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Polymerase Chain Reaction Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)

The polymerase chain reaction market was valued at approximately USD 5,170. 37 million in 2020, and it is expected to reach USD 8,094 million by 2026, registering a CAGR of 7. 83% during the forecast period, 2021-2026.

New York, Nov. 03, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Polymerase Chain Reaction Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)" – https://www.reportlinker.com/p06179112/?utm_source=GNW

The major factors driving the growth of the polymerase chain reaction market include the increasing application in clinical diagnostics, rising demand for personalized and precision medicine, and technological advancements and applications in drug development.

There is a positive impact on the PCR market due to the increasing demand in the clinical diagnostic segment of the market. As the authorities have not recommended the viral culture tests, almost all the diagnostic tests use RT-PCR to test the population who have symptoms of COVID 19 and are advised by healthcare professionals to undergo a diagnostic test.

Furthermore, the polymerase chain reaction is also gaining higher importance in the molecular diagnosis of infectious and genetic diseases with the advent of COVID-19. To facilitate personalized medicine, it is crucial to develop precise and reproducible means of gaining molecular information about the underlying disease, which can be used to guide clinical decision making, with PCR techniques being increasingly utilized in such methods. Therefore, increasing the focus on personalized medicine and patient-centered approach is driving the growth of the market studied.

Personalized medicine, which aims to provide tailor-made therapies to individual patients, depending on the molecular basis of disease, became popular over recent years. The aging global population and the rising prevalence of chronic disease are putting unrelenting pressure on the healthcare system’s capacity and financial viability across the world.

According to the World Population Prospects: the 2019 Revision, one in every six people will be over 65 years of age by 2050. The rising demand for personalized medicine has thus created tremendous opportunities in the field of genetic medicine. To gain a competitive advantage in the emerging field of personalized medicine, biotechnology, and pharmaceutical firms are exploring the grounds of genomic medicine and direct-to-consumer genetic testing. To develop these products, the industry is ramping up the R&D process in the areas of biotechnology, where the polymerase chain reaction finds its major applications.

Personalized medicine thus holds the promise of providing better patient care and a high safety margin while also lowering the total healthcare costs. Therefore, the increasing geriatric population, demand for personalized medicine, and the role PCR play in developing them boost the market growth.

Key Market Trends

The Clinical Diagnostics Segment is Expected to Witness Good Growth over the Forecast Period

PCR-based molecular diagnostic tests are increasingly being used to guide patient management, particularly in the fields of infectious diseases, cancer, and congenital abnormalities. Globally, the prevalence of genetic, infectious, and chronic diseases, coupled with the increased availability of genetic and genomic information, is on the rise, and it has led to the rapid incorporation of PCR techniques in clinical […]

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