Gene Panel Market size to record USD 3.23 billion growth from 2023-2027, Collaboration to maximize research efficiency is one of the key market trends, Technavio

NEW YORK, May 2, 2024 /PRNewswire/ -- The global gene panel market size is estimated to grow by USD 3.23 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 18.21% during the forecast period.

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Key Trends Fueling Growth

• Collaboration to maximize research efficiency: 
• The global life sciences tools and services market is experiencing a push to slash costs, leading vendors to seek strategic alliances. In the gene panel sector, alliances between vendors and academic institutes are on the rise. These collaborations tackle challenges in research, manufacturing, and commercialization.
• For example, Agilent Technologies Inc., a major player, partnered with Theragen Bio in South Korea in April 2023. Their memorandum of understanding (MOU) leverages Agilent and Theragen Bio's strengths in software development, engineering, and cancer genomic profiling (CGP) design to enhance localized analysis capabilities and speed up treatment decisions.
• Agilent's SureSelect Cancer CGP test, utilizing next-generation sequencing (NGS), streamlines translational research and clinical trials in oncology, boosting lab efficiency.
• This collaboration promises to aid research organizations and vendors in surmounting gene panel development challenges, thus bolstering the market's value in the foreseeable future.

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Major Challenges:

• Large NGS gene panel implementation issues 
• The global gene panel market faces challenges in implementing large NGS gene panels. These panels aid in understanding genetic mutations crucial for targeted cancer therapies. NGS offers faster, cost-effective decoding of genetic data compared to traditional methods.
• However, hurdles exist due to limited knowledge of rare variants and insufficient functional studies. While big hospitals possess resources for variant interpretation, small to medium-sized ones lack access. Challenges include uncertain variant significance and integration of genetic data into diagnostics.
• NGS demands advanced bioinformatics infrastructure, which many hospitals lack. These factors hinder large NGS panel adoption, affecting market growth.

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Analyst Review

The gene panel market offers a range of diagnostic solutions for hereditary disorders, leveraging genetic screening to identify predispositions and diagnose conditions. Clinicians utilize these panels for disease prognostics and prescribing therapeutics. With a focus on genes and monogenic defects, incidence rates guide early screening efforts, mitigating risk factors. Therapeutic regimes are tailored based on prognostic steps, utilizing pre-designed or customizable gene panels.

Technologies like methylation microarrays enhance genetic level awareness, aiding pre-gestational, prenatal, and neonatal screening. Addressing genetic discrepancies such as Down syndrome, HLA typing supports transplants including kidney, liver, and bone marrow. Industry leaders like Illumina drive innovation in tumor genes and biomarkers, offering genomic signatures like TMB and MSI.

Test kits, including amplicon-based and genotyping approaches, are validated through CRISP, detecting inherited SNPs and indels. Hybridization approaches by CD Genomics and NGS panels like pan-cancer and hereditary cancer panels expand coverage to rare disorders. Diagnostic laboratories ensure cancer risk assessment and manage congenital diseases. Standardization and ethical considerations navigate privacy and insurance coverage, ensuring clinical value and evidence-based diagnostics services for chronic diseases in developing countries.

Market Overview

The Gene Panel Market caters to the growing demand for genetic testing, providing insights into genetic predisposition, diagnosed conditions, and hereditary diseases among adults. With a focus on personalized medicine, it offers tailored solutions based on individuals' genetic composition.

This market encompasses various therapeutic areas, including cardiovascular diseases, diabetes, and arthritis, addressing multiple chronic conditions prevalent in the population. Test kits play a vital role in genetic testing, enabling easy and efficient analysis of genetic alterations and cancer rates.

As awareness about genetics increases, the gene panel market is witnessing steady growth, meeting the need for precise diagnostic tools and therapeutic interventions.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape

• Product
• Small Panel Testing
• Large Panel Testing
• Technique
• Amplicon
• Hybridization
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW

 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

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
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Website: www.technavio.com/

SOURCE Technavio