SEATTLE, Aug. 02, 2021 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global gene panel market is estimated to be valued at US$ 22,044.7 million in 2021 and is expected to exhibit a CAGR of 20.2% during the forecast period (2021-2028).
Key Trends and Analysis of the Global Gene Panel Market:
Key trends in the market include the increasing prevalence of genetic disorders, rising healthcare expenditure, increasing product launches and approvals, increasing research and development activities, inorganic activities such as collaborations, and others.
Increasing burden of chronic diseases such as cancer, stroke, cardiovascular disease, and others are expected to drive the growth of global gene panel market. For instance, according to the Global Cancer Observatory data 2020, more than 19 million people across the globe suffered from cancer in 2020. The report also estimated that the risk of developing cancer before the age of 75 years was approximately 20.4%.
Increasing number of research and development activities for improving the effectiveness of gene panel is expected to bolster growth of the gene panel market For instance, in April 2019, Sun Yat-sen University, China, initiated an observational clinical study including 287 participants to determine the predictive value of Guangzhou gene panel, which is a four-gene methylation assay used for early detection of colorectal cancer. The study also investigated whether the epigenetic alterations can be considered as a novel genomic biomarker in the gene panel for better detection of colorectal cancer.
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The increasing number of product approval and launch is expected to drive growth of the market over the forecast period. For instance, in January 2021, Swift Biosciences Inc., an American genetic diagnostics solution provider, launched its new product S-gene panel for detection of SARS-CoV-2. This panel enables detection of the novel coronavirus even at very low levels. S-gene is responsible for the expression of spike protein in novel coronavirus. Mutations in this gene gives rise to a variety of new strains, which can now be detected easily using S-gene panel.
The rising healthcare expenditure may support research and development activities in the field of next gene sequencing and genetic disorders. This is expected to drive the growth of the global gene panel market over the forecast period. For instance, in 2018, the Australian government revealed plans of investing over AUD 500 million (US$ 376 million) under the Genomics Health Futures Mission to boost research and development of gene sequencing technologies such as gene panel for diagnosis of genetic disorders.
Key Market Takeaways:
Rising product launches and approvals, increasing research and development activities, inorganic activities such as collaborations, and others are expected to drive growth of the global gene panel market over the forecast period. For instance, in January 2021, Stanford medicine, U.S., a medical school, released its cardiovascular genome panel that analyses the whole genome of a patient to identify the root cause of any genetic disorder.
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Competitive Landscape:
Key players operating in the global gene panel market include Thermo Fisher Scientific Inc., BGI, GENEWIZ, Inc., GATC Biotech, Novogene Co., Ltd., QIAGEN, Integrated DNA Technologies, Inc., Illumina Inc., Agilent Technologies, Inc., Eurofins Scientific, F. Hoffmann-La Roche Ltd, Personalis Inc., GeneDx Inc., and Invitae Corporation.
Market Segmentation:
- Global Gene Panel Market, By Technique:
- Amplicon-Based
- Hybridization-Based
- Global Gene Panel Market, By Design:
- Predesigned Gene Panels
- Customized Gene Panels
- Global Gene Panel Market, By Application:
- Pharmacogenetics
- Diagnosis of Congenital Disorders
- Cancer Risk Assessment
- Others
- Global Gene Panel Market, By End User:
- Research and Academic Institutes
- Hospital and Diagnostic Laboratories
- Biotechnology and Pharmaceutical Companies
- Global Gene Panel Market, By Region:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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