Global qPCR Instruments Market to Touch USD 1.4 Billion by 2028 on Back of Spike in COVID-19 Infections
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By Dan Gueron, New Media Director Posted on 26 Oct 2021 |
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The global qPCR instruments market is expected to expand at a CAGR of 3.4% from 2021 to 2028 to reach USD 1.39 billion by 2028, driven by the introduction of novel advanced products and an increase in demand for highly efficient diagnostic equipment. The demand for qPCR instruments and consumables is being driven by the spike in the incidence of SARS-CoV-2 infections globally. The rise in the incidence is expected to add to the number of preventive screenings. This can be attributed to the fact that nations cannot determine the number of COVID-19 patients without screening them.
These are the latest findings of Grand View Research, Inc. (San Francisco, CA, USA), a market research and consulting company.
The miniaturization of three basic molecular assays is expected to increase the accuracy and specificity of diagnostic outcomes, and hence, increase the demand for molecular diagnostic products. These improvements are expected to improve the availability of POC molecular diagnostic tests to yield quick and effective test results. In recent years, PCR has witnessed technological advancements in terms of sensitivity, accuracy, efficiency, and cost-effectiveness. The key players in the market are introducing novel technologies to maintain a competitive edge. Newly-launched products are providing consumers with improved workflows and high-volume testing to deliver faster results. Cost-effectiveness and software that are simplified offer additional advantages.
However, unmet needs in the market are high. For instance, the lack of affordable qPCR instruments is keeping the market from reaching its full potential. The market also has a high threat of external substitutes owing to the presence of digital PCR instruments that are highly advanced and more accurate. The strong threat of internal substitution can be attributed to the presence of numerous products available in the market. However, the higher price of these instruments is anticipated to reduce the overall threat, keeping it at a moderate level. Additionally, COVID-19 has increased the available opportunities for diagnostic devices. However, advanced PCR technologies, such as dPCR, are preferred more in developed economies as they can help reduce false-positive rates. The research on developing efficient qPCR instruments can reduce the threat of substitution of devices and improve market growth.
Geographically, North America held the largest revenue share of the global qPCR instruments market in 2020 and is expected to maintain its lead during the forecast period due to improving regulatory support and increasing launches of novel products. The market for qPCR instruments in Asia Pacific is expected to witness the fastest growth over the forecast period due to the increasing number of investments aimed at improving diagnostic infrastructure and the growing prevalence of infectious diseases in the region.
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Grand View Research, Inc.
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