Gene Panel Market is Expected to Grow with a CAGR of 20.1% from 2022 to 2028
As stated in our extensive report, providing insights on Product & Services, Technique, Design, and Application; the Global Gene Panel Market accounted for USD 2.20 Billion in 2021.
A Gene Panel is a test that analyzes cancer-associated genes at once. This test provides sequencing of a single gene like BRCA1 and every gene in the genome. It also provides the most relevant information related to the genome. There are various types of genetic tests that analyze changes in chromosomes, genes, or proteins. These include molecular tests, chromosomal tests, gene expression tests, and biochemical tests.
Increasing numbers of initiatives by the government & key players are expediting the market growth. In addition, factors such as the increasing adoption of genetic testing, as well as technological advancements such as the Next Generation Sequencing System (NGS) are augmenting the growth of Gene Panel Market in coming years. Furthermore, the need for efficient prenatal diagnosis is projected to influence the growth of Gene Panel Market over a projected time period.
Nowadays, chronic disorders are increasing at a pace. In the prevention of chronic diseases, diet and nutrition play a vital role to minimize the risk. Thus rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, neurological, osteoporosis, and cancer is expected to propel the growth of Gene Panel Market over the forecast period. In addition, key players and the government started investing in the development of personalized medicine. For instance, Illumina, an American company, and Kartos Therapeutics, a clinical-stage biopharmaceutical company, collaborated to develop an NGS-Based TP53 companion diagnostic. Also, QIAGEN, a German provider of sample and assay technologies, and INOVIO, an American biotechnology company, expand collaboration to develop Next-Generation Sequencing (NGS) companion diagnostic for INOVIOs VGX-3100 for advanced cervical dysplasia.
According to World Health Organization (WHO), around 0.3 million new-born die within 28 days of birth every year, worldwide, due to congenital anomalies. Moreover, the number of people living with Sickle cell disease (SCD) is also increasing. According to the Centers for Disease Control and Prevention (CDC), Sickle cell disease (SCD) affects approximately 0.1 million Americans. SCD occurs among about 1 out of every 365 Black or African-American births. Sickle cell disease (SCD) occurs among about 1 out of every 16,300 Hispanic-American births. Gene Panels have application in the diagnosis of congenital disorders. Thus, an increase in the number of congenital diseases is increasing the need for Gene Panels. Consequently, propelling the market growth over the forecast period.
North America has dominated the Global Gene Panel Market in 2021 and is likely to continue the same trend during the forecast period. The market growth in the region is attributed to consumer demand for safe and effective genetic tests in the region. In addition, mounting demand for personalized medicine as well as a growing application for genetic testing in oncology is expected to fuel the growth of Gene Panel Market over the forecast period in this region.
Some of the prominent players operating in the Global Gene Panel Market are 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.
Browse the full Report - Gene Panel Market by Technique (Amplicon-Based Approach, Hybridization-Based Approach), by Design (Predesigned Gene Panels, Customized Gene Panels), by Application (Pharmacogenetics, Diagnosis of Congenital Disorders, Cancer Risk Assessment, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)