(Health-NewsWire.Net, October 11, 2019 ) The global gene panels 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 this market is mainly driven by factors such as the increasing prevalence of chronic diseases, growing company initiatives, and growing adoption of gene panels owing to their benefits such as cost-efficiency and simplified the workflow.
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Agreements, partnerships, joint ventures, and collaboration accounted for the largest share of the overall growth strategies followed by key players between 2015 and 2018. 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).
Illumina led the global gene panel test kit 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 test kits 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.
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