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

NEW YORK, Sept. 6, 2023 /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, according to Technavio. The market has been segmented by product (Small panel testing and Large panel testing), technique (amplicon and hybridization) and geography (North America, Europe, Asia, and the Rest of the World (ROW)). North America is estimated to account for 43% of the global market during the forecast period.  The adoption of gene panel testing is being significantly influenced by various factors, including the availability of reimbursement policies. A considerable proportion of third-party payers extend reimbursement for the costs associated with genetic testing, which helps alleviate the financial burden on patients. Moreover, factors such as the convenience of patient access and the ease of obtaining samples for gene panel research are propelling investments by market players in the gene panel market within the region. Consequently, the region boasts numerous providers, both large and medium-sized, offering a diverse array of services. Additionally, the escalating prevalence of diverse genetic disorders and cancers is also fostering increased utilization of gene panels. Consequently, these factors are anticipated to be instrumental in driving the growth of the genetic panel market in North America during the forecast period. 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

Company Profile:

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. To gain access to more vendor profiles available with Technavio, buy the report!

Gene Panel Market: Segmentation Analysis

• 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

"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Gene Panel Market: Driver & Trend:

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.

Collaboration to maximize research efficiency is an emerging market trend. Strategic alliances among market vendors are a key trend in the Gene Panel Market. Identify key trends, drivers, and challenges in the market. Download FREE sample to gain access to this information.

What are the key data covered in this gene panel market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the gene panel market between 2022 and 2027.
• Precise estimation of the gene panel market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behaviour
• Growth of the mental health industry across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of gene panel market vendors.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

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.

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SOURCE Technavio