The process of transcription of gene for synthesis of functional gene products such as functional RNA species, protein products, non-protein functional products, etc. is called gene expression analysis. Gene expression analysis helps to interpret behavior of genes in normal biological and disease processes.
Increasing demand for precision medicine, coupled with growing prevalence of cancer and abnormal genetic conditions and disorders are key factors driving growth of the global gene expression analysis market. In addition, rising investments in genomic research by government is another factor expected to further drive growth of the global market to a significant extent over the forecast period.
High cost of instruments is a major factor hampering growth of the global gene expression analysis market. Moreover, high development cost and longer lead time are some other factors restraining growth of the target market. However, use of alternative or advanced technology to develop new drugs and to reduce lead time for commercializing the product is expected to create lucrative opportunities for major players in the global market over the forecast period.
The global gene expression analysis market is segmented on the basis of consumables, instruments, application, and region. On the basis of region, the global market is segmented into North America, Europe, Asia Pacific, Latin America, & Middles East & Africa.
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North America accounts for highest revenue share in the global gene expression analysis market. This growth can be attributed to presence of major market players in the US, and increasing adoption of advanced technology for development of gene therapy. The market in Europe is expected to witness considerable growth over the forecast period, followed by the market in Asia Pacific. The market in Asia Pacific is projected to register highest CAGR of X.X%, owing to increasing research activities in genomics by countries such as China and Japan.
Key players in the global market are Quest Diagnostics Incorporated, Thermo Fisher Scientific Inc., QIAGEN N.V., Bio-Rad Laboratories, Illumina Inc., Agilent Technologies, PerkinElmer Inc., Dharmacon Inc., Novogene Corporation, Promega Corporation, and other prominent players.