RT-PCR kits are finding extensive applications on the back of factors such as the rising incidences of infectious diseases and genetic disorders. As technological advancements continue to empower the RT-PCR kits, coupled with increasing investments in research and development activities, the market is witnessing positive growth.
COVID-19 Pandemic to Remain Key Growth Influencer in Near Term
While the market is set for gradual growth in the foreseeable future, the recent outbreak of COVID-19, which has metamorphosed into a global pandemic is certain to assert influence on the market. Moreover, there is a continual demand for effective detection techniques on the back of rising cases of major infectious diseases such as HIV, tuberculosis, malaria, hepatitis, and Staph-related diseases, and genetic disorders such as cancer and syndromes. For instance, according to the World Health Organization, approximately 219 million cases of malaria were reported around the world in the year 2018, with 92% cases in the African subcontinent alone. Statistics such as these significantly propel the demand for the RT-PCR kits.
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RT-PCR Kit – A Highly Sought-out Methodology
Reverse Transcription-Polymerase Chain Reaction (real-time RT-PCR) is a nuclear-based method, used to detect the presence of genetic materials such as pathogens, viruses, and microorganisms, among others. Regardless of where the contamination is, RT-PCR kits will detect the foreign body. The increasing adulteration of food products and the growing need for accurate diagnosis are creating potential growth opportunities for real-time PCR system manufacturers. A kit using the real-time RT-PCR method is considered one of the most accurate methods to track, detect, and study contagious viruses such as the coronavirus.
Furthermore, the RT-PCR technique is capable of delivering accurate diagnosis at a quick turnaround time, usually half the time it takes in laboratories. With the mounting cases of COVID-19 around the world, the need for quick and efficient testing is intensifying and the RT-PCR kit is the most sought-out methodology in the health-care industry, thereby creating a spike in the demand for these kits.
North America Exhibits Dominance Backed by High Adoption Rate; Europe Follows Closely
North America is currently dominating the global RT-PCR kit market and is expected to maintain its supremacy in the future. The region is invigorated by factors such as high spending on healthcare, increased adoption of the novel kits, availability of R&D grants, and commercialization of the kits. Closely following North America is Europe, which is the second most lucrative region for manufacturers in the RT-PCR kit market, backed by the healthy presence of testing laboratories, research facilities, and pharmaceutical industries. Likewise, Asia Pacific is also expected to create substantial revenue opportunities owing to the investments in the research and development sector in the emerging economies.
Competitive Landscape of RT-PCR Kits Market
Some of the key players in the RT-PCR kit market are F. Hoffman-La Roche Ltd., Thermo Fisher Scientific, Inc., Bio-Rad Laboratories, Inc., Qiagen N.V,, Takara Bio, Inc., Agilent Technologies, Inc., Biomérieux S.A., Fluidigm Corporation, Danaher Corporation, Abbott Laboratories, Merck KGaA, Becton Dickinson and Company, Promega Corporation, Eppendorf AG, Analytik Jena AG, Meridian Bioscience, Inc., Enzo Life Sciences, Inc., Cole-Parmer Instrument Company Llc, and Bioneer Corporation among others. With mounting cases of COVID-19 and sky-rocketing demand, the market players are racing to expand profit pools.
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