PCR testing and the Covid-19 diagnostic testing market has, unexpectantly, been growing at a substantial rate the past few years. Countries are racing to slow down the spread of the disease by implementing necessary measures and increasing sample testing. The growing demand for Covid-19 diagnostic procedures and products alone has created immense opportunities in the healthcare industry, thus augmenting the market value. 

According to Fortune Business Insights: "The PCR technique segment dominated the market in 2020.  The dominance is attributable to the increased quantification of patent samples by the use of PCR.  PCR adoption has also contributed to the considerable growth of the segment.  Moreover, the launch of new PCR-based detection techniques will lead to a surge in the demand for PCR instruments in the upcoming years." 

For example, the emergence of the Covid-19 pandemic has led to an explosion of research on various combinations of compounds in laboratories to develop Covid-19 diagnostics and therapies. Pharmaceutical and biotechnology companies have registered their pre-clinical as well as clinical studies for testing novel therapies against the deadly virus. Plasma therapy, immunotherapy, and stem therapy trials are currently in the pipeline.

This trend is likely to increase coronavirus detection market during the forecast period.  A report from ResearchAndMarkets projected that the global Covid-19 diagnostics market size is expected to reach US $ 283.93 billion by 2029 and US $ 116 billion in 2022 with a CAGR of 13.6% through 2029.  The report said: "The Covid-19 pandemic has compelled the research establishment to quickly create extremely accurate diagnostic procedures to efficiently and properly detect this virus in order to restrict infectious transmission.
Furthermore, the advent of novel and innovative diagnostic tests, such as immunoenzymatic serological tests, rapid antigen tests, and molecular tests based on RT PCR, are expected to drive the industry's demand. Companies are investing in research & development and are introducing new products to compete in the global market.  Asia Pacific is expected to hold the largest market share in the global market over the forecast period due to increasing cases of coronavirus along with the presence of several industry players. However, North America is expected to grow at a considerable pace over the forecast period due to increasing virus testing rates, as this region is one of the most affected regions by the virus.