Global Gene Panel Market to Grow Worth 2.95 Billion USD by 2023


Posted October 22, 2020 by mmvaidya

The global gene panels market is expected to reach USD 2.95 Billion by 2023 from USD 1.22 Billion in 2018.
 
The global gene panel market is expected to reach USD 2.95 Billion by 2023 from USD 1.22 Billion in 2018, at a CAGR of 19.2%. 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.

Research Methodology Followed in This Study:

The study estimates the Gene Panel Procedure Market size for 2018 and projects its demand till 2023. In the primary research process, various sources from both demand side and supply side were interviewed to obtain qualitative and quantitative information for the report.

For the gene panel market estimation process, both top-down and bottom-up approaches were used to estimate and validate the market size of the gene panel market as well as to estimate the market size of various other dependent submarkets. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

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The research and academic institutes segment is projected to grow at the highest CAGR during the forecast period.

Based on end user, the Gene Panel 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.

Based on technique, the amplicon-based approach segment is expected to dominate the market in 2018

Based on technique, the gene panel 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 test kits segment is expected to dominate the market in 2018

Based on product & service, the Gene Panel Procedure 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.

Geographical Growth Scenario:

In 2017, North America dominated the gene panel market, followed by Europe. The large share of the North American market can be majorly attributed to the government support for Genomics research. Other growth factors include the presence of leading NGS providers, growing research on cancer and inherited rare diseases, and increasing number of NGS-based & clinical applications in the region.

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Global Leaders:

Agreements, partnerships, joint ventures, and collaboration accounted for the largest share of the overall growth strategies followed by key players between 2015 and 2018. Some of the key players in the Gene Panel Procedure Market include Illumina, Inc. (US), BGI (China), Agilent Technologies (US), Eurofins Scientific (US), QIAGEN (Germany), GENEWIZ, Inc. (US), ), Novogene Corporation (China), F. Hoffmann-La Roche AG (Switzerland), Integrated DNA Technologies (IDT) (US), GATC Biotech AG (GATC Biotech) (Germany), and ArcherDx (US).

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Issued By Makarand Vaidya
Country United States
Categories Biotech , Industry , News
Tags gene panel procedure , gene panel procedure market
Last Updated October 22, 2020