With the energy crisis, high inflation, and aggressive interest rate hikes by the European Central Bank, the economic outlook of the eurozone faces severe challenges. On September 13, local time, the European Economic Research Center in Germany released data showing that the economic sentiment index of the eurozone in September was -60.7, down about 6 percentage points from the previous month. generally pessimistic. On August 30, the latest report released by Eurostat showed that the economic sentiment index of the eurozone in August was 97.6, the lowest level since February 2021, which was lower than expected. The July data was also revised down from 99 to 98. 98.9; among them, the Netherlands, Germany, France, and Italy were the main drag factors. At present, a number of research institutions predict that the eurozone economy is more likely to fall into recession in the future due to the conflict between Russia and Ukraine, high inflation, supply chain restrictions, and slowing global economic growth.
Russia-Ukraine conflict a drag factor
Compared with the United States, the economic and trade exchanges between the euro area and Russia and Ukraine are closer. In 2021, the trade volume (the sum of imports and exports) of the euro area with Russia and Ukraine will account for 7% of the total foreign trade, much higher than the 0.9% of the United States. . As a result of Western sanctions, Eurozone countries' imports from Russia have fallen sharply, with the largest drop in raw materials, such as coal, oil, natural gas, and metal raw materials. The decline in imports has exacerbated supply shortages and increased supply chain bottlenecks, making the euro area manufacturing industry continue to struggle. With the recent maintenance of the "North Stream No. 1" natural gas pipeline, the market is worried that Russia will reduce the supply of natural gas to Europe. If the "cut of supply" finally comes true, the impact of the supply shortage will expand.
Since the fourth quarter of last year, inflation in the euro area has been rising. According to the latest data from Eurostat, driven by rising energy and food prices, the harmonized consumer price index (CPI) in the eurozone continued to record a year-on-year increase of 9.1% in August. At the monetary policy meeting in September, the European Central Bank significantly raised its inflation expectations, predicting that the harmonized CPI in the euro area will reach 8.1% for the whole year of 2022, compared with the previous forecast of 6.8%. Unlike the United States, most inflation in the euro area is driven by energy prices, with the latter contributing more than 60%. This shows that the euro area is facing imported inflation, not inflation caused by strong demand like the United States. The high inflation rate has become a difficult problem that the European Central Bank urgently needs to deal with. As long as inflation remains high, the ECB will have to tighten policy, even if it could hamper economic growth.
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Analysis and forecast of the market size of PCR diagnostic industry
Polymerase chain reaction (PCR) is a nucleic acid synthesis technology that uses the principle of DNA double-strand replication to replicate specific DNA fragments in vitro. With this technology, the detection equipment can amplify the target gene in a large number in a short time, expanding the target gene fragment to the order of millions to billions, thus achieving high sensitivity detection. At present, polymerase chain reaction (PCR) diagnosis of infectious diseases such as hepatitis, venereal disease, intestinal respiratory disease and tumor single gene detection is an important application field. In 2020, polymerase chain reaction (PCR) diagnostic technology was identified as the "gold standard" for COVID-19 diagnosis due to its high sensitivity and accuracy.
China's PCR diagnostic market is developing rapidly, with the market size growing rapidly from about RMB 2.37 billion in 2015 to about RMB 5.93 billion in 2019, with a compound annual growth rate of 25.8%. China's PCR industry experienced explosive growth due to the huge demand for testing caused by the outbreak of COVID-19 in 2020, and the market size of China's PCR diagnostic industry exceeded 10 billion yuan in 2020. With the introduction of a large number of PCR diagnostic instruments, the PCR diagnostic industry will enter a new stage of development. It is expected that the PCR diagnostic industry will maintain a double-digit growth rate, and the market size of the PCR diagnostic industry will reach about 23.42 billion yuan in 2030 based on the factory price, and the cagR will reach about 13.3% from 2019 to 2030.
Market Demand of the extraction kit
The DNA/RNA Extraction Kit market and other extraction kit s are projected to grow at a CAGR of 8.26% during the forecast period 2022-2027.
The COVID-19 pandemic has impacted the extraction kit market for a short time due to restrictions on different business and research activities for extraction kit s. In addition, diagnostic tests for other diseases and medical conditions in hospitals and other clinical diagnostic facilities have been affected as COVID-19 has led to fewer patients taking tests. However, the high rate of COVID-19 infection and research activities are undertaken by major companies in the field of sequencing to expand their understanding of the virus and its origins, as well as molecular diagnostics of the SARS-COV-2 virus, have led to the development and launch of many DNA - and RNA-BASED COVID-19 kits, The kits proved so important that they were in great demand.
Market drivers for the extraction kit
The growth of the DNA/RNA extraction kit market is primarily driven by increased investment in R&D activities in different areas, including molecular diagnostics for different chronic and infectious diseases. For example, the US spent $842 billion on R&D activities in 2020, followed by China at $664 billion, according to the ORGANISATION for Economic Co-operation and Development. Technological advances worldwide, new product launches by major market players, and an increase in cancer cases are also likely to complement the growth of the markets under study.
Other factors, such as increased demand for automation of DNA/RNA extraction technologies, new user-friendly and easy extraction kits, and DNA/RNA for analysis of new diseases causing microorganisms, are expected to drive DNA/RNA growth. RNA Extraction Kit market during the forecast period. Therefore, low awareness and availability of the kit and low market penetration in less developed and developing regions around the world are the major factors limiting the growth of the DNA/RNA extraction kit market.
North America is expected to dominate the global extraction kit market during the forecast period
North America, which holds a major share in the extraction kit market, is expected to show a similar trend during the forecast period, mainly due to the high level of R&D activity in the region and the presence of major market players in the region constantly developing their products for the markets studied.
In the region, the US is expected to take a major share of the DNA/RNA extraction kit market due to heavy investment in R&D by government and private entities, increased demand for extraction kit s, and the rising prevalence of chronic diseases.
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