According to TechSci Research report, “Gene Panel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”, the global gene panel market is anticipated to grow at an impressive rate in the forecast period, 2024-2028. This can be ascribed to the increasing technological advancements in genomics such as NGS technology and increasing adoption rate of genetic testing. Additionally, growing demand for prenatal diagnosis and increasing awareness about advantages of using gene panel technique, instead of conventional method, is expected to create lucrative opportunities for the market growth in coming years. Besides, growing initiatives in population sequencing by the government and rising investments by major key players to develop a new technology, are further expected to support the market growth.
However, inability of next generation sequencing gene panels in detecting some allelic mutations and growing concerns about genetic data security, lack of accuracy and standardization in diagnostic tests may hamper the market growth.
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The Global Gene Panel Market can be segmented by component, by technique, by design, by application, by end user and by region.
Based on component, the global gene panel market can be divided into Test Kits and Testing Services. The test kit segment is expected to dominate the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. The increasing need for gene panel kit for research and development activities and diagnostics center (because of rising prevalence of different infectious and genetic diseases), are some of the factors supporting the segmental growth. Based on technique, the global gene panel market can be divided into Amplicon Based Approach and Hybridization Based Approach. The amplicon-based approach segment is dominated the market in 2022 and is expected to continue maintaining its dominance throughout the forecast period. Increasing demand for amplicon-based approach because of its high target rates and requirement of short time for sequencing in comparison to hybridization is expected to drive the segmental growth.
In terms of application, the global gene panel market can be categorized into Cancer Risk Assessment, Diagnosis of Congenital Diseases, Pharmacogenetics, Others. The cancer risk assessment segment is dominated the market in 2022 on account of rising incidence of cancer across the globe and the minimally invasive nature of gene panels. According to reports, in 2022, there will be an estimated 1.9 million new cancer cases diagnosed and 609,360 cancer deaths in the United States.
Major companies operating in global gene panel market are:
- Illumina, Inc.
- Agilent Technologies, Inc.
- Thermo Fischer Scientific, Inc.
- QIAGEN NV
- Eurofins Scientific SE
- Foundation Medicine Inc.
- Guardant Health, Inc.
- Myriad Genetic Laboratories Inc.
- Bio-Rad Laboratories, Inc.
- F. Hoffmann-La Roche AG
Various companies operating in the market are adopting strategies such as mergers & acquisitions, product launches, among others in order to stay competitive and have an edge over other players operating in the market. Many companies have started making heavy investments in their research & development activities in order to improvise the existing product portfolio and also develop advanced products.
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“The Asia Pacific is expected to dominate and register the highest growth in the global gene panel market on account of increasing demand for safe and effective genetic tests in the region. Furthermore, increasing demand for personalized medicine is expected to support the market growth in the region in the coming years., In addition, the growing application of genetic testing in oncology is further expected to fuel the market growth in the coming years. . Additionally, growing healthcare spending is one of the major factors responsible for creating lucrative opportunities for the market growth” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Gene Panel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Component (Test Kits v/s Testing Services), By Technique (Amplicon Based Approach v/s Hybridization Based Approach), By Design (Predesigned Gene Panel v/s Customized Gene Panel), By Application (Cancer Risk Assessment, Diagnosis of Congenital Diseases, Pharmacogenetics, Others), By End User (Academic & Research Institutes, Hospital & Diagnostic Laboratories, Pharmaceutical & Biotechnology Companies), By Region and Competition”, has evaluated the future growth potential of global gene panel market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global gene panel market.
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