Polymerase Chain Reaction Market Size, Share, Growth, Trends, and Global Industry Analysis: By Product (Instruments, Reagents and Consumables, and Software), Application (Clinical Diagnostics, Life Science Research, Industrial Applications, and Others), End User (Academic Institutes, Clinical Diagnostics Labs and Hospitals, Pharmaceutical and Biotechnology Industries, and Others), and Region  

Polymerase Chain Reaction Market size is expected to be worth US$ 30,090.3 million in 2023 and is projected to grow at a CAGR of 5.3% from 2024 to 2030. The polymerase chain reaction (PCR) is a technique for amplifying DNA sequences in the lab. The process includes selecting the part of the genome to be amplified using short DNA sequences called primers. To aid a DNA replication enzyme in copying the target DNA sequence, the temperature of the sample is increased and dropped repeatedly. In just a few hours, the process can manufacture a billion duplicates of the target sequence. In 2021, instruments had a market revenue share of 27.2%, and from 2022 to 2028, it is predicted to increase at a CAGR of 5.7%. PCR plays a critical role in the treatment of patients with COVID-19.

Clinical diagnostics labs have a market share of 45.7% by end-user segment and are expected to increase at a CAGR of xx % in the future years. Increased application in clinical diagnostics, increased demand for customised and precision medicine, and technological breakthroughs and applications in drug development are driving the market. Increasing demand for personalised and precision medicine has resulted in a paradigm shift in drug discovery, personalised medicine, forensic sciences, and clinical research and development in the biotechnology industry, due to technological advancements in molecular biology, life sciences, and biotechnology. However, the emergence of alternative technologies and the high cost of instruments hamper the market.

Key Developments

• In June 2021, Thermo Fisher Scientific Inc. launched TaqPath, a new CE-IVD-marked fast PCR combo kit 2.0 to detect active SARS-CoV-2 infection.
• In In April 2020, Promega's Corporation's GoTaqProbe 1-Step RT-qPCR System is approved by Centers for Disease Control and Prevention COVID-19 diagnostic protocol for emergency use.