG, Abbott Laboratories, Qiagen N.V., Bio-Rad Laboratories, Inc., Becton, Siemens Healthcare Gmbh (Siemens AG) Dickinson and Company, and bioMerieux SA
Clinical diagnostic labs and hospitals are likely to remain lucrative segments throughout the forecast period. Growing awareness pertaining to the molecular diagnostic applications of the PCR technology in HIV-AIDS detection and cancer, laboratory automation as well as higher prevalence of infectious ailments are anticipated to boost the PCR solutions application in clinical & diagnostic labs & hospitals. According to Fact.MR, the category is likely to exhibit an 8.8% CAGR through 2026.
Adoption by pharmaceutical & biotechnology industries remains key to future PCR market growth. Surging test volumes as well as laboratory automation are anticipated to fuel demand for PCR services in these industries. Increasing investments in research and development of genetic engineering along with competition in the detection of novel drugs for ailments such as cancer and HIV-AIDS will further increase growth prospects. Implementation of PCR in pharmaceutical & biotechnology industries is projected to expand strikingly at an 8.6% CAGR amid the estimated period.
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