The global gene expression analysis market is found increasing due to the various factors such as increasing government funding towards genomics, growing adoption of personalized medicine and the rapid technological advancements. Personalized medicine is becoming more popular with the growing number of genetic disorders and also with the increasing awareness about personalized medicine is driving the market with a high growth rate in the future.
In addition, growing technological advancement such as NGS and molecular services are augmenting the demand for gene expression services. Additionally, the development of genomic databases, increased government funding towards genomics, and growth in personalized medicine are likely to drive the market. However, factors such as, lack of skilled labor and high cost of instruments will lead to the decline of the market in the forecast period.
Key Market Trends
Next Generation Sequencing (NGS) is Expected to Grow With a Healthy CAGR
The Next Generation Sequencing (NGS) is a technology in which millions of DNA strands can be sequenced through massive parallelization; this technique is also known as high throughput sequencing. The low cost, high accuracy and speed, and precise results even from low sample input are the main advantages NGS offers over Sanger’s sequencing method.
The NGS is therefore, being used to execute various applications, such as biomarker discovery, oncology studies, personalized medicine, and agricultural and animal research, among others. After the introduction of NGS technologies, in they have had an incredible influence on genomic research.
Next-generation sequencing, currently, has its application in the diagnosis of a variety of illnesses, such as cancer, hematological disorders, neurology, psychiatry, dysmorphology, vision and hearing impairment, cardiology, and pharmacogenomics. It is also used as a tool for noninvasive prenatal tests. Hence they can be used for large-scale screening of SNPs, to ultimately determine if a drug candidate will be effective and safe. The NGS can help change DNA sequencing and genetic characterization used in drug discovery and drug development.
North America is Found Dominating the Global Gene Expression Analysis Market
North America dominates the global gene expression analysis market and is expected to maintain its dominance over the forecast period. This growth can be attributed to rising investment and increasing R&D activities towards development of gene therapy, especially in the US. In addition, factors such as the development of gene therapy, focus on gene expression studies, government initiatives, and the availability of funding for NGS research are driving the growth of the gene expression analysis market in North America.
The key players are adopting different growth strategies to enhance their market presence such as partnerships, agreements, collaborations, new product launches, geographical expansions, mergers, and acquisitions. Furthermore, the companies they are engaged in strategic partnerships to expand their market reach. Key players are also involved acquisition of smaller players to enhance product portfolio.
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