Gene Expression Market to Reach USD 13.28 Billion by 2028 – Reports and Data
Expanding application areas of genomics, and the availability of gene expression databases are key factors contributing to industry growth.
Market Size – USD 7.06 Billion in 2020, Market Growth - CAGR of 8.1%. Market Trends – Surging demand for personalized medicine.
According to the current analysis of Reports and Data, the Global Gene Expression market size was valued at USD 7.06 Billion in 2020 and is forecast to exceed USD 13.28 Billion in terms of revenue, at a CAGR of 8.1% through 2028. The market growth is driven by factors, including surging demands for effective cancer treatment, falling cost of sequencing procedures, and increasing patient inclination towards personalized medicines.
With the increased availability and lowering costs of DNA technologies, gene expression has become an indispensable part of drug discovery and development. Increasing prevalence of chronic diseases and associated demand for personalized medicine is offering lucrative opportunities for the gene expression industry players. In addition, increasing usage of gene expression data for various applications, such as diagnostics, toxicogenomics, and pharmacogenomics will further foster market size through 2028.
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Further key findings from the report suggest:
- Based on product and services, the services segment is projected to observe a CAGR of 11.7% over the forecast period. Surging demand for precision medicine, prevalence of inherited disorders, rapid advances in biotechnology, increasing focus on implementation of advanced healthcare framework, coupled with adoption of advanced technology in modern diagnostics and drug development are the key factors conducive to the segment’s growth.
- Based on applications, the drug discovery segment accounted for 43% of the global gene expression market in 2020 and is expected to contribute significantly to the revenue share through 2028. The robust growth can be attributed to the ongoing innovations in cancer prevention drugs and development of drugs for rare inherited disorders. The ongoing research into personalized medicines will positively impact segmental growth.
- Based on capacity, the low- to mid-plex segment is expected to be the fastest growing during the forecast period. Developments in genetic engineering and stem cell therapy are positively impacting low- and mid-plex segment’s growth.
- In the regional landscape, North America accounted for 42.5% of the global gene expression market share in 2020 and is expected to gain major traction through 2028. The regional industry growth is driven by increased demand for gene therapy, favourable government initiatives, focus on gene expression studies, and substantial funding for NGS research.
- Asia-Pacific is forecast to deliver a CAGR of 3% through 2028 owing to rapid economic developments and surging demand for better health care solutions in the region. China is heavily investing in recombinant DNA technology and genetic engineering, which is positively impacting gene expression industry growth. In addition, increasing government spending on cancer research and associated programs will foster market size in the coming years.
- Key players in the gene expression industry include Agilent Technologies, Qiagen N.V., Illumina, Inc., and Thermo Fisher Scientific, Inc., amongothers.
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Segments covered in the report:
For the purpose of the study, this Reports and Data has segmented the Global Gene Expression Market on the basis of product type, platform type, prescription mode, end-user and the regional outlook:
Product and Services (Revenue, USD Billion; 2018–2028)
- Polymerase chain reaction (PCR)
- Next-generation sequencing (NGS)
- DNA Microarray
- DNA Chips
- Gene expression profiling services
- Bioinformatics Solutions
Capacity (Revenue, USD Billion; 2018–2028)
- Low- to Mid- Plex Gene Expression
- High-Plex Gene Expression
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Application (Revenue, USD Billion; 2018–2028)
- Drug Discovery
Regional Outlook: (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa (MEA)
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