PCR Technologies Market To Generate $23,672.5 Million Revenue by 2030

The global PCR technologies market was valued USD 13,709.3 million in 2023, which is expected to reach USD 23,672.5 million by 2030, progressing with a CAGR of 8.4% during 2024–2030. This is attributed to the frequent product launches by the major companies in the market. For instance, in May 2022, Cipla Limited and Genes2Me Pvt. Ltd. launched its RT-Direct multiplex RT-PCR Test kit for COVID-19 in India.

Similarly, in April 2021, miDiagnostics launched an ultrafast PCR test for point-of-care COVID-19 testing.

Moreover, in July 2022, Seegene Inc. announced that it will work with LabHouse to launch the In-life PCR campaign in Vietnam for Grab drivers. Seegene’s campaign encourages regular testing of respiratory viruses, including COVID-19, and curbs widespread transmission, by targeting nursing homes and schools, as well as asymptomatic individuals.

Reagents and Consumables Category Accounted for Largest Revenue Share

The reagents and consumables category accounted for the largest share in 2023. This is because reagents and consumables need to be purchased regularly and, often, in bulk. Further, the FDA is giving its EUA to an increasing number of PCR tests. For instance, in January 2023, Becton, Dickinson and Company and CerTest Biotec received the Emergency Use Authorization from the FDA for a molecular PCR assay for monkeypox virus. The VIASURE Monkeypox Virus RT-PCR reagents, which work on the BD MAX System.

Instruments also held a significant share in the market in 2023, attributed to the developments in technologies. For instance, in November 2022, Thermo Fisher Scientific Inc. showcased its latest research and diagnostic technologies at its annual meeting. The products are designed to improve the standard of care in oncology, infectious diseases, pharmacogenomics, and other clinical subspecialties.

Real-Time PCR Held Largest Market Share

Real-time PCR held the largest market share in 2022 as it is used for various purposes. In particular, RT-PCR has been widely conducted during the Ebola and COVID-19 pandemic owing to its high sensitivity to these viruses.

The usage of multiplex PCR is expected to witness a robust CAGR in the forecast period as it gives more information in less sample, is time-saving, and witnesses fewer pipetting errors. Moreover, companies are focusing on the development of multiplex PCR assays. For instance, in November 2022, Bio-Rad Laboratories Inc. and NuProbe USA signed a licensing and product development contract, under which the latter will exclusively license its technologies to the former for the advancement of multiplexed digital PCR assays.

North America Generates Highest Revenue

North America held the largest PCR technologies market share, of 40%, in 2023. it is ascribed to the development in technologies, high expenditure on healthcare infrastructure, awareness of early diagnosis, and partnerships between companies. For instance, in October 2022, Takara Bio USA Inc. partnered with BioExcel Diagnostics Laboratory to create a new method to detect infectious diseases that lead to syndromes and validate its effectiveness. Using the automated RT-PCR technology and reagents supplied by Takara Bio, the tests ascertain the presence of viruses, bacteria, antimicrobial resistance genes, and fungi.

Some of the key players operating in the market are F. Hoffmann-La Roche AG, Thermo Fisher Scientific Inc., Bio-Rad Laboratories Inc., QIAGEN N.V., Takara Bio USA Inc., Agilent Technologies Inc., Standard BioTools Inc., Danaher Corporation, Abbott Laboratories, Merck Life Science Private Limited, Becton, Dickinson and Company, and Eppendorf AG,