Market Size of qPCR Reagents Industry
|Base Year For Estimation||2022|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
qPCR Reagents Market Analysis
The qPCR reagents market is expected to register a CAGR of 7.9% over the forecast period.
The market for qPCR reagent products has increased as a result of COVID-19, owing mostly to rising demand for polymerase chain reaction tests and a significant increase in the target patient group. The qPCR test, which uses nasopharyngeal swabs or other upper respiratory tract specimens, such as throat swabs or, more recently, saliva for immunology assays, has been the most commonly used and reliable test for COVID-19 diagnosis. As a result, disease diagnosis utilizing qPCR reagents emerged as a primary emphasis for pandemic management. The press release by Cytiva in May 2021 revealed that a qPCR reagent manufacturing company had to immediately raise output 50-fold to satisfy the demand for COVID-19 tests. Thus, during the pandemic, the demand for qPCR reagents tremendously increased, which positively influenced the market's growth. Currently, the market demand has slowed down as the number of COVID-19 has declined. Moreover, it is expected that the market will grow over the forecast period due to the rise in the prevalence of chronic diseases and technological advances in the qPCR test.
The rising incidence of infectious and genetic diseases has increased the demand for diagnostic tests that may help people take precautionary measures. The growing geriatric population has also increased the demand for genetic tests. For instance, according to the Breast Cancer Factsheet Now 2021, around 55,000 women and 370 men in the United Kingdom are diagnosed with breast cancer yearly. Breast cancer has claimed the lives of an estimated 600,000 people in the United Kingdom. This figure is expected to climb to 1.2 million by 2030. Additionally, according to the Australian Federation of AIDS Organizations Report published in November 2022, in 2021, it was estimated that there were 29,460 people with HIV in Australia. Of these 29,460 people, an estimated 91% will have been diagnosed by the end of 2021. Thus, with the growing prevalence of infectious diseases, the demand for diagnostic tests is expected to increase, which propels the growth of the market over the forecast period.
Moreover, the growing geriatric population is expected to support market expansion as this population is more susceptible to infectious and chronic diseases. The increasing geriatric population is likely to increase market growth over the forecast period. For instance, according to the 2022 statistics published by the United Nations Population Fund, in the United States, a large proportion of the living population is aged 15-64 and accounts for 65% in 2022. Furthermore, according to the same source, 17% of the population will be 65 or older in 2022. Thus, infectious diseases are more prevalent in the geriatric population, boosting the demand for qPCR reagents.
Thus, the growing burden of infectious diseases and the ageing population support market expansion over the forecast period. However, the high cost of qPCR equipment and the lack of high technical expertise to operate qPCR equipment have been restraining market growth.