Gene Panel Market

Market Synopsis:

Global Gene Panel market is valued at USD 2.40 Billion in 2022 and is projected to attain a value of USD 10.34 Billion by 2030 at a CAGR of 20.00% during the forecast period, 2022–2028. The increased incidence and prevalence of chronic diseases, as well as technical advancements in diagnostic services and methodologies, are major factors driving the market's expansion. The Gene Panel market is also driven by the growing amount of ongoing research and development in the field of sequencing around the world. Chronic diseases are the leading cause of death in underdeveloped countries. Cardiovascular illnesses, cancer, diabetes, arthritis, and other chronic diseases are among the most common in affluent countries such as the United States. According to statistics, one in every three persons in the world has numerous chronic diseases, sometimes known as many chronic disorders. Methods like as cancer risk assessment and congenital illness diagnosis, among others, can be used to identify the origin of disease using Gene Panel diagnostics.

The impact of the coronavirus epidemic and subsequent state-wide lockdowns may be seen in a variety of businesses. The overall expansion of numerous sectors has been severely hampered, particularly in nations where COVID-19 is prevalent, such as India, China, Brazil, the United States, and a number of European countries (including Russia, Italy, and Spain). While businesses like oil and petroleum, aeronautics, and mining are seeing a drop in revenue, the healthcare, biotechnology, and pharmaceutical industries are taking advantage of the situation to serve as many patients and healthcare professionals as possible. Although the COVID-19 pandemic will have no direct impact on the Gene Panel market, its impact on the healthcare markets will boost demand for Gene Panel during and after the worldwide pandemic.

Increasing Burden of Chronic Diseases

Over the forecast period, the increased prevalence of chronic diseases linked to genes, such as stroke, heart attack, cancer, arthritis, and others, is likely to fuel the expansion of the Gene Panel market. According to data released by the International Agency for Research on Cancer (IRAC) in 2018, more than 27.5 million new cancer cases are expected to be diagnosed by 2040, owing primarily to factors such as unhealthy lifestyles, smoking, and reduced physical activity. As a result, the Gene Panel market as a clinical diagnostic tool is predicted to grow. Over the forecast period, the worldwide Gene Panel market is expected to grow due to an increase in the number of product launches and approvals.

Dearth Of Trained Professionals

Data from genomics can be used for a variety of purposes, including pharmacogenomics, diagnostics, and toxicogenomic. The analysis of massive amounts of data generated in genomics research, on the other hand, is a serious difficulty. In some circumstances, technical improvements have made it possible for the instruments in use to give an analysis; nonetheless, the reader's interpretation is still up to them. It is vital to recruit skilled professionals to evaluate and interpret the outcomes of genome sequencing data due to the intricacies involved and the requirement for in-depth understanding in the field of genomics. However, due to a scarcity of qualified individuals, a number of end users are having difficulty processing genomic data.

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Market Segmentation:

The Global Gene Panel Market can be segmented by Technique: Amplicon-Based, Hybridization-Based. By Design: Predesigned Gene Panels, Customized Gene Panels

By Application: Pharmacogenetics, Diagnosis of Congenital Disorders, Cancer Risk Assessment, Others. By End User: Research and Academic Institutes, Hospital and Diagnostic Laboratories, Biotechnology and Pharmaceutical Companies. Based on Region, the Gene Panel Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

North America to Continue Dominating the Gene Panel Market

Throughout the forecast period, North America is likely to maintain its dominance in the global gene panel market. This is due to factors such as the increased frequency of chronic diseases in the region, technology advancements, and the presence of key players in the region who are driving the region's growth and ensuring its supremacy. Some of the important causes ensuring the region's supremacy are the region's well-established biotechnology industry, increased awareness of modern technologies among the people, and high acceptance of emerging diagnostics methods.

Key Players:

Major 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.

The Gene Panel market is segmented as follows: