Market Size of Global PCR Molecular Diagnostics
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
PCR Molecular Diagnostics Market Analysis
The PCR Molecular Diagnostics market is expected to grow with an estimated CAGR of 3.5%, over the forecast period.
PCR are most widely used diagnostic tests for detecting pathogens, including viruses. It Is considered as one of the best tests to identify the COVID 19 virus in the human body. Additionally, a study titled 'Molecular diagnostic technologies for COVID-19: Limitations and challenges', published on Aug 2020 at NCBI stated that PCR Molecular Diagnostics are used to identify symptomatic or asymptomatic SARS-CoV-2 carriers and is safe and accurate as they have a high clinical sensitivity and avoid false-negative results. Moreover, rising technological advancement and growing public awareness of preventive care are propelling the market growth. Though COVID 19 has a major impact on the medical industry, the PCR Molecular Diagnostics market is on a positive trend.
The rising prevalence of cancer and infectious diseases is also a major factor that drives PCR molecular diagnostics market. The Infectious Diseases Society of America has stated that every year there is a probability of new, potentially dangerous bacteria, viruses, fungi such as severe acute respiratory syndrome (SARS). World Health Organization in March 2020 stated that more than 17% of all infectious diseases are vector born. In addition to this the Global Cancer facts and figures, 4th edition, published at American Cancer Society reported that according to International Agency for Research on Cancer (IARC), the cancer cases are rising and it is expected to reach 27.5 million by 2040, aging is also a supporting factor for the rise in new cancer's.
Adoption and implementation of software associated to molecular diagnostics at respective diagnostics centers is expected to boost the market growth. Aditionally PCR molecular diagnostics also played a crucial role in cancer diseases. For instance, in March 2020, a review made on Important Diagnostic Methods of Cancer Biomarkers related Diagnosis and Treatment reported that Polymerase chain reaction (PCR) & Real Time PCR plays a vital role in cancer diagnostics.
Furthermore, in June 2020, Mobidiag Ltd., announced that it has received CE-IVD markings for its Novodiag COVID-19 and Amplidiag COVID-19 molecular diagnostic tests for the early detection of the SARS-CoV-2 virus, responsible for novel coronavirus infection (COVID-19). Based on well-established high-throughput qualitative PCR technology, 48 samples can be processed in less than three hours while running on Mobidiag's Amplidiag Easy platform. Hence, owing to above mentioned factors, the market is expected to witness significant growth in the future.
