Gene Panel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Gene Panel Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The gene panel market studied is anticipated to grow with a CAGR of 18.3%, during the forecast period. The significant factor attributing the market's growth is the rising incidence & prevalence of chronic diseases and increasing technological advancement in diagnostics services and methods. The increasing ongoing research and development in the field of sequencing across the globe also drive the gene panel market. Chronic diseases in developing countries are responsible for more fatalities. Some of the leading chronic diseases in developed countries such as the U.S. are cardiovascular diseases, cancer, diabetes, arthritis, and others. As per the CDC (Centers for Disease Control and Prevention), six in ten adults in the U.S. have a chronic disease. As per the statistics, globally one in three adults has more than two or more chronic diseases, know as multiple chronic conditions. Gene panel diagnostics methods can help in identifying the cause of the disease such as cancer risk assessment and diagnosis of congenital diseases among others. All these key factors are expected to boost the growth of the gene panel market during the forecast period.

Key Market TrendsTest Kits segment is Expected to Hold the Largest Market Share in the Gene Panel Market

• The dominant share is retained by the test kits segment owing to the attributes such as the rising advancement in technology over the last few years, which have opened up many opportunities for growth in the industry. The increase in the prevalence of chronic diseases and the production of tailor-made gene panel test kits for specialized therapeutic areas are aiding the exponential market growth.
• The growing emphasis on governing and raising awareness about these testing by governments in different countries has resulted in the rapid acceptance of these tests worldwide. The rising support for R&D, along with the strong market position of major market players, has created a strong entry channel for new market entrants.

North America Dominates the Market and Expected to do Same in the Forecast Period

North America is expected to maintain its supremacy in the overall gene panel market, throughout the forecast period. This is owing to factors such as the rising prevalence of chronic diseases in the region, technological advancement, and the domicile presence of major players in the region driving the growth and responsible for the dominance of the region. The excellently-established biotechnology industry coupled with rising awareness regarding advanced technologies among the population in this region and strong acceptance of developed diagnostics methods is also some of the key factors ensuring the dominance of the region.

Competitive Landscape

The gene panel market is highly competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making collaborations, acquisition, and launching new products with the other companies to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Illumina, Inc., Agilent Technologies, Inc., Thermo Fisher Scientific, QIAGEN, and Integrated DNA Technologies, Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Illumina, Inc.
Thermo Fisher Scientific
Agilent Technologies, Inc.
QIAGEN
Integrated DNA Technologies, Inc.
BGI Group
F. Hoffmann
La Roche AG
Novogene Corporation
GENEWIZ
Eurofins Scientific

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