Global Gene Amplification Technologies Market to Reach $6.4 Billion by 2026
SAN FRANCISCO, June 29, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Gene Amplification Technologies - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: April 2021
Executive Engagements: 4227
Companies: 52 - Players covered include Abbott Laboratories; Agilent Technologies, Inc.; bioMérieux SA; Bio-Rad Laboratories, Inc.; F. Hoffmann-La Roche AG; Merck KGaA; PerkinElmer, Inc.; QIAGEN N.V.; Siemens Healthineers AG; Thermo Fisher Scientific Inc. and Others.
Coverage: All major geographies and key segments
Segments: Application (Medical & Pharma, Forensic & Identity Testing, Agricultural & Food Safety, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Gene Amplification Technologies Market to Reach $6.4 Billion by 2026
Gene amplification refers to increase in amount of a specific DNA from a very small volume. Growth in the global market is being spurred by increase in demand for the collection of genetic data for identification as well as mapping of all human genome genes. The extensive adoption for certain cancer treatments is driving the global gene amplification technology market. The most important driver for the growth of the market for gene amplification technologies have remained Human Genome Projects (HGP). Another key driver shaping the growth remains molecular diagnostics that provide insight in uncovering particular sequences in RNA or DNA for the possibility of association with any kind of disease. Other factors that are shaping the growth of the market are increased focus on drug discovery, R&D in the molecular diagnostic field, toxicology, genetic testing, animal husbandry, environmental monitoring, quality assurance in the industry for food products, forensics, and bioremediation.
Amid the COVID-19 crisis, the global market for Gene Amplification Technologies estimated at US$3.2 Billion in the year 2020, is projected to reach a revised size of US$6.4 Billion by 2026, growing at a CAGR of 11.4% over the analysis period. Medical & Pharma, one of the segments analyzed in the report, is projected to record a 14% CAGR and reach US$4.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Forensic & Identity Testing segment is readjusted to a revised 8.8% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2 Billion in 2021, While China is Forecast to Reach $224.7 Million by 2026
The Gene Amplification Technologies market in the U.S. is estimated at US$2 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$224.7 Million by the year 2026 trailing a CAGR of 14.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.2% and 10.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.4% CAGR. The US is the largest market due to technological advancements, high investments made in the infrastructure of healthcare, accessibility to government funds, extensive R&D in genetic testing, identification, and diagnostics of critical ailments. Substantial growth is anticipated in the Asia Pacific due to encouraging initiatives of governments of several nations aimed at developing healthcare infrastructure. Growing economies like India and China are anticipated to witness greater rates of growth due to lower cost, abundant skilled workers, increased researches, and supportive policies of the government towards setting up research.
Agricultural & Food Safety Segment to Reach $857.6 Million by 2026
Foodborne illnesses are a growing public concern in developed and developing countries. Increasing food consumption patterns and changing industry needs as per regulations are further steering growth for newer and faster food safety diagnostics. Rapid screening methods such as the PCR IMS, immunoassay, and ELISA-based methods, and traditional methods that include culture enrichment process and selective agar method are the major food safety testing technologies utilized. In the global Agricultural & Food Safety segment, USA, Canada, Japan, China and Europe will drive the 8.3% CAGR estimated for this segment. These regional markets accounted for a combined market size of US$511.3 Million in the year 2020. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$22.1 Million by the year 2026. More
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