Gene expression Market Expected to Reach $17,960.77 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Gene expression Market," The gene expression market size was valued at $8,505.71 million in 2021 and is estimated to reach $17,960.77 million by 2031, exhibiting a CAGR of 7.7% from 2022 to 2031.” When the information stored in the DNA is converted into instructions for making proteins or other molecules, it is called gene expression. It is the process by which the instructions in the DNA are converted into a functional product, such as a protein. It is a tightly regulated process that allows a cell to respond to its changing environment. It acts as both an on/off switch to control when proteins are made and also a volume control that increases or decreases the number of proteins made. There are two key steps involved in making a protein, transcription, and translation.  

The key factors that drive the growth of the gene expression industry are the rising prevalence of genetic diseases and cancer, technological developments in gene expression techniques, and availability and access to comprehensive gene expression databases. For instance, in May 2020, 10x Genomics, Inc. launched targeted gene expression solution for single cell and shortly following for spatial genomic research. Moreover, the rise in the geriatric population and increase in the demand for personalized medicines propel the growth of the market. Furthermore, the surge in investments in R&D activities by pharmaceutical and biotechnology companies for gene therapy are anticipated to drive the gene expression market trends.

However, the high cost of the reagents and equipment, and stringent regulatory compliances are the major barriers to the growth of the market. Emerging economies such as India, China, Mexico, and Brazil are anticipated to create new opportunities during the forecast period owing to the rising geriatric population and rapid increase in the number of chronic genetic diseases.   

On the basis of products, the gene expression market share is segmented into consumables and instruments. In 2021, the consumables segment accounted for the largest share of the market. The dominance of this segment can be attributed to the increasing volume of genetic tests in drug discovery, biomarker discovery, and pharmacogenomics applications which are driving the growth of the consumer market.   

However, instruments segment is expected to witness considerable market growth during the forecast period, owing to growing application of gene expression in drug discovery, increasing needs in biomedical research, the rising demand for personalized medicine, and advances in technology.   

On the basis of application, the gene expression market analysis is done on the basis of drug discovery and diagnostics. In 2021, the diagnostics segment accounted for the largest share of the market. The dominance of this segment can be attributed to the increasing use of gene expression analysis for early and precise diagnosis of rare genetic disorders and chronic illnesses which are the major factors that propel the growth of the market.  

However, drug discovery segment is expected to witness considerable market growth during the forecast period, owing to the rise in the advancement in sequencing technology and increase in prevalence of chronic and infectious diseases.   

By end user, the gene expression market size is segmented into pharmaceutical & biotechnology companies, academic & research institutes, and others. The pharmaceutical and biotechnology companies segment exhibited the highest growth in 2021, and is anticipated to lead during the forecast period, owing to the fact that pharmaceutical & biotechnology companies utilized gene expression analysis products & services to achieve the clinical research goals, such as drug discovery and development. Whereas, biopharmaceutical companies focus on developing targeted therapies, especially for the treatment of cancer, complex diseases, and rare genetic disorders which are the key factors expected to drive the growth of the market in upcoming years. 

However, academic & research institutes segment is expected to witness considerable market growth during the forecast period, owing to the increase in funding for research as research institutions and academic institutes receive more government and private funding and the rise in the number of R&D activities which increases the requirement of gene expression-based instruments and reagents.   

On the basis of region, North America accounted for a majority of the gene expression market share in 2021 and is anticipated to remain dominant during the forecast period owing to rising investment and increasing research and development activities toward the development of gene therapy, especially in the U.S. In addition, the increasing focus on gene expression studies, government initiatives, and the availability of funding for next-generation sequencing (NGS) research are driving the growth of the market in North America.    

Asia-Pacific is expected to register the fastest CAGR during the gene expression market forecast period. The market growth in the Asia-Pacific region is supplemented by highly populated countries along with increasing collaboration between key organizations to improve quality of healthcare and research infrastructure, availability of government funding for research activities, and growing application of gene expression profiling owing to increasing focus on personalized medicine which are some of the key factors expected to propel the growth of the market in the region.

The key players that operate in the gene expression industry are Illumina Inc., Agilent Technologies, Thermo Fisher Scientific Inc., PerkinElmer Inc., Oxford Nanopore Technologies, QIAGEN, Bio-Rad Laboratories Inc., PacBio, Promega Corporation, and F. Hoffmann-La Roche Ltd.  

KEY FINDINGS OF THE STUDY 

• By product, the consumables segment was the highest contributor to the market in 2021. 
• By application, the diagnostic segment was the highest contributor to the market in 2021.
• By end user, the pharmaceutical & biotechnology companies' segment was the highest contributor to the market in 2021. 
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 9.1% during the forecast period.