Gene Panel Market size to grow by USD 3.23 million from 2022 to 2027, North America to account for 43% of market growth, Technavio

NEW YORK, March 19, 2024 /PRNewswire/ -- The gene panel market size is expected to grow by USD 3.23 million from 2022 to 2027. In addition, the momentum of the market will be progressing at a CAGR of 18.21% during the forecast period. North America to spearhead 43% of global market growth, driven by key regional trends and drivers. Notably, widespread availability of reimbursement policies for gene panel testing fuels adoption rates, easing financial burdens on patients with support from third-party payers. Enhanced patient accessibility and streamlined sample acquisition processes further attract significant investments from industry players, fostering a competitive landscape with diverse service offerings. Moreover, the rising prevalence of genetic disorders and cancers amplifies demand for gene panels, promising robust market expansion in North America. These insights highlight lucrative opportunities for businesses looking to capitalize on the burgeoning genetic panel market in the region.

This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read FREE PDF Sample Report

Key Companies

Agilent Technologies Inc., Azenta Inc., CENTOGENE NV, Color Health Inc., Danaher Corp., Eurofins Scientific SE, F. Hoffmann La Roche Ltd., Fagron NV, GenXPro GmbH, Illumina Inc., Invitae Corp., MedGenome Labs Ltd., MGZ Medizinisch Genetisches Zentrum, Novogene Co. Ltd., OPKO Health Inc., Oxford Nanopore Technologies plc, QIAGEN NV, Quest Diagnostics Inc., Thermo Fisher Scientific Inc., and BGI Genomics Co. Ltd.

• Agilent Technologies Inc. - The company offers gene panels such as the ClearSeq Comprehensive Cancer panel. 

• The market share growth by the small panel testing segment will be significant during the forecast period. Small panel testing, referred to as targeted gene panel testing, is a specialized genetic testing approach that involves the simultaneous analysis of a select set of genes associated with a specific genetic condition. The accessibility and comparatively cost-effective nature of small panel testing have contributed to its rising popularity. As a result, these factors are poised to propel market growth during the forecast period. 

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a FREE PDF Sample Report

Decreasing the cost of next-generation sequencing (NGS) gene panel tests is notably driving the growth of the market. 

The rapid progress in technology and the surging popularity of gene panel tests have played a substantial role in their widespread adoption, consequently leading to cost reductions. Many industry participants now provide comprehensive gene panel testing on a large scale, enabling them to realize economies of scale and thereby bring down costs. Furthermore, the increasing and gradual adoption of NGS-based gene panel tests, which concentrate on clinically significant genes, has facilitated the swift and cost-efficient acquisition of genomic data. The expense of gene panel testing can vary based on the specific laboratory and the number of genes examined. However, in most scenarios, the cost of extensive testing is not notably different from that of more limited testing. Several commercial service providers extend whole-genome sequencing and associated services at prices below USD 1,000. The ascending popularity of genomic panel testing across diverse applications, coupled with the resultant cost reduction, is poised to spur elevated demand for testing. Thus, such factors will drive the growth of the market during the forecast period.

 Download FREE sample to gain access to this information.

Analyst Review

The global gene panel market has experienced significant growth in recent years, driven by factors such as advancements in genetic screening technologies, increasing awareness of genetic disorders, and rising demand for personalized medicine. Compound annual growth rates (CAGR) in this market have been remarkable, reflecting the expanding applications of gene panels in identifying hereditary disorders and guiding therapeutic regimes.

Gene panels offer comprehensive genetic screening solutions, enabling clinicians and researchers to identify monogenic defects associated with various diseases. These panels, such as the BGI Xome - Targeted Monogenic Disease Examination screening panel, provide early screening opportunities for infants, thereby reducing mortality rates associated with genetic disorders. They also facilitate the identification of individuals at risk through the analysis of genetic predisposition and risk factors.

Customizable gene panels have gained traction in the market, allowing for tailored genetic screening based on specific requirements. Moreover, the availability of direct-to-consumer genetic testing kits has enhanced genetic level awareness among the general population, prompting more individuals to undergo pre-gestational, prenatal, and neonatal screening for genetic discrepancies.

Technological interventions, including the Infinium Custom Methylation Kit and methylation microarray technologies, have further expanded the scope of genetic screening by analyzing methylation patterns associated with certain diseases. Clinicians and researchers are leveraging these tools to gain deeper insights into genetic disorders and design more effective therapeutic regimes.

In the realm of oncology, gene panels such as the TruSight Oncology Comprehensive test have revolutionized cancer diagnosis and treatment by identifying tumor genes, genomic signatures, tumor mutational burden (TMB), and microsatellite instability (MSI). These biomarkers play a crucial role in guiding treatment decisions and predicting therapeutic outcomes, thereby improving patient care and survival rates.

The gene panel market is also witnessing increased demand for HLA typing panels, particularly in the context of organ transplants such as kidney, liver, and bone marrow transplants. Laboratory-based conventional genetic analysis technologies, often powered by Illumina platforms, continue to play a vital role in facilitating these screenings and assessments.

In conclusion, the gene panel market is poised for continued growth, driven by technological innovations, expanding applications in disease diagnosis and treatment, and growing awareness of the importance of genetic screening in healthcare. Companies like Illumina, Myriad Genetics, and others are at the forefront of this transformative industry, addressing the needs of clinicians, researchers, and patients alike in the pursuit of better health outcomes.

 Download FREE sample to gain access to this information.

Market Overview

The global gene panel market, driven by advancements in genetic screening for hereditary disorders, is witnessing a significant compound annual growth rate (CAGR). Genetic screening plays a crucial role in identifying predispositions to various conditions, ultimately reducing mortality rates. Recommendations for genetic screening, particularly for infants, are becoming increasingly vital. Initiatives like the Genetic and Rare Disease (GARD) Information Centre provide valuable resources for both healthcare professionals and patients. Cutting-edge technologies like the BGI Xome - Targeted Monogenic Disease Examination screening panel offer precise analysis, enhancing diagnostic accuracy. As demand surges and technology evolves, the gene panel market continues to expand, promising improved healthcare outcomes globally.

 Download FREE sample to gain access to this information.

Related Reports:

The cancer therapies market share in Europe is expected to increase by USD 34.71 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 7.92%. 

The cancer immunotherapy market share is expected to increase by USD 74.45 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 14.67%. 

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio