Polymerase Chain Reaction (PCR) Market to be Propelled by Increasing Demand for Advanced Molecular Diagnostics: Transparency Market Research

Albany, NY, May 7, 2015 (GLOBE NEWSWIRE) -- According to a recent publication by Transparency Market Research (TMR) based on the global polymerase chain reaction (PCR) market, this market is expected to expand at a CAGR of 6.6% during the period of 2014-2020 in order to reach US$9.6 billion by the end of the forecast period. The global polymerase chain reaction market was valued at US$6.1 billion in 2013.The market study, titled "Polymerase Chain Reaction (PCR) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", offers a complete analysis comparing the past and the present performance of the global polymerase chain reaction industry as well as the future prospects of this market during the period from 2014 to 2020.

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The report states that the augment in the demand for advanced molecular diagnostics in order to diagnose life-threatening diseases with precision is the key reason for the growth of the global polymerase chain reaction (PCR) market. Additionally, the rising awareness regarding molecular diagnostics coupled with the regular innovation in the area of diagnostic tests is propelling the development in this market.The global PCR industry is experiencing a surge in public as well as private funding, which has encouraged PCR-based drug discovery and research on genomics as well as the production of personalized medicines. Apart from this, the demand for automated devices and multi-faceted analytical strategies is also on a rise. These developments are expected to boost the global PCR market in the coming years.

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The report also analyses the possible impact of challenges, such as the high cost of PCR diagnostic kits and assays and the shortage of skilled professionals the PCR industry is facing, on the growth prospects of the global PCR market. Inefficient data analysis devices and the rising competition in the market owing to the introduction of new technologies such as NGS are other prominent factors hampering the market.According to the study, the reagents and consumables market leads the global PCR industry based on product type. This market held a 67% share of the overall market in 2013, amounting to US$4,072.2 million.

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In 2013, academics and research organizations dominated the global PCR market in the end-use segmentation, whereas the clinical diagnostic labs and hospitals segment is likely to exhibit robust development by 2020, states the report.The study also analyses the global PCR market based on its applications, wherein the life sciences market led the global PCR industry in 2013, accounting for a 48% share of the total market. The clinical diagnostics market held the second position with a 33% share.Regionally, North America is the global leader in the PCR market and is expected to reach US$3,944.6 million in 2020. It was valued at US$2,614 million in 2013. Asia Pacific is expected to emerge as the regional market with the highest growth rate during the forecast period.

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The market study reports that the global PCR industry is consolidated due to a few major players controlling about half of the market. F. Hoffmann-La Roche Ltd., Agilent Technologies, Inc., Abbott Laboratories, Affymetrix, Inc., Becton, Dickinson & Company, Bio-Rad Laboratories, Inc., Beckman Coulter, Inc., GE Healthcare, Sigma-Aldrich Co. LLC., QIAGEN, and Thermo Fisher Scientific, Inc. are some of the key participants of the global PCR market reviewed in this report.

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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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Source:Transparency Market Research