Polymerase Chain Reaction Market Trends

Growth Drivers

• Rising Demand for Early Detection of Diseases to Boost the Market Growth
  Polymerase chain reaction-based assays are increasingly being used for the detection of several infectious diseases. PCR technique provides faster detection with high accuracy, which is essential during cases of a disease outbreak. For instance, the newly discovered Coronavirus disease or COVID-19 does not have any known vaccines or specific treatment methods currently. On March 3, 2020, the World Health Organization reported 90,870 confirmed cases of COVID-19 globally, out of which 80,304 confirmed cases and 2,946 deaths were reported in China, the country of origin of the disease. In order to develop an effective treatment, the demand of PCR techniques is growing substantially at research laboratories all across the globe. Additionally, advancements in medical technologies in the healthcare industry is another important factor which is estimated to drive the market growth over the next few years.
• Growing Demand for Personalized and Precision Medicines to Expand the Market
  A large number of companies are developing genomic testing methods in order to develop personalized medicines that are custom-made for patients. They provide improved patient care and are highly precise as they target specific genes which are responsible for causing various health conditions. The development of personalized medicines requires the use of PCR technology, which is anticipated to result in a high demand for the polymerase chain reaction market in the coming years. Moreover, the growing genetic and molecular testing in research laboratories at various educational institutions and hospitals is predicted to play a significant role in expanding the market size.

Challenges

The major restraint which the polymerase chain reaction market faces is the high cost of using PCR assays for clinical testing. The availability of alternate techniques is further predicted to hamper the growth of this market. Additionally, the PCR technique is relatively new as a result of which there is a lack of skilled researchers and technicians in the market who can operate the device properly. On the back of these limitations, the market is estimated to become restricted.