According to the research report, the rising demand for highly advanced molecular diagnostic techniques to detect severe diseases accurately is the key factor behind the remarkable growth of the PCR market in the global arena. The continued research and development activities in the field of diagnostic techniques are also stimulating this market significantly.
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Further, the report states that the worldwide PCR market is witnessing a rapid rise in public as well as private funding, which has prompted PCR-based drug discovery and the research activities on genomics. The production of customized medicines and the demand for automated devices have also been reporting a rise in recent years, boosting the global PCR market.
The report studies the worldwide PCR market on the basis of product, application, end use, and the regional distribution of this market. Based on product, the market has been classified into instruments and reagents and consumables. The reagents and consumables segment led the global PCR market with a share of 67%, amounting to US$4 bn in 2013.
By application, the market has been categorized into clinical diagnostics, life sciences, and other application. The life sciences segment dominated the global PCR market with a share of 48% in 2013.
By end use, the report segments the global PCR market into clinical diagnostics labs and hospitals, academic and research organizations, and the pharmaceutical and biotechnology industries. In 2013, the academics and research organizations segment emerged as the biggest end user of polymerase chain reactions across the world, says the study.
Regionally, the report divides the global PCR market into North America, Asia Pacific, Europe, and the Rest of the World. Among these, North America emerged as the leading regional market in 2013 with a total value of US$2.6 bn. Analysts project it to reach a value of US$3.9 bn by the end of the forecast period. Asia Pacific, on the other hand, is estimated to register the highest growth rate among all the regional markets over the forecast period, states the report.