New York, May 18, 2023 (GLOBE NEWSWIRE) -- The Gene Panel Market is valued at USD 2,454 Million in 2022 and is projected to reach a value of USD 9,345 Million by 2032 at a CAGR (Compound Annual Growth Rate) of 14.7% over the forecast period 2023-2032.
Gene panel indicates a test that aids in simultaneously analyzing various genes for cancer-associated mutations. This test is to examine a large number of genes that helps to learn more about cancer. It delivers a safe diagnosis that can help stop cancer from spreading. There are two types of genes, BRCA1 and BRCA2, responsible for the production of proteins that aid in tumor suppression and prevent the growth of tumor cells along with repairing the damaged DNA.
For comprehensive details on the market size of historic period (2017 to 2021) and forecast period (2023-2027) - View a sample report@ https://market.us/report/gene-panel-market/request-sample/
Key Takeaway
- By Product & Service, the test kit segment generated a revenue share of 54% in 2022.
- By Technique, the amplicon-based approach segment has dominated the market, and it is growing at the highest CAGR over the forecast period 2023 to 2032.
- By Design, the predesigned gene panel segment held over 68% of the market for biopsy devices.
- By Application, the cancer risk assessment segment dominated the market.
- By End-User, the research & academic institutes segment held the highest revenue share of the market.
- In 2022, North America dominated the market with the highest revenue share of 45%.
- Europe will grow at a significant CAGR from 2023-2032.
The gene panel market is growing because of several factors, including the rising incidence of cancer and genetic disorders, the rising demand for genetic screening, and the growth of genetic screening recommendations to take possible measures that effectively decrease the mortality rate caused by genetic disorders. Additionally, clinicians now prioritize understanding the genetic predisposition of any type of cancer or other genetic disorder known to exist to make a significant step in the direction of disease therapeutics and prognostics.
Factors affecting the growth of the gene panel market
There are several factors that can affect the development of the gene panel market. Some of these factors include:
- Increasing Technological Advancements: Increasing technological advancements will propel the market's growth.
- Increasing Number of Product Launches: The increasing number of product launches will likely facilitate the growth of the global Gene Panel market.
- Increase in need for Organ Transplants: The primary factor driving the growth of the market is an increase in the need for organ transplants.
- Rising Demand for Genetic Screening: Rising demand for genetic screening leads to boost market growth.
- COVID-19 impact: The COVID-19 pandemic has had a significant effect on the market that has boosted the growth of the market.
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/gene-panel-market/#inquiry
Top Trends in Global Gene Panel Market
Researchers and clinicians intensely recommend prenatal, neonatal screening, and pre-gestational to rule out any chances of any kind of genetic discrepancy that may be the cause of several genetic disorders, along with cancer. A prequel, by Myriad Genetics, is a prenatal test that can be taken as early as 10 weeks into the pregnancy to determine the possibility of Down syndrome in the embryo. The global demand for transplants like liver, bone marrow transplants, and kidneys is also propelling the demand for gene panels that can perform HLA typing. In the market, gene panels are also projected to replace laboratory-based conventional genetic analysis technologies.
Market Growth
Factors such as increasing benefits of gene panels, increasing need for efficient prenatal diagnosis, increasing adoption of genetic testing, increasing various types of cancer cases, and increasing company initiatives, increasing technological advancements like next-generation sequencing are the major factors that propel the growth of the market. Furthermore, modernization in healthcare techniques and increasing government initiatives in population sequencing will further create numerous growth opportunities for the growth of the gene panel market.
Regional Analysis
North America accounted for the largest share of 45% of the market, and it is projected to grow profitably during the forecast. Gene panels in the US are intended for the blood samples to be complementary to identify multiple genetic disorders and to recommend genetic screening with the assistance of machine learning. Most of the growth of the market was due to extensive research which was carried out in several research institutes that were equally funded by industry giants, academic research institutes, the National Cancer Institute (NCI), and others across the country.
In Europe, there is an increase in genetic level understanding of a disease, along with an increase in the need for presumptive screening. Industrial developments were occurring because of the increasing demand for gene panels for different applications in the region.
Competitive Landscape
The prominent market players are focused on partnerships, strategic collaborations, and expansion of the market into economically prosperous regions. Centogene N.V. declared the expansion of its partnership with Agios Pharmaceuticals, Inc. to improve PYRUKYND therapies for genetic disorders. The US Food and Drug Administration (FDA) granted approval to PYRUKYND; it is a selective, first-in-class, small-molecule activator of the enzyme known as pyruvate kinase.
Market Key Players:
- Agilent Technologies, Inc.
- Thermo Fisher Scientific
- Bio-Rad Laboratories, Inc.
- Illumina, Inc.
- Qiagen
- Foundation Medicine, Inc.
- Guardant Health
- Myriad Genetic Laboratories, Inc.
