The Gene Panel Market is expected to rise USD 3.09 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 20.1% from 2022 to 2028. Increasing company initiatives, rising demand for Gene Panel due to their huge advantages, and growing prevalence of chronic diseases are factors that propelling the growth of the market in the coming years.
- The customized panel design segment is anticipated the fastest growth of the Gene Panel Market in 2021. This growth is mainly attributed to the increasing diagnostic & therapeutic application sectors and a growing number of preclinical & clinical research studies.
- The cancer risk assessment application segment is accounted the fastest growth of the Gene Panel Market in 2021. The rising incidence of cancer increases the high demand for Gene Panel in R&D activities to identify the genetic variability of cancer, thus, in turn, influencing the Gene Panel Market demand.
- The next-generation sequencing (NGS) Gene Panels are not capable of detecting some allelic mutations and this is one of the major factors that impeding the growth of Gene Panel Market globally.
The major players involved in the development of 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.
The increasing burden of chronic diseases is the major factor that is expected to drive the Gene Panel market growth over the forecast period. According to International Agency for Research on Cancer (IRAC), there will be more than 27.5 million new cancer cases by 2040, which would be majorly due to factors such as smoking, reduced physical activities, and unhealthy lifestyle; estimated in their published report. Similarly, according to World Health Organization, they provided statistics said that over 795,000 people have had stroke each year in the U.S. Therefore, these increasing patient pool will create lots of opportunities to develop clinical diagnostic tools, which in turn, propels the growth of Gene Panel Market in the years to come.
North America is accounted to mention the largest share of Gene Panel Market during the forecast period. This surge is mainly driven by government support for genomics R&D activities in this region. In addition, increasing research on cancer & inherited rare diseases, the large presence of leading NGS providers, and the rising number of NGS-based clinical applications are factors that drive the growth of Gene Panel Market in this region. Furthermore, increasing partnerships & collaborations between market leaders are augmenting the fastest growth of Gene Panel Market in the region.