Reporter Gene Assay Market Size to Witness Highest CAGR Forecast by 2023-2032
Reporter Gene Assay Market
The global reporter gene assay market size was USD 6.05 Billion in 2022 and is expected to register a revenue CAGR of 8% over the forecast period, according to the latest report by Reports and Data.
Reporter gene assays are often employed in the biotechnology and pharmaceutical industries to screen compounds for possible therapeutic usage. This is because these tests may swiftly and precisely provide information about drugs’ efficacy, toxicity, and mechanism of action. The increase of clinical trials for innovative drugs, as well as the prevalence of chronic diseases such as cancer, cardiovascular disease, and neurological disorders, are also driving demand for reporter gene assays.
Furthermore, market revenue is increasing due to a growing preference for cell-based assays over animal-based tests. Cell-based assays are regarded to be more trustworthy, accurate, and cost-effective than animal-based assays. Furthermore, market revenue growth is expected to be fueled by the increasing use of reporter gene assays in stem cell research over the forecast period. Another element driving market revenue growth is the growing need for tailored therapy. The purpose of customized medicine is to tailor medical care to each patient’s unique characteristics. By detecting genetic variations in patients, reporter gene assays can aid in the development of personalized therapies. Increasing usage of customized medication is likely to fuel market revenue growth over the forecast period.
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Some Key Highlights from the Report
- During the forecast period, the luminescence-based segment is expected to account for the largest share of revenue. This is due to its great sensitivity, low background noise, and wide dynamic range, making it ideal for activities such as drug discovery and gene expression studies. Furthermore, the longer signal duration of luminescence-based assays allows for greater assay stability and reduces the need for repeated measurements, resulting in cost savings.
- The drug discovery segment is expected to hold the largest revenue share during the forecast period. This is due to the increasing demand for novel drugs and the need for more effective drug development techniques. Reporter gene assays play a critical role in drug development by allowing researchers to test a large number of drugs for their activity against specific targets like enzymes or receptors. This enables identification of potential therapeutic candidates and helps in improving lead molecules.
- The market in North America is predicted to account for the greatest revenue share over the forecast period, because of the increased frequency of chronic conditions such as cancer and infectious diseases that need accurate diagnosis and monitoring. Furthermore, the region’s growing use of targeted and personalized medicines is expected to drive up demand for reporter gene tests. The United States has the largest market in North America because to its established healthcare infrastructure and increased investment in Research and Development (R&D).
Promega Corporation, Thermo Fisher Scientific, PerkinElmer, Inc., Becton, Dickinson and Company, Danaher Corporation, Bio-Rad Laboratories, Inc., Genecopoeia, Inc., Qiagen N.V., Lonza Group, and Abcam plc.
Technology Outlook (Revenue, USD Billion; 2022 – 2032)
Application Outlook (Revenue, USD Billion; 2022 – 2032)
- Drug Discovery
- Gene Regulation Studies
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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