Gene Panel Market Size to Reach US$ 2,233.06 Million, Globally, by 2028 at 16.3% CAGR

According to the latest report by IMARC Group, titled, “Gene Panel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global gene panel market size reached US$ 864.75 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,233.06 Million by 2028, exhibiting a growth rate (CAGR) of 16.3% during 2023-2028.

Gene panel refers to a laboratory test used to analyze a set of genes with variants known to be associated with the development of a disease or a collection of clinical symptoms under investigation. It aids in detecting mutations in specific genes in a tissue sample that may increase the risk of a disorder, including cancer, in an individual. Gene panel sequencing is usually performed using next-generation sequencing (NGS) technology. Compared to sequential single-gene sequencing, whole-exome sequencing (WES), and whole-genome sequencing (WGS), gene panel is faster and more cost-effective. It is gaining immense traction across the globe.

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Gene Panel Market Trends and Drivers:

The increasing incidences of hereditary disorders and cancer are primarily driving the gene panel market. Furthermore, the escalating demand for efficient diagnostic methods among clinicians to understand the genetic predisposition of any cancer or other known genetic disorders to determine better disease prognostics and therapeutics is also augmenting the market growth. Apart from this, the growing popularity of predesigned and customizable gene panels and direct-to-consumer genetic testing kits that do not require wide laboratory setup or personnel is positively influencing the global market. Moreover, numerous biopharmaceutical and biotechnology companies are investing in extensive research and development (R&D) activities to introduce targeted therapies for cancer treatment, which is further bolstering the market growth. Besides this, the rising need for gene panels in pre-gestational, prenatal, and neonatal screening procedures is acting as another significant growth-inducing factor. Additionally, the launch of screening programs by government bodies of several countries and continuous technological advancements in diagnostics services and methods are expected to drive the gene panel market in the coming years.

Gene Panel Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• Agilent Technologies Inc.
• BGI Genomics Co. Ltd. (BGI Group)
• Eurofins Scientific SE
• Hoffmann-La Roche AG
• Genewiz LLC (Azenta Inc.)
• Illumina Inc.
• Integrated DNA Technologies Inc. (Danaher Corporation)
• Novogene Co. Ltd.
• Qiagen N.V.
• Thermo Fisher Scientific Inc., etc.

The report has segmented the market based on products and services, technique, design, application, and end user.

Products and Services Insights:

• Test Kits
• Testing Services

Technique Insights:

• Amplicon-based Approach
• Hybridization-based Approach

Design Insights:

• Predesigned Gene Panel
• Customized Gene Panel

Application Insights:

• Cancer Risk Assessment
• Diagnosis of Congenital Diseases
• Pharmacogenetics
• Others

End User Insights:

• Academic and Research Institutes
• Hospital and Diagnostic Laboratories
• Pharmaceutical and Biotechnology Companies

Breakup by Region:

• North America
• Asia-Pacific
• Europe
• Latin America
• Middle East and Africa

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Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

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