Polymerase Chain Reaction (PCR) and Real-Time PCR Testing Market Worth $22.4 Billion in 2020, due to the Surge in Number of Tests Being Conducted for the Diagnosis of COVID-19

DUBLIN, May 6, 2020 /PRNewswire/ -- The "Polymerase Chain Reaction (PCR) And Real-time Polymerase Chain Reaction (PCR) Testing Global Market Report 2020-30: Covid 19 Implications and Growth" report has been added to ResearchAndMarkets.com's offering.

The global polymerase chain reaction (PCR) and real-time polymerase chain reaction (PCR) testing market is expected to grow from $7.5 billion in 2019 to about $22.4 billion in 2020 as there is a surge in the number of tests being conducted for the diagnosis of Covid-19. The market is expected to stabilize and reach $10.1 billion at a CAGR of 7.9% through 2023. North America was the largest region in the polymerase chain reaction (PCR) and real-time polymerase chain reaction (PCR) testing market in 2019.

This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider polymerase chain reaction and real-time polymerase chain reaction testing market, and compares it with other markets.

Markets Covered

1. By Product: Consumables & Reagents; Instruments; Software & Services
2. By Application: Clinical Diagnostics; Life Science Research; Industrial Applications; Others

Early detection plays a key role in treating Covid-19 patients. The real time RT-PCR technique is a highly sensitive and specific testing method that can deliver a reliable diagnosis in as fast as three hours, unlike the other laboratory tests that take an average of 6 to 8 hours. Real time RT-PCR is significantly faster and has a lower potential for contamination or errors as the entire process is within a closed tube. Therefore, currently it is considered to be the most accurate method available for detection of the coronavirus. This has created huge demand for PCR testing kits.

The need for early detection of chronic diseases is expected to drive the market. With the onset of chronic diseases, there has been a priority to detect the cause of the disease to decrease its onset on people, for the drug discovery and to start the appropriate treatment at the appropriate time which enables faster cure and also save maximum lives and decreases its after-effects. The Real time RT-PCR test is the standard test for the recent COVID-19 (corona virus) pandemic. It is used for its high sensitivity which enables it to detect early infection. Therefore, the need for early detection is thought to be propelling the PCR and real time PCR testing market.

Development of alternative technologies is expected to hinder the growth of PCR and real time PCR testing market. New technologies like CRISPR are expected to be launched soon, which is a rapid test compared to PCR. Sherlock Biosciences Inc. and Mammoth Biosciences are trying to launch improved diagnostics with CRISPR-based technologies that would increase and accelerate the detection of the corona virus to treat the patients better and also to control the further spread of the virus. Development of alternatives is expected to hinder the PCR and Real Time PCR Testing market.

The companies in the PCR and Real Time PCR Testing market are coming with new test kits and systems for the diagnosis of diseases. Recently, Roche has come up with adenovirus test for the transplant patients. It is designed to be used along with other infectious diseases tests which can be used in their 6800 and 8800 cobas systems. More and more companies are coming with the Real time RT-PCR test for corona virus, thus new product launches are anticipated to be the trend in PCR and Real time PCR Testing market.

Major players in the polymerase chain reaction (PCR) and real-time polymerase chain reaction (PCR) testing market are Abbott Laboratories, Agilent Technologies Inc., bioMerieux SA, Bio-Rad Laboratories, F.Hoffmann-La Roche Ltd (Roche Diagnostics), Qiagen N.V., Genmark Diagnostics, Thermo Fisher Scientific, Inc., General Electric Company (GE Healthcare), and Danaher.

For more information about this report visit https://www.researchandmarkets.com/r/dd7vhb

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