The global PCR technologies market was valued at USD 7027 million in 2016, and is estimated to reach USD 10,776 million by 2023, registering a CAGR of 6.2 percent, predicts Allied Market Research. Increase in the geriatric population, high prevalence of infectious diseases, rise in number of diagnostic centers and hospitals, technological advancements, and increase in awareness and acceptance of personalized medicine drives the market size. However, growth of nonvalidated home-brew test and reimbursement issues restraint the market growth.
In addition, accurate and timely results for RT-PCR are a major challenge faced by the industry. Reduction in number of PCR processes makes the process less tedious and may open avenues of opportunities for the PCR market. Moreover, increase in funding for R&D activities and presence of the untapped market in developing regions are expected to provide new avenues for the growth of the market size in the near future.
Real-time PCR accounted for the highest revenue in 2016, and is projected to maintain the trend throughout 2017–2023. However, digital PCR is anticipated to be the fastest growing segment in the market. Reagents and consumables accounted for the highest market share in 2016, and are projected to maintain the trend over the years. However, the software segment is expected to be the fastest growing segment during 2017–2023. North America accounted for the largest market share in 2016, and is expected to retain its dominance over the years.