How Has the Gene Panel Market Size Evolved in Recent Years?
The gene panel market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a swift expansion in the size of the gene panel market. The market, which was worth $2.14 billion in 2024, is projected to escalate to $2.48 billion in 2025 with a compound annual growth rate (CAGR) of 15.5%.
The historic period witnessed this growth due to several factors including an increase in hereditary diseases, the heightened need for genetic testing, a boost in research and development practices, a rise in congenital diseases, and an upsurge in the demand for progressive treatment alternatives.
What Are The Predictions for The Gene Panel Market in the Coming Years?
The gene panel market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of gene panel is anticipated to experience a swift expansion in the forthcoming years. By 2029, it's projected to reach a valuation of $4.37 billion, growing at a compound annual growth rate (CAGR) of 15.3%.
The increase during the forecast period is attributable to the escalating count of chronic illness, rising cases of cancer, growing understanding of genetic tests, and increasing governmental activities and healthcare investments. Notable trends during the prediction period encompass the progression of gene panel technology, tactical partnership, tailor-made treatment, the incorporation of artificial intelligence, and sophisticated bioinformatics instruments.
Which Drivers Are Accelerating Growth In The Gene Panel Market?
The escalating incidences of cancer are anticipated to boost the gene panel market's growth in the future. Cancer, a collection of diseases distinguished by uncontrolled growth and propagation of abnormal cells causing damage to neighboring tissues and organs, is on the rise due to aspects like ageing populations, changes in lifestyle, environmental contact, and advancements in detection and diagnostic technologies. Gene panels contribute to cancer therapy by providing extensive genetic testing to pinpoint mutations and alterations in specific genes. This assists in tailoring treatment approaches and enhances cancer patients' outcomes. For example, in February 2024, based on data from the World Health Organization, a Swiss-based intergovernmental body, approximately 9.7 million individuals succumbed to cancer in 2022, and 20 million new cases were reported. Lung cancer represented 12.4% of all new cases, with 2.5 million fresh instances, thus emerging as the most prevalent type of cancer across the globe. As a result, the continual rise in cancer cases is fueling the expansion of the gene panel market.
What Are The Core Segments Of The Global Gene Panel Market?
The gene panel market covered in this report is segmented –
1) By Product And Services: Test Kits, Testing Services
2) By Technology: Amplicon-Based, Hybridization-Based, Other Technologies
3) By Design: Predesigned Gene Panel, Customized Gene Panel
4) By Application: Cancer Risk Assessment, Diagnosis Of Congenital Diseases, Pharmacogenetics, Other Applications
5) By End-User: Research Institutes, Hospital, Diagnosis Centers, Pharmaceutical Companies, Other End-Users
Subsegments:
1) By Test Kits: Predesigned Gene Panels, Customized Gene Panels
2) By Testing Services: Cancer Risk Assessment Panels, Pharmacogenetic Testing Panels, Neurological Disorder Panels, Cardiovascular Disease Panels, Rare Disease Panels
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How Are Emerging Trends Reshaping The Dynamics Of The Gene Panel Market?
Major participants in the gene panel industry are concentrating on the advancement of novel technologies, like oncology panels, in order to improve precision, efficacy, and all-inclusiveness of cancer diagnostics and tailored treatment approaches. Oncology panels are unique gene panels that evaluate numerous genes linked to cancer to detect genetic changes and variations, assisting in the diagnosis, prediction, and treatment of cancer. For instance, Vizgen Inc., a biotechnology enterprise based in the US, introduced the MERFISH PanCancer Pathways Panel in May 2023. This provides a modifiable solution for scientists venturing into spatial genomics. These custom-built panels are designed to cater to a range of research needs, including cancer research. They are also expertly optimized for enhanced error resilience, delivering trustworthy and replicable outcomes. The inclusion of spatial data into gene expression information allows these panels to deliver an in-depth understanding of tumor surroundings and cellular interaction. This facilitates targeted and personalized cancer research and therapeutic advancement. This introduction indicates a substantial stride in spatial biology, empowering researchers to examine intricate biological systems with an unprecedented depth of detail.
Who Are the Key Players In The Gene Panel Market?
Major companies operating in the gene panel market are:
• F. Hoffmann-La Roche Ltd.
• Thermo Fisher Scientific Inc.
• Quest Diagnostics Inc.
• Intermountain Healthcare
• Eurofins Scientific SE
• Agilent Technologies Inc.
• Illumina Inc.
• Qiagen Inc.
• OPKO Health Inc.
• Myriad Genetics Inc.
• Guardant Health Inc.
• Invitae Corp.
• Integrated DNA Technologies Inc.
• Bio-Rad Laboratories Inc.
• Novogene Corporation
• Fulgent Genetics Inc.
• MedGenome Inc.
• OriGene Technologies Inc.
• Centogene AG
• Blueprint Genetics Inc.
• BIONEER Corporation
• BGI Group Ltd.
• Vizgen Inc.
• Primbio Research Institute LLC
What Are The Regional Insights Into The Gene Panel Market?
North America was the largest region in the gene panel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gene panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
