Gene Panels Market to reach 2.95 Billion USD by 2023 – Increasing prevalence of chronic diseases
The global gene panel market is expected to reach USD 2.95 Billion by 2023 from USD 1.05 Billion in 2017, at a CAGR of 19.2%. The base year considered for the study is 2017 and the forecast period is from 2018 to 2023.
Factors Driving the Market Growth:
The growth of this market is mainly driven by factors such as the increasing prevalence of chronic diseases, growing company initiatives, and growing adoption of gene panels owing to their benefits such as cost-efficiency and simplified the workflow.
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The test kits segment is expected to dominate the market in 2018
Based on product & service, the market is segmented into test kits and testing services. In 2018, test kits are expected to account for the largest share of the gene panels market. The growth in this market is mainly driven by the increasing demand for gene panels in research as well as diagnostics to understand the genetic variability of chronic disorders.
Based on technique, the amplicon-based approach segment is expected to dominate the market in 2018
Based on technique, the gene panels market is segmented into the amplicon-based approach and the hybridization-based approach. The amplicon-based approach segment is expected to dominate the market in 2018. This segment is also expected to register the highest growth rate during the forecast period due to the advantages associated with this approach, such as its rapidity, cost-efficiency, and low sample requirement.
The research and academic institutes segment is projected to grow at the highest CAGR during the forecast period.
Based on end user, the market is segmented into research & academic institutes, hospital & diagnostic laboratories, and pharmaceutical & biotechnology companies. The research and academic institutes segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing government funding programs across the globe and the focus of market players on providing efficient gene panels.
North America is expected to dominate the gene panels market in 2018
In 2018, North America is expected to hold the largest share of the gene panels market followed by Europe. The large share of this geographical segment is primarily attributed to the growing research on cancer and inherited rare diseases and the increasing number of NGS-based & clinical applications in the region. Other growth factors include government support for genomics research and the presence of leading NGS providers in this region.
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The gene panels market is fragmented, with the presence of several large as well as emerging players. Prominent players in the gene panels market include Illumina, Inc. (US), BGI (China), Agilent Technologies (US), Eurofins Scientific (US), QIAGEN (Germany), GENEWIZ, Inc. (US), Novogene Corporation (China), Personalis (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche AG (Switzerland), Integrated DNA Technologies (IDT) (US), GATC Biotech AG (GATC Biotech) (Germany), and ArcherDx (US). Players in this market are adopting various organic and inorganic strategies, such as product launches & upgradations, agreements, partnerships, joint ventures, collaborations, and acquisition to widen their product portfolios and expand their presence in the market.