- Cepheid
- Other Key Players
Have Queries? Speak to an expert or Click Here To Download/Request a Sample
Scope of Report
| Report Attribute | Details |
| Market Value (2022) | US$ 2,454 Mn |
| Market Size (2032) | US$ 9,345 Mn |
| CAGR (from 2023 to 2032) | 14.7% |
| North America Revenue Share | 45% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
| Regional Coverage & Country Coverage | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Market Drivers
The gene panel market is projected to develop over the forecast period due to the rising significance of chronic diseases linked with genes, such as cancer, heart attack, stroke, arthritis, and others. The International Agency for Research on Cancer (IRAC) predicted that there would be above 27.5 million new cases of cancer around the world because of unhealthy lifestyle choices like a lack of physical activity as well as smoking. Additionally, according to the World Health Organization, the US reported over 795,000 strokes yearly. Thus, it is likely to open up opportunities for the market for gene panels as a clinical diagnostic tool. The growth of the global gene panel market is predicted to be driven by an increasing number of product approvals and launches over the course of the forecast period. A gene panel test for the diagnosis of epilepsy, named EpiPanelDx PLUS, will be available from Bionano Genomics, an American manufacturer of genomic diagnostics.
Market Restraints
Next-generation sequencing (NGS) gene panels may hinder the growth of the gene panel market due to their inability to detect some allelic mutations. The Scientific Electronic Library Online article revealed that some allelic mutations associated with lysosomal storage disorders (LSD) could not be detected by NGS-based gene panels.
Market Opportunities
Factors like the increasing frequency of chronic diseases globally increasing cancer cases of numerous types, such as breast cancer, ovarian cancer, fallopian tubes cancer, and other cancer in males like prostate cancer, are responsible for the growth of the global gene panel market. Moreover, around the globe, various initiatives taken by several companies were the primary factor that benefited the market’s growth.
Grow your profit margin with Market.us - Purchase This Premium Report at https://market.us/purchase-report/?report_id=65536/
Report Segmentation of the Gene Panel Market
Product & Service Insight
The test kits segment continues to hold the dominant share due to major factors like the increasing rate of technological advancement over the past few years. It has provided numerous opportunities for the industry to grow. The growth of the market is supported by the production of custom gene panel test kits for specialized therapeutic areas and the upsurge in the prevalence of chronic diseases.
Technique Insight
Amplicon-based approach accounted for the largest market share. It is a well-liked target-based method that looks at genetic differences in a particular genomic region for next-generation sequencing. The amplicon-based method is beneficial for finding an inherited SNP, genotyping through sequencing, validating CRISP, and finding indels (insertions and deletions). Based on amplicon sequencing for use with NGS technology, there are numerous commercially available gene panels.
Design Insight
The predesigned gene panel segment is projected to develop significantly with the highest market share. To produce a comprehensive analysis, it is always suggested that predesigned gene panels be used for consumer genetic testing. Humans are still at the nascent level of understanding genetic predisposition for any disorder. Doctors always prefer to use genetic tests that have been thoroughly researched and comprehended, even though the idea of customizable gene panels is interesting. By using samples like blood, tissue, or a biopsy, the BGI SENTIS Lung Cancer Panel is proficient in analyzing all kinds of genomic aberrations and above 20 genes with therapeutic implications for 42 targeted drugs.
Application Insight
The cancer risk assessment segment held the largest market share of the market due to the minimally invasive nature of gene panels and a rise in cancer incidence globally. Gene panels can efficiently replace multiple screening tests to find out genetic risk factors for numerous types of cancer because cancer screening is extremely recommended for frequently occurring cancer in populations with hereditary risk factors.
End-User Insight
The research and academic institutes segment held the highest share of the market. Research and development activities are expected to increase due to the factors like the worldwide upsurge in genetic disorders and cancer, and this will facilitate the sector with favorable growth opportunities. Additionally, people are now extremely cautious about passing on genetic disorders to future generations, and for their detection, screening procedures are recommended. The gene panels for pre-gestational, gene panels for cancer screening, neonatal & prenatal, and screening procedures are progressively enhancing their market penetration.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/gene-panel-market/request-sample/
Market Segmentation
By Product & Service
- Test Kits
- Testing Services
By Technique
- Amplicon Based Approach
- Hybridization Based Approach
By Design
- Predesigned Gene Panel
- Customized Gene Panel
By Application
- Cancer Risk Assessment
- Syndrome Specific
- High Penetrance
- High & Moderate Penetrance
- Comprehensive Cancer Risk
- Diagnosis of Congenital Diseases
- Pharmacogenetics
- Other Applications
By End-User
- Academic & Research Institutes
- Pharmaceutical & Biotechnology Companies
- Hospital & Diagnostic Laboratories
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Recent Development of the Gene Panel Market
- In April 2021- Illumina and Kartos announced a new oncology partnership to develop TP53 Companion diagnostics based on NGS that can aid in cancer diagnosis.
- In May 2022- Gene2Me introduced a variety of NGS-based panels for oncology detection, personalized medicine, and the detection of hereditary diseases.
Browse More Related Reports:
- Wood Based Panel Market was valued at US$ 153.8 million. It is projected to increase at a 6.3% CAGR based on revenue from 2023-2032.
- Large Format Ceramic Panel Market is projected to be USD 87,061.3 Mn in 2022 to reach USD 148,540.5 Mn by 2032 at a CAGR of 5.6%.
- Pet Felt Panels Market size is expected to be worth around USD 1,121.96 million by 2032 from USD 223.99 million in 2022, growing at a CAGR of 5.9% during the forecast period 2023 to 2032.
- Undescended Testicles Diagnosis Market is projected to reach a valuation of USD 18.09 Bn by 2032 at a CAGR of 5.3%.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us On LinkedIn Facebook Twitter
Our Blog:
