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. This data was consolidated and added to detailed inputs and analysis from MarketsandMarkets and presented in this report.
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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
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.
While the gene panel market presents significant growth opportunities, gene panel market growth may be hindered due to issues related to genetic data security and accuracy & standardization concerns in diagnostic testing.
The gene panel market is fragmented with the presence of several small and big players. Prominent players in this market include Illumina, Inc. (US), Thermo Fisher Scientific (US), Agilent Technologies (US), QIAGEN (Germany), BGI (China), Eurofins Scientific (US), GENEWIZ, Inc. (US), Novogene Corporation (China), Personalis (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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Expected Revenue Surge:
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 the gene panel market is mainly driven by the increasing prevalence of chronic diseases, growing company initiatives, and rising adoption of gene panel owing to the benefits they offer.
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