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DNA And Gene Chip Market Research 2024 - Industry Analysis, Size, Share, Future Trends, Growth Opportunities And Forecast 2033
DNA And Gene Chip Market Research
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According to The Business Research Company's, The dna and gene chip market size has grown rapidly in recent years. It will grow from $7.38 billion in 2023 to $8.4 billion in 2024 at a compound annual growth rate (CAGR) of 13.9%. The growth in the historic period can be attributed to genomic research advancements, rise of personalized medicine, human genome project milestones, drug discovery and development, disease biomarker identification.
The dna and gene chip market size is expected to see rapid growth in the next few years. It will grow to $13.7 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%. The growth in the forecast period can be attributed to advancements in precision medicine, expansion of biomarker discovery, growth of personalized therapeutics, application in cancer research, increasing research funding. Major trends in the forecast period include technological advancements, product innovations, regulatory framework and compliance, focus on rare diseases, continuous reduction in costs.
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Market Drivers and Trends:
Increased focus on personalized medicine is expected to propel the growth of the DNA and gene chip market going forward. Personalized medicine is an emerging practice of medicine that uses an individual's genetic profile to guide decisions made in regard to the prevention, diagnosis, and treatment of disease. DNA and gene chips are used in personalized medicine to analyze an individual's genetic profile and identify potential disease risks and treatment options. For instance, in 2021, according to The Personalized Medicine Coalition, a U.S.-based organization promoting the adoption of personalized medicine, the FDA's CDER approved 50 new molecular entities (NMEs), out of which 17 (35%) were classified as personalized medicines by the Personalized Medicine Coalition. Therefore, the increased focus on personalized medicine is driving the DNA and gene chip market.
Strategic partnerships and collaborations are the key trends gaining popularity in the DNA and gene chip market. Many companies operating in this sector looking for partnerships to strengthen their position in the DNA and gene chip market. For instance, in June 2022, Avesthagen Limited, an India-based integrated systems biology platform company, entered into a four-year strategic partnership with Wipro Limited, an India-based information technology company. Through this partnership, both companies execute the project titled Cancer Risk Assessed by NGS profiling of circulating free DNA and RNA for lung cancer project-related genomics sequencing services. Further, in May 2022, Thermo Fisher Scientific, a US-based supplier of analytical instruments, partnered with Qatar Genome Program (QGP), a member of Qatar Foundation (QF)to develop an Axiom custom genotyping array for pan-Arab populations, utilizing whole genome sequencing data from 19 Arab countries. The array, with 800,000 variants, aims to enhance genomic research, focusing on conditions such as diabetes, cardiovascular diseases, autism, and cancer. The collaboration supports Qatar's national vision for improved population health and the advancement of precision medicine for people of Arab identity worldwide. Thermo Fisher's Axiom microarray technology facilitates accelerated precision medicine initiatives.
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Major Key Players of the Market:
PerkinElmer Inc., Illumina Inc., Thermo Fisher Scientific Inc., Macrogen Inc., Agilent Technologies Inc., Greiner Bio-One International GmbH, CapitalBio Corporation, Microarrays Inc., bioMérieux SA, Applied Microarrays Inc., Biometrix Technology Inc., Oxford Gene Technology IP Limited, Affymetrix Inc., Bioneer Corporation, Eurofins MWG Operon LLC, F. Hoffmann-La Roche Ltd, QIAGEN N.V., Bio-Rad Laboratories Inc., Arrayit Corporation, BioChain Institute Inc., Cepheid, Clontech Laboratories Inc., Eppendorf AG, Fluidigm Corporation, GE Healthcare, Genisphere LLC, Gyros Protein Technologies AB, Hitachi High-Technologies Corporation, LC Sciences, Luminex Corporation
DNA And Gene Chip Market 2024 Key Insights:
• The dna and gene chip market size is expected to see rapid growth in the next few years. It will grow to $13.7 billion in 2028 at a compound annual growth rate (CAGR) of 13.0%.
• Early Cancer Detection Driving Growth Indna And Gene Chip Market
• Strategic Partnerships And Collaborations Fuel Growth In Dna And Gene Chip Market
• North America was the largest region in the DNA and gene chip market share in 2023
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