Research Methodology Followed for This Study:
The study estimates the gene panel 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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This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets and presented in this report. Secondary sources such as National Institute of Health (NIH), American Society of Clinical Oncology, Biotechnology and Biological Sciences Research Council, Department of Biotechnology, European Society of Human Genetics, directories, databases, white papers, annual reports, company house documents, investor presentations, and SEC filings of companies were referred to.
Projected Surge in Revenue:
The global gene panels market is expected to reach USD 2.95 Billion by 2023 from USD 1.22 Billion in 2018, at a CAGR of 19.2%.
Growth Boosting Factors:
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.
Target Audience for this Report:
# NGS equipment manufacturers, vendors, and distributors
# NGS sequencing services companies
# NGS bioinformatics/data analysis companies
# Research institutes and government organizations
# Venture capitalists and government funding organizations
# Research and consulting firms
# Healthcare institutions
# Pharmaceutical and biotechnology companies
# Contract manufacturing organizations
# Contract research organizations
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.
Global Leading Companies:
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).
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Different Growth Strategies Adopted by Them:
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.
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