Seize the Opportunity: RT-PCR Kits Market Predicted to Reach US$7.1 Billion by 2033 with an Impressive 6% CAGR – A Revelation by Future Market Insights

According to a recent analysis released by Future Market Insights, the worldwide RT-PCR Kits Market is predicted to tighten its grip by attaining a CAGR of 6% between 2023 and 2033. The market is expected to be worth $4 billion in 2023 and will eventually reach $7.1 billion in 2033. Sales of RT-PCR diagnostic kits are increasing as the prevalence of infectious illnesses and genetic abnormalities rises. To build extremely precise testing technologies, healthcare providers are constantly developing their product ranges.

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.

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Quantitative Kits Lead Market While Digital Kits Gain Traction

The Real-time PCR Kit market is bifurcated into quantitative and digital segments based on the technology, with the quantitative segment holding the lion’s share in market value in 2018 owing to a higher adoption rate. However, the digital type PCR is growing in terms of value and volume at a higher rate.

The digital systems bestow higher sensitivity and accuracy as compared to quantitative PCR approaches. Backed by the aforementioned advantages, the digital PCR segment is expected to attain a significant market value by the end of the forecast period.

A Wide Array of Applications Pushing the Demand

The RT-PCR kits have been utilized in a wide array of applications in both basic and diagnostic research. Some of the major end-use applications are human genetic testing, forensic sciences, pathogen detection, oncology testing, blood screening, and infectious disease testing. Additionally, the kits have been gradually gaining traction in applications in the food microbiology segment to identify adulteration of food, which is expected to propel the market demand.

COVID-19 Influence Propelling Demand for RT-PCR Kits

As the COVID-19 pandemic has permeated into every corner of the world, the need for the efficient testing technique and kits is higher than ever.

The IAEA, in partnership with the Food and Agriculture Organization of the United Nations (FAO), is extending its support and expertise to help various countries to use real-time polymerase chain reaction, which is one of the most accurate laboratory methods for detecting, tracking, and studying the coronavirus.

To detect coronaviruses early in the body using real-time RT-PCR, scientists need to convert the RNA to DNA. This is a process called ‘reverse transcription’, thus giving the name Reverse Transcription- Polymerase Chain Reaction (real-time RT-PCR) to the kit.

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Opportunities Abound in RT-PCR Kit Market Landscape amid COVID-19 Pandemic

Currently, the RT-PCR kits for diagnosis of COVID-19 are being procured from the U.S. and supplied to government testing laboratories across the country. This is creating substantial revenue opportunities for manufacturers. Recently, the government has allowed two private companies – MyLab, an Indian organization, and German-based Altona Diagnostics – to supply COVID-19 test kits to both the government as well as private testing laboratories.

Moreover, two South Korean firms, namely Seegene and SD Biosensor received approval to supply RT-PCR based COVID-19 diagnostic kits in India. Additionally, the Indian government approved 12 rapid antibody test kits for COVID-19 diagnosis. Such initiatives are giving a significant boost to the market.

With mounting cases of COVID-19 and sky-rocketing demand, the market players are racing to expand profit pools. Recent developments in the RT-PCR landscape are:

• In 2019, Qiagen, announced the development of a range of next-generation systems for digital PCR, in the life sciences industry.
• In 2019, Abbott entered into an eight-year partnership agreement with Japanese Red Cross Society (JRC) to develop serological instrumentation, tests, and consumables used for blood and plasma screening in Japan.

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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