Reports and Data’s latest market research report, titled ”Gene Panel Market, Size, Share & Analysis, By Product & Services (Test Kits, Testing Services), Technique (Amplicon-based Approach, Hybridization-based Approach), Design (Predesigned Gene Panel, Custom Gene Panel), Application (Cancer Risk Assessment, Diagnosis of Congenital Diseases, Pharmacogenetics, Other Applications) & End Use (Hospital & Diagnostic Laboratories, Research & Academic Institutes, Pharmaceutical, And Biotechnology Companies) And By Region, Forecast To 2028.”
Rising prevalence of cancer across the globe and increasing usage of gene panel in targeted therapies for cancer are key key factors boosting market revenue growth
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The global gene panel market size is expected to reach USD 7.24 billion in 2028 and register a CAGR of 19.6% over the forecast period.
Gene panel tests help in analyzing multiple genes for cancer-related alterations at the same time and comprise two specific genes – BRAC1 and BRAC2 – that are in charge of generating proteins that suppress tumors and prevent growth of tumor cells and also help in repairing damaged DNA. Rising prevalence of genetic diseases caused by genetic mutations, rapidly increasing number of cancer cases, advancements in NGS technology, and growing adoption of gene panels – particularly in developed economies – are some other factors fueling global market growth. In addition, major players are investing in research and development activities with rising focus on developing more enhanced products. In addition, government funding and support for population sequencing is another key factor expected to boost global market growth going ahead.
However, stringent regulations imposed on pharmaceutical companies, low awareness regarding advantages of using gene panels in some developing countries, and rising concerns regarding safety of genetic data are some factors expected to limit growth of the gene panel market over the forecast period.
Top companies profiled in the global Gene Panel industry analysis report:
Agilent Technologies Inc. (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd. (Switzerland), Qiagen (Germany), Illumina Inc. (US), BGI Genomics (China), Integrated DNA Technologies, Inc. (US), GENEWIZ (US), Novogene Corporation (US), Personalis, Inc. (US), GATC Biotech AG (Germany), ArcherDX, Inc. (US), GeneDx (Switzerland), and CENTOGENE AG (Germany).
The global pharmaceutical and healthcare industry has gained significant momentum since the COVID-19 outbreak. The global health crisis has led to an unprecedented impact on the industry and brought about major disruptions in healthcare technologies. Growing prevalence of chronic and infectious diseases worldwide, increasing cases of COVID-19 infections, enforcement of stringent norms and regulations by world-leading healthcare regulatory authorities, and increasing government initiatives towards public safety measures are major factors contributing to industry revenue growth. Rising focus of pharmaceutical companies on vaccine development, increasing COVID-19 support from international health agencies, rapidly increasing pharmaceutical and biotechnological research & development activities, and growing healthcare expenditure of consumers further propel the industry revenue growth.
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Some key highlights from the report:
- Among the product & services segments, the test kits segment is projected to account for significantly large revenue share during the forecast period due to increasing demand for gene panel kits, especially in research and diagnostics centers, owing to rising prevalence of various infectious diseases and genetic disorders in countries around the globe.
- Among the technique segments, the hybridization-based approach segment revenue is expected to expand at a fast CAGR between 2021 and 2028 due to growing adoption of this technique due to its use for genotyping and sequencing rare variants.
- Among the application segments, the cancer risk assessment segment is expected to account for substantial revenue growth throughout the forecast period owing to increasing prevalence of cancer and growing demand for gene panels in genomic research and diagnostics sectors.
- Asia Pacific market is expected to register robust double-digit revenue CAGR of 18.7% over the forecast period owing to factors such as large patient pool, rapidly increasing number of cancer cases, and increasing healthcare expenditure in countries in the region.
- Europe is projected to account for robust revenue share during the forecast owing to increasing prevalence of cancer, launch of enhanced gene panels, and high funding for research and development activities in countries in the region.
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For this study, Reports and Data has segmented the global gene panel market based on product & services, technique, design, application, end use, and region:
Based On Product & Services (Revenue, USD Billion, 2018 – 2028)
- Test Kits
- Testing Services
Based On Technique (Revenue, USD Billion, 2018 – 2028)
- Amplicon-based Approach
- Hybridization-based Approach
Based On Application (Revenue, USD Billion, 2018 – 2028)
- Cancer Risk Assessment
- Syndrome-specific
- High-penetrance
- High and Moderate-penetrance
- Comprehensive Cancer Risk
- Diagnosis of Congenital Diseases
- Pharmacogenetics
- Other Applications
Based On Design (Revenue, USD Billion, 2018 – 2028)
- Predesigned Gene Panel
- Customized Gene Panel
Based On End Use (Revenue, USD Billion, 2018 – 2028)
- Research and Academic Institutes
- Hospital and Diagnostic Laboratories
- Pharmaceutical and Biotechnology Companies
Key Regional Markets Covered in the Gene Panel Market Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Frequently Asked Questions Addressed in the Report:
- What is the forecast size and revenue growth rate of the global Gene Panel market?
- What are the leading products offered by the global Gene Panel market players?
- What are the key drivers and restraints for the global Gene Panel market growth?
- Which regional market is expected to register the highest CAGR over the forecast period?
- What are the outcomes of the report’s SWOT and Porter’s Five Forces analyses?
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