Increasing prevalence of cancer and genetic disorders, investments by leading market players, and growing need for effective prenatal diagnosis are some key factors fueling market revenue growth.
Increasing prevalence of cancer and genetic disorders, investments by leading market players, and growing need for effective prenatal diagnosis are some key factors fueling market revenue growth
The global gene panel market size is expected to reach USD 7.24 billion in 2028 and register a CAGR of 19.6% over the forecast period, according to the latest report by Reports and Data. Key factors such as increasing funding from governments for genomic research and rising adoption of genetic testing are driving global market revenue growth.
Gene panel is a diagnostic technique that analyses many genes for cancer-associated alterations at the same time. It has a definite set of genes, BRCA1 and BRAC2 that are responsible for repairing damaged DNA and producing proteins for suppressing tumors. The global market is gaining traction due to technological advancements such a NGS, constant efforts and increasing investments by market players for research and development for genomic research. Moreover, initiatives by governments to support and promote population sequencing, increasing implementation of direct-to-consumer test, and steadily rising adoption of gene panels in emerging countries is expected to open up new growth opportunities going ahead.
However, issues with genetic data security and lack of awareness of benefits of gene panels in some developed economies, concerns with accuracy and standardization protocols, and various restrictions for pharmaceutical companies are some factors expected to hamper growth of the global gene panel market.
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Some key highlights from the report:
- Among the product & services, the testing services segment revenue is expected to expand at highest CAGR throughout the forecast period owing to factors such increasing support from governments and various private organizations for genomic research and growing support to offer more effective gene panel services to research institutes.
- Among the technique segments, the amplicon-based approach segment is expected to account for robust revenue growth over the forecast period due to rising demand for amplicon sequencing as it has higher target rates and requires less time for sequencing as compared to hybridization sequencing.
- Among the end-use segments, the hospital and diagnostic laboratories segment is expected to register for rapid revenue growth rate during the forecast period owing to rising prevalence of cancer, constant need for gene panel testing, and availability of well-trained staff.
- North America is projected to account for largest revenue share during the forecast period owing to factors such as rising prevalence of chronic diseases and cancer, presence of leading market players, and growing adoption of advanced diagnostics techniques.
- The market in Middle East and Africa is expected to account for steady revenue growth over the forecast period due to increasing initiatives taken by government, favorable government policies, and growing chronic infections and cancer patients.
- Leading key players operating in the global gene panel market are Agilent Technologies Inc. (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen (Germany), Illumina Inc. (US), BGI Genomics (China), Integrated DNA Technologies, Inc. (US), GENEWIZ (US), Novogene Corporation (US), Personalis, Inc. (US), GATC Biotech AG (Germany), ArcherDX, Inc. (US), GeneDx (Switzerland), and CENTOGENE AG (Germany).
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For this study, Reports and Data has segmented the global gene panel market based on product & services, technique, design, application, end use, and region:
Product & Services (Revenue, USD Billion, 2018 - 2028)
- Test Kits
- Testing Services
Technique (Revenue, USD Billion, 2018 - 2028)
- Amplicon-based Approach
- Hybridization-based Approach
Application (Revenue, USD Billion, 2018 - 2028)
- Cancer Risk Assessment
- Syndrome-specific
- High-penetrance
- High and Moderate-penetrance
- Comprehensive Cancer Risk
- Diagnosis of Congenital Diseases
- Pharmacogenetics
- Other Applications
Design (Revenue, USD Billion, 2018 - 2028)
- Predesigned Gene Panel
- Customized Gene Panel
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End Use (Revenue, USD Billion, 2018 - 2028)
- Research and Academic Institutes
- Hospital and Diagnostic Laboratories
- Pharmaceutical and Biotechnology Companies
Region: (Revenue, USD Billion, 2018 - 2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Rest Of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
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