Digital PCR Market growing at a CAGR of 8.8%
According to research report the digital PCR market is projected to reach USD 6.3 billion by 2024 from USD 4.1 billion in 2019. The market is expected to grow at a CAGR of 8.8% from 2019 to 2024. The growth of the market is primarily driven by the rising incidences of target infectious diseases and genetic disorders, increasing financial support for research, and the increasing use of biomarker profiling in disease diagnostics. Companies in the digital PCR market are focusing on novel product development (including lab-on-chip devices, miniaturized devices, and microfluidics-based instruments) to cater to the growing end-user demand for technologically advanced dPCR and qPCR products.
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The qPCR reagents & consumables segment is expected to command the largest share of the qPCR products & services market. Factors such as the expanding applications of qPCR (owing to its technological benefits over traditional PCR, such as real-time analysis and reduced analysis time), growing private-public funding for life sciences research, and the rising number of probe-based multiplex genetic analysis procedures (that require the analysis of low-volume gene samples) are expected to drive the growth of the qPCR reagents and consumables market.
The infectious diseases testing segment is expected to account for the largest share of the qPCR clinical applications market in 2019. This is mainly due to the increasing prevalence of infectious diseases across the globe and the wide market availability of qPCR assays and kits for testing. Increasing awareness on the benefits of qPCR in infectious disease testing, coupled with the rising demand for early and effective disease diagnosis and treatment, have further fuelled the demand for qPCR products in infectious disease testing.
The hospitals and diagnostic centres segment is expected to dominate the qPCR market in 2019. The large share of this segment is attributed to the increasing market availability of qPCR reagents in clinical diagnostic applications; ongoing expansion of healthcare infrastructure across emerging countries; high prevalence & incidence of target diseases; and growing awareness on the benefits of qPCR.
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Geographically, North America accounted for the largest share of the digital PCR market in 2019, followed by Europe. The large share of North American digital PCR market is mainly due to the rising number of genome-based drug development activities undertaken by US-based pharmaceutical and biotechnology companies, increasing support for the development of dPCR and qPCR technologies, a growing target patient base, and the focus on early and effective disease diagnosis.
The global dPCR and qPCR industry offers significant growth potential for current and future players. The digital PCR market is consolidated in nature, with leading players acquiring small market players to gain their state-of-the-art PCR technologies and strengthen their market presence. This also helps them to strengthen their R&D and distribution network and penetrate markets in emerging nations. Furthermore, digital PCR market players are also focusing on technology innovation and development of new products to spur growth. This strategy also enables them to address the specific demands of their consumers and bring cutting-edge technologies to the market.
Mr. Shelly Singh
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