The major factors driving the growth of the gene expression analysis market include decreasing cost of sequencing, rising prevalence of cancer, growing application areas of genomics, and the availability of gene expression databases.
The global Gene Expression Analysis Market is expected to reach USD 4.9 billion by 2023 from USD 3.2 billion in 2018, at a CAGR of 8.8%.
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On the basis of products and services, the global gene expression analysis market has been segmented into consumables (reagents, DNA chips), Instruments (PCR, NGS, Microarray, others), and services (gene expression profiling services, bioinformatics solutions). The consumables segment is estimated to command the largest share of the market in 2018 and is also projected to register the highest CAGR. The high growth in this segment can be attributed to the growing decreasing sequencing costs leading to increased adoption of sequencing and other gene expression analysis techniques.
Based on end user, the market has been segmented into pharmaceutical and biotechnology companies, academic institutes and research centers, and other end users. The pharmaceutical and biotechnology companies segment is expected to command the largest share of 54.8% of the market in 2018. The large share and high growth of this segment can be attributed to factors such as high volume of research studies involving gene expression analysis and huge capital for high end analysis instruments and consumables.
Geographically, North America is expected to dominate the global gene expression analysis market in 2018, while the Asia Pacific region is expected to register the highest CAGR during the forecast period.
The major players operating in the gene expression analysis market include Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), and Bio-Rad Laboratories, Inc. (US) are the key players in the gene expression analysis market.