During the forecast period, the global market for NGS Gene Expression is anticipated to witness a significant compound annual growth rate (CAGR) of 10%, resulting in a market size of USD 11.5 Billion by 2022.
The market's growth is mainly attributed to the rising incidence of chronic illnesses like cancer, cardiovascular diseases, and neurological disorders, as well as the expanding use of NGS Gene Expression in drug discovery.
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The NGS Gene Expression technique is a molecular-level method that uses genetic instruction to synthesize gene products. With advancements in technology, newer and more advanced NGS Gene Expression analysis methods have been developed, providing greater precision and reliability in analysis.
NGS Gene Expression analysis methods are heavily relied upon by researchers to locate and validate pharmacological targets, predict treatment efficacy, and assess safety profiles. These methods are also essential for identifying genetic variations that may affect a patient's response to specific treatments.
Personalized medicine, which involves tailoring therapies based on a patient's genetic makeup, is driving the growth of the NGS Gene Expression analysis market. Additionally, the increasing use of Next-Generation Sequencing (NGS) technologies has contributed to the revenue growth of this market. NGS technologies allow for the rapid and accurate sequencing of large volumes of genomic material, leading to a better understanding of NGS Gene Expression and its function.
Moreover, public databases containing NGS Gene Expression data are becoming more accessible, providing researchers with vast amounts of information for analysis and interpretation.
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Although the global NGS Gene Expression market is expected to grow rapidly, with a projected CAGR of 10% during the forecast period and a market size of USD 11.5 Billion in 2022, there are several factors that could impede revenue growth. The high cost of NGS Gene Expression analysis instruments, along with the complexity of data analysis and interpretation and the lack of standards for data analysis and reporting, are among the major challenges. Additionally, competition among numerous businesses providing various tools and services for NGS Gene Expression analysis could also affect revenue growth.
In terms of product type, the global NGS Gene Expression market is divided into consumables and instruments, with the consumables segment holding the largest revenue share in 2022. However, the instruments segment is expected to experience fast revenue growth. Based on technique, the market is segmented into Polymerase Chain Reaction (PCR), Next-Generation Sequencing (NGS), microarray, and others. The PCR segment registered the fastest revenue growth rate in 2022, while the NGS segment is projected to account for a significantly large revenue share during the forecast period. Finally, the microarray segment is expected to experience moderately fast revenue growth during the forecast period.
The government regulates NGS Gene Expression products as medical devices, and various regulatory authorities such as the FDA, the European Commission, and CMS have implemented guidelines to ensure the safety and effectiveness of NGS Gene Expression products.
In summary, the global NGS Gene Expression market is expected to experience significant growth due to rising prevalence of chronic diseases and expanding applications of NGS Gene Expression in drug discovery. However, factors such as the high cost of instruments for NGS Gene Expression analysis, complexity of data analysis and interpretation, and absence of standards for data analysis and reporting may hinder market revenue growth.
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