What’s Driving Growth in the Gene Panel Market? Insights into Key Trends and Opportunities
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What is the Anticipated CAGR of the Gene Panel Market, and What Factors Will Drive It?
In recent times, the gene panel market size has experienced significant expansion. It is projected to rise from a value of $2.14 billion in 2024 to a value of $2.48 billion in 2025, registering a compound annual growth rate (CAGR) of 15.5%. The growth during the historical period is a result of factors such as the increased occurrence of genetic diseases, the growing requirement for genetic testing, enhanced research and development initiatives, a surge in congenital disease cases, and an escalated demand for sophisticated treatment methods.
A significant expansion is anticipated in the gene panel market over the coming years, with a projection of reaching $4.37 billion by 2029, reflecting a compound annual growth rate (CAGR) of 15.3%. This predicted rise within the forecast period can be ascribed to a surge in chronic illnesses, an escalation in cancer incidences, growing cognizance of genetic testing, as well as an increment in government initiatives and healthcare expenditure. Spanning the forecast period, the major trends encompass gene panel technology enhancement, strategic partnerships, customized therapy, incorporation of artificial intelligence, and superior bioinformatics instruments.
How Are the key drivers expanding the growth of the Gene Panel Market?
The gene panel market is anticipated to expand as the incidence of cancer continues to rise. Characterized by uncontrolled growth and spread of abnormal cells that can harm surrounding tissues and organs, cancer is a spectrum of diseases. The increase in cancer cases can be attributed to aging populations, lifestyle modifications, environmental factors, and advancements in detection and diagnosis technologies. Gene panels are instrumental in addressing cancer through thorough genetic testing, which identifies specific gene mutations and modifications. This aids in developing personalized treatment approaches that enhance cancer patient outcomes. For example, data from the Switzerland-based World Health Organization in February 2024 reported that approximately 9.7 million individuals succumbed to cancer in 2022, and 20 million new cases were diagnosed. Lung cancer constituted 12.4% of all new cases, recording 2.5 million new instances, thereby making it the most prevalent cancer globally. Hence, the rising incidence of cancer is catalyzing the growth of the gene panel market.
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Who Are the Top Companies Contributing to the Growth of 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
How Are Technological Trends Affecting the Growth and Development of the Gene Panel Market?
Leading corporations in the gene panel market are devoting their resources to the development of cutting-edge technologies, such as oncology panels. These innovations aim to improve the precision, effectiveness, and comprehensiveness of personalized cancer treatments and diagnostics. Oncology panels, a specific type of gene panel, examine multiple genes linked to cancer to pinpoint genetic changes and mutations, thereby assisting in the diagnosis, prognostication, and treatment of the disease. For example, in May 2023, the biotech firm Vizgen Inc., located in the United States, introduced the MERFISH PanCancer Pathways Panel. This panel provides a modifiable tool for scientists moving into the area of spatial genomics. These prearranged panels are specifically designed for various research uses such as cancer study, and are optimized for increased error resilience, delivering dependable and repeated results. The panels combine spatial data with gene expression data, providing deeper understanding into tumor microenvironments and cell interactions and promoting more accurate, individual cancer research and therapy development. This introduction is a major breakthrough in spatial biology, permitting researchers to delve into intricate biological systems with an unprecedented degree of detail.
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Which Segments of the Gene Panel Market Hold the Most Potential for Future Development?
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
What Are the Key Regions Powering Growth in 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.
What Defines the Scope of the Gene Panel Market?
Gene panels refer to a collection of specific genes selected for testing in a single assay to assess genetic variations related to particular diseases or conditions. They are used for diagnosing genetic disorders, identifying inherited diseases, and providing personalized treatment plans by analyzing multiple genes simultaneously, often in the context of cancer, rare diseases, or other genetic conditions.
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