(PharmaNewsWire.Com, October 12, 2020 ) 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.
Key Players:
Some of the key 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), F. Hoffmann-La Roche AG (Switzerland), Integrated DNA Technologies (IDT) (US), GATC Biotech AG (GATC Biotech) (Germany), and ArcherDx (US).
Growth Strategies Adopted by Key Players:
Agreements, partnerships, joint ventures, and collaboration accounted for the largest share of the overall growth strategies followed by key players between 2015 and 2018.
Illumina led the global gene panel market in 2017, it is a well-established company and one of the leading brand names in the market. The leading position of the company can be attributed to its exhaustive product portfolio and strong geographic presence. The company focuses on organic as well as inorganic growth strategies to enhance its market position, such as agreements, partnerships, and collaborations that allow it to access the capabilities of complementary businesses and expand geographically. In the last three years, Illumina collaborated with companies such as Thermo Fisher Scientific (2018), Pensabio (2015), and Amoy Diagnostics Co. Ltd. (2015).
Thermo Fisher Scientific is the second-largest player in the gene panel market in 2017. The company adopts organic and inorganic growth strategies to enhance its market share. It is an innovation-centric company and invests heavily in R&D. For example, it spent 4.4% of its revenue in 2017 of R&D activities. This high R&D investment helps the company to introduce and upgrade its products in the market. Some products launched by the company recently are the Ion AmpliSeq On-Demand (2017) and Ion Torrent AmpliSeq RNA Fusion Lung Cancer Research Panel (2015). Product launches help the company to stay current in the market and provide innovative solutions to its end users.
End Users:
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.
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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