The Global Gene Panel Market to 2028 report has been added to ResearchAndMarkets.com’s offering.
The global gene panel market is poised for impressive growth during the forecast period, driven by the increasing prevalence of genetic disorders such as Down syndrome, sickle cell disease, Tay-Sachs disease, and others.
Growing healthcare awareness among the population and a rising demand for early diagnosis prompt many couples to opt for genetic testing before planning a family or during pregnancy, thereby bolstering the market in the foreseeable future. The adoption of gene panels is also on the rise due to the technique’s cost-effectiveness, fast, and accurate testing, propelling market expansion. Additionally, with an improving healthcare infrastructure and increased investments in research and development related to gene panels, lucrative opportunities for market growth are expected to abound in the coming years.
Elevated Incidence of Chronic Diseases
The escalating incidence of chronic diseases, including cancer, congenital diseases, heart attacks, and arthritis, is expected to drive the gene panel market growth during the forecast period. The demand for gene panel testing surges in response to the increasing disorders caused by genetic mutations. This diagnostic technique analyzes multiple genes for cancer-associated alterations simultaneously. Key players in the field are witnessing high demand for gene panels to develop and launch effective cancer therapies, further fostering market growth.
The global cancer observatory reported approximately 19,292,789 new cancer cases worldwide, with 9,227,484 cases in females and 10,065,305 cases in males. The rising prevalence of cancer is likely to increase the demand for gene panels. Despite the high cost, genetic testing is primarily conducted on patients with a high risk of developing specific types of cancer due to hereditary factors, including lifestyle choices such as smoking, unhealthy habits, lack of physical activity, and alcohol consumption. According to the World Health Organization (WHO), about 295,000 newborns worldwide die within 28 days of birth annually due to congenital anomalies.
Technological Advancements
The growing demand for advanced medical testing and personalized medicines in clinical diagnosis creates attractive opportunities for market growth in the forecast period. Genetic disorders are currently prevalent in the geriatric population, significantly supporting the expansion of the gene panel market.
Numerous global companies are focused on developing new and advanced gene panels, further driving market growth in the coming years. The increasing initiative and investment by private and government organizations in developing new technologies serve as significant factors propelling market growth. Birth defects affect approximately 1 in every 33 babies born in the United States each year, amounting to around 120,000 babies.
Market Segmentation
The global gene panel market can be segmented based on components, techniques, design, applications, end-users, and regions. Components include Test Kits and Testing Services, while techniques comprise Amplicon Based Approach and Hybridization Based Approach. Design options include Predesigned Gene Panels and Customized Gene Panels, and applications encompass Cancer Risk Assessment, Diagnosis of Congenital Diseases, Pharmacogenetics, and Others. End-users are categorized as Academic & Research Institutes, Hospital & Diagnostic Laboratories, and Pharmaceutical & Biotechnology Companies.
Regionally, North America dominates the market among Asia Pacific, Europe, Middle East & Africa, and South America. The United States leads the global gene panel market due to the growing demand for gene panel techniques in response to the rising cancer cases worldwide. The American Cancer Society (ACS) predicts over 1.9 million new cancer cases in the United States in 2022.
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Gene Panel Market Outlook
6. North America Gene Panel Market Outlook
7. Europe Gene Panel Market Outlook
8. Asia-Pacific Gene Panel Market Outlook
9. South America Gene Panel Market Outlook
10. Middle East and Africa Gene Panel Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
14. Strategic Recommendations
A selection of key companies profiled in this report includes:
- Illumina, Inc.
- Agilent Technologies, Inc.
- Thermo Fischer Scientific, Inc.
- QIAGEN NV
- Eurofins Scientific SE
- Foundation Medicine Inc.
- Guardant Health, Inc.
- Myriad Genetic Laboratories Inc.
- Bio-Rad Laboratories, Inc.
Source: https://www.businesswire.com/
- F. Hoffmann-La Roche AGSource: https://www.businesswire.com/
