Global Gene Panel Market is Expected to Foresee Significant Growth. North America to lead the growth!
A gene panel is a diagnostic test that is used to pinpoint a diagnosis when a person has symptoms that may fit a wide array of conditions, or when the suspected condition can be caused by variants in many genes. In addition, it allows us to capture certain mutations in the gene that may increase the risk of a disease like cancer. Moreover, the increasing adoption of genetic testing, the growing prevalence of chronic disease, technological advancements such as the next-generation sequencing system, and the need for efficient prenatal diagnosis can be considered as the reasons for the growth of this market.
The gene panel market is expected to grow at a steady rate of around 21% owing to the increasing number of chronic diseases such as various types of cancer globally. For instance, according to the American Cancer Society (ACS), prostate cancer growth is one of the most widely diagnosed tumors in the male populace in the U.S. and is supposed to observe 191,930 new cases of prostate cancer in 2020.
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Based on products & services, the market is segmented into test kits and testing services. Among these test kits category to witness a higher CAGR during the forecast period owing to the growing elderly population and increasing prevalence of various chronic diseases globally. Furthermore, new developments and technological advancements in diagnostic products will further drive the growth rate of this market during the forecast period. For instance, in October 2019, a 15-year partnership has been announced between Illumina and Qiagen to increase the supply of NGS-based (Next Generation Sequencing) in-vitro diagnostic (IVD) kits for proper patient management. This partnership will provide universal solutions for using the Gene Reader NGS System and any sequencer for small gene panels.
Based on technique, the market is segmented into the amplicon-based approach and hybridization-based approach. Among these amplicon-based approach category to witness a significant growth rate during the forecast period. In addition, the amplicon is a highly targeted approach that enables researchers to analyze different variations and ultra-deep sequencing of amplicons allows efficient variant identification and characterization. Moreover, the growing mutation in the gene causes diseases such as down syndrome, cystic fibrosis, colon cancer, breast cancer, etc. These factors are Proliferating the market growth during the forecast period.
Based on application, the market has been classified into cancer risk assessment, pharmacogenetics, diagnosis of congenital disorders, and others. The cancer risk assessment category is expected to witness significant growth during the forecast period. This is mainly due to the rising cancer cases worldwide because of the increasing geriatric population, family history of cancer, and using tobacco. In addition, new guidelines issued by the American Society of Breast Surgeons have now recommended genetic testing for all breast cancer patients to discover hereditary risks in addition to standard imaging exams.
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For a better understanding of the market adoption of the gene panel market industry, 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. This is mainly due to the rising number of cancer patients, availability of well-settled healthcare infrastructure & skilled healthcare professionals, strong market position of major market players, and rising research and development activities in this region. Moreover, the introduction of advanced gene panels by key market players is driving the growth rate during the forecast period in the region. For instance, GENEWIZ (U.S.) is investigating a huge amount in the research and development of the gene panel market to sustain its market position in the global market and to expand its customer base for more sales revenue.
Some of the major players operating in the market include Illumina Inc., BGI, Agilent Technologies Inc., Eurofins Scientific SE, QIAGEN, GENEWIZ Inc., Novogene Corporation, Personalis Inc., Thermo Fisher Scientific, F. Hoffmann-La Roche AG
Global Gene Panel Market Segmentation
Market Insight, by Products & Services
- Test Kits
- Testing Services
Market Insight, by Technique
• Amplicon-Based Approach
• Hybridization-Based Approach
Market Insight, by Application
• Cancer Risk Assessment
• Diagnosis of Congenital Disorders
Market Insight, by End-User
- Diagnostic Laboratories
- Pharmaceutical Companies
Market Insight, by Region
- North America
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
- Illumina Inc.
- Agilent Technologies Inc.
- Eurofins Scientific SE
- GENEWIZ Inc.
- Novogene Corporation
- Personalis Inc.
- Thermo Fisher Scientific
- F. Hoffmann-La Roche AG