Gene Panel Market: Current Analysis and Forecast (2022-2028)

Gene Panel Market: Current Analysis and Forecast (2022-2028)

The global gene panel market is expected to grow at a significant rate of around 21% during the forecast period. The gene panel is a laboratory test in which many genes are studied in a sample of tissue. Multiple-gene panel tests help find mutations in certain genes that may increase a person's risk of a disease such as cancer. Gene panels provide sequencing for genes like BRCA1 & BRCA2 which are determined to be involved in disease risk, genome sequencing in the genome. In addition, the rising cases of cancer among the population, or the high prevalence of chronic diseases are the major factor for the growth of this market during the forecast period. For instance, according to the data provided by the International Agency for Research on Cancer (IRAC) in 2018, it is estimated that there will be more than 27.5 million new cancer cases by 2040, which would be majorly due to factors such as unhealthy lifestyle, smoking, reduced physical activities, and genetic disorders.

Illumina Inc., BGI, Agilent Technologies Inc., Eurofins Scientific SE, QIAGEN, GENEWIZ Inc., Novogene Corporation, Personalis Inc., Thermo Fisher Scientific, F. Hoffmann-La Roche AG. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst products & services, test kits category to witness robust CAGR during the forecast period”

Based on type, the market is segmented into test kits and testing services. Among these, the test kits category to witness a higher CAGR during the forecast period. This is mainly due to the growing chronic diseases, cardiovascular diseases, down syndrome, Huntington’s disease, cystic fibrosis, and sickle cell disease worldwide. In addition, growing research and development activities as well as the high demand for genetic diagnostic tests in the laboratories are also expected to drive the demand for the gene panel market over the forecast period. For instance, according to ILAC MRA (International Laboratory Accreditation Cooperation) and Signatories, in 2021, almost 85,000 laboratories, almost 13,000 inspection bodies, over 600 proficiency testing providers, and 250 reference material producers were accredited globally.
"Amongst technique, the amplicon-based approach to hold a significant share in the market in 2020”

On the basis of technique, the market is categorized into the amplicon-based approach and hybridization-based approach. Among these, the amplicon-based approach category holds a significant share during the forecast period. The amplicon-based approach method uses oligonucleotide probes designed to target and capture regions of interest, followed by next-generation sequencing (NGS) and it is also useful for the discovery of rare somatic mutations in complex samples. Additionally, the amplicon-based approach is used to detect Alzheimer’s disease, multiple sclerosis, Huntington’s disease, and Parkinson’s disease. For instance, approximately 60,000 Americans are diagnosed with Parkinson’s disease each year and more than 10 million people worldwide are living with Parkinson’s disease.
"Amongst application, the cancer risk assessment to hold a significant share in the market in 2020”

On the basis of application, the market is categorized into cancer risk assessment, pharmacogenetics, diagnosis of congenital disorders, and others. Among these, the cancer risk assessment category holds a significant share during the forecast period. This is mainly due to the rising cardiovascular diseases, cystic fibrosis, Huntington's disease, and various cancers like lung cancer, breast cancer, prostate cancer, etc. These factors are propelling the growth of this market during the forecast period. For instance, in 2020, there were 2.3 million women diagnosed with breast cancer and 685 000 deaths globally. As of the end of 2020, there were 7.8 million women alive who were diagnosed with breast cancer in the past 5 years, making it the world’s most prevalent cancer.
"Amongst end-user, the hospitals to hold a significant share in the market in 2020”

On the basis of end-user, the market is categorized into hospitals, diagnostic laboratories, pharmaceutical companies, and others. Among these, the hospitals category holds a considerable market share during the forecast period. This category especially driven by the higher number of patients with severe conditions patients has been pivotal in the higher demand for gene panel testing globally. In addition, the growth of this segment is due to better treatment, availability of equipment and skilled professionals in the hospitals are the main reasons for the growth of this segment. In addition, the rising prevalence of cancer across the world, especially in developed countries. For instance, according to the statistics by the World Health Organization (WHO), 2.26 new cases of breast cancer were recorded in 2020.
"North America to hold a significant share in the market”

In 2020, North America held a significant share of the global gene panel market. the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The large hospital administration of the patients, rising demand for diagnostic devices due to the surge of cancer & chronic disease, and the presence of medical device manufacturers in the region. For instance, in September 2020, Bionano Genomics, an American genomic diagnostics manufacturer, announced the launch of EpiPanelDx PLUS, which is a gene panel test for the diagnosis of epilepsy. Moreover, it is expected that the market will continue to grow at a steady rate during the forecast period owing to the high-income levels of the consumers in the region coupled with rising awareness about the importance of spending time in outdoor recreational activities for a balanced and healthy life.

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