23-Jun-2022 | Zion Market Research
The global gene panel market was valued nearly USD 2.7 billion in 2021 and is projected to reach to around USD 9.4 billion by 2028 at a CAGR rate of 22.4 percent over the forecast period. A gene panel test looks for variations in many genes. When a person exhibits symptoms that might be caused by a variety of illnesses or when the suspected ailment can be brought on by variations in several genes, this kind of test is frequently used to narrow down a diagnosis. For instance, epilepsy has hundreds of hereditary origins. Panel testing aid in identifying gene mutations that may raise a person's risk of developing diseases like cancer.
Technology advances, availability of fast testing kits, and upsurge in various cancer types in many nations throughout the world are all contributing to the growth of the global gene panel market. Many pharmaceutical firms are heavily investing in research and development initiatives to create more advanced targeted treatments for treating cancer in order to address the increased prevalence of the disease. The market for gene panels is expanding due to the high demand for gene panels from these businesses as they create and introduce targeted cancer medicines. The need for gene panel testing has also grown due to the rise in genetically based illnesses. Additionally, a lot of top businesses are concentrating on creating fresh, efficient gene panels, which is anticipated to provide new prospects for the expansion of the market.
Governments from all across the world are collaborating with pharmaceutical and biotech businesses to combat the COVID-19 pandemic, from assisting in the creation of vaccinations to preparing for problems with the supply chain for pharmaceuticals. There are now about 155 compounds and 115 vaccine candidates in the R&D pipeline. Additionally, there has been a sharp increase in demand for regularly used medications such as hydroxychloroquine for the treatment of COVID-19. Due to the shortage of these medications in many industrialized nations, the great demand for these medications has created enormous potential for producers of COVID-19 management medications. The pharmaceutical and biotechnology sector is anticipated to have substantial expansion in the next years because of the need for COVID-19 vaccines and treatment medications.
The global gene panel market in this research analysis is divided into product & service, design, technique, application, end-user, and region. Products & services are classified as test kits and testing services. Design is divided into predesigned gene panels and customized gene panels. Techniques consist of amplicon-based approach and hybridization-based approach. Applications are cancer risk assessment, diagnosis, and pharmacogenetics. End-users are hospitals, clinics, research organizations, and academic institutes.
North America is likely going to continue to rule the global gene panel market during the forecast period. This is because of things like the region's higher prevalence of chronic conditions, technological breakthroughs, and the presence of important players who are fostering the region's growth and assuring its dominance. The region's well-established pharma industry, greater public knowledge of contemporary technologies, and high adoption of novel diagnostic techniques are some of the key factors assuring the region's superiority.
The key players in the global gene panel market are Agilent Technologies, Thermo Fisher Scientific, Hoffmann-La Roche Ltd, Qiagen, Illumina Inc., BGI Genomics, Integrated DNA Technologies, Inc., Genewiz, Novogene Corporation, Personalis, Inc., GATC Biotech AG, ArcherDX, Inc., GeneDX, Centogene Ag, and Invitae Corporation.
Browse the full “Gene Panel Market By Product & Service (Test Kits And Testing Services), By Design (Predesigned Gene Panels And Customized Gene Panels), By Technique (Amplicon-Based Approach And Hybridization-Based Approach), By Application (Cancer Risk Assessment, Diagnosis, And Pharmacogenetics), By End-User (Hospitals, Clinics, Research Organizations, And Academic Institutes), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/gene-panel-market
Gene Panel Market segmentation follows,
By Products & Services
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