Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Global Gene Panel Market to 2028 report has been added to ResearchAndMarkets.com's offering.
Embracing the Future: Global Gene Panel Market Set for Remarkable Growth
The global gene panel market is on the brink of a momentous growth surge during the forecast period, fueled by the escalating prevalence of genetic disorders like Down syndrome, sickle cell disease, Tay-Sachs disease, and others.
Rising healthcare awareness among the populace and an increasing demand for early diagnosis are prompting numerous couples to opt for genetic testing before family planning or during pregnancy, thus fortifying the market's prospects for the foreseeable future. The adoption of gene panels is gaining momentum due to their cost-effectiveness, swift, and accurate testing, propelling a rapid expansion of the market. Moreover, with healthcare infrastructure witnessing improvements and research and development in gene panels receiving heightened investments, the market is rife with lucrative opportunities for robust growth in the coming years.
Surging Incidence of Chronic Diseases
The prevalence of chronic diseases, such as cancer, congenital diseases, heart attacks, and arthritis, is ascending rapidly, thereby driving the growth of the gene panel market during the forecast period. In response to the rising disorders caused by genetic mutations, there is a substantial surge in demand for gene panel testing. This diagnostic technique analyzes multiple genes for cancer-associated alterations concurrently. Leading players in the field are experiencing heightened demand for gene panels to develop and introduce effective cancer therapies, further fostering market expansion.
According to reports from the global cancer observatory, approximately 19,292,789 new cancer cases were reported worldwide, with 9,227,484 cases in females and 10,065,305 cases in males. The mounting prevalence of cancer is expected to escalate the demand for gene panels. Although genetic testing is relatively expensive, it is primarily conducted on patients at high risk of developing specific types of cancer due to hereditary factors, including lifestyle choices such as smoking, unhealthy habits, lack of physical activity, and alcohol consumption. Disturbingly, the World Health Organization (WHO) reveals that about 295,000 newborns worldwide succumb to congenital anomalies within 28 days of birth annually.
Pioneering Technological Advancements
The escalating demand for advanced medical testing and personalized medicines in clinical diagnosis presents alluring opportunities for market growth in the forecast period. Genetic disorders are currently prevalent in the geriatric population, significantly bolstering the expansion of the gene panel market.
Numerous global companies are diligently focusing on developing new and advanced gene panels, further propelling market growth in the upcoming years. The increasing initiative and investment by private and government organizations in cutting-edge technologies play a significant role in driving market growth. The prevalence of birth defects affecting approximately 1 in every 33 babies born in the United States each year amounts to nearly 120,000 babies.
Market Segmentation
The global gene panel market can be segmented based on components, techniques, design, applications, end-users, and regions. The components category encompasses Test Kits and Testing Services, while techniques comprise Amplicon Based Approach and Hybridization Based Approach. Design options are divided into Predesigned Gene Panels and Customized Gene Panels, and applications encompass Cancer Risk Assessment, Diagnosis of Congenital Diseases, Pharmacogenetics, and others. Among end-users, the market is categorized into Academic & Research Institutes, Hospital & Diagnostic Laboratories, and Pharmaceutical & Biotechnology Companies.
Regionally, North America dominates the market, outshining Asia Pacific, Europe, Middle East & Africa, and South America. The United States leads the global gene panel market, owing to the escalating demand for gene panel techniques in response to the surge in cancer cases worldwide. The American Cancer Society (ACS) predicts over 1.9 million new cancer cases in the United States in 2022, further propelling the growth of the gene panel market.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Gene Panel Market Outlook
6. North America Gene Panel Market Outlook
7. Europe Gene Panel Market Outlook
8. Asia-Pacific Gene Panel Market Outlook
9. South America Gene Panel Market Outlook
10. Middle East and Africa Gene Panel Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
14. Strategic Recommendations
A selection of key companies profiled in this report includes:
- 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
For more information about this report visit https://www.researchandmarkets.com/r/p24k88
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