Genetic engineering to drive the need for PCR technologies
The global PCR market is projected to reach over USD 7.0 billion by 2026 expanding at a considerable CAGR from 2018 to 2026, projects Transparency Market Research. The PCR technique has been found to be useful in pharmaceutical and biotechnology research activities as well as microbial quality testing. The technique is also applied in genetic engineering which is the key driver for the global PCR market. It is used to identify genes related to certain phenotypes including genetic disorders. Regular testing of the microbial load of raw materials and finished products is an important process in the pharmaceutical and biotechnology industry. Sophisticated analytical methods such as PCR have been widely applied for quality control analysis in the pharmaceutical sector.
Molecular diagnosis has revolutionized the modern diagnosis technology. PCR has become a method of choice in early and accurate detection of diseases. Expansion by leading manufacturers of PCR products in the Asia-Pacific region by strengthening of the distribution network and new product launches in developing countries of Asia-Pacific are key factors likely to drive the PCR market in the region. Moreover, rise in the incidence of cancer and infectious diseases has resulted in increase in the demand for use of the PCR technique in clinical diagnosis of these diseases in Asia-Pacific. For instance, according to the Korea Central Cancer Registry published in 2016, there were 217,057 cancer cases in South Korea in 2014. Moreover, in 2016, the WHO estimated that the Asia-Pacific region has the second-highest number (i.e., 5.1 million) of people living with HIV across the world. Thus, Asia-Pacific is expected to be the most lucrative market for PCR by 2026.