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How has the gene panel market grown in recent years?
In recent times, the size of the gene panel market has experienced significant growth. This market, which was valued at $2.14 billion in 2024, is projected to increase to $2.48 billion in 2025, registering a compound annual growth rate (CAGR) of 15.5%. Factors such as the increasing occurrence of inherited diseases, the growing need for genetic analyses, ramped-up research and developmental activities, a rise in the incidence of birth defects, and the expanding demand for more sophisticated treatment alternatives have primarily driven growth in this period.
How is the gene panel market size expected to evolve during the forecast period?
In the forthcoming years, the gene panel market is predicted to experience swift expansion, increasing the market size to $4.37 billion in 2029 with a compound annual growth rate (CAGR) of 15.3%. The proposed growth during this period could owe to the escalating occurrence of chronic ailments, proliferating cancer instances, the rise in awareness about genetic testing, along with amplified government initiatives and expenditure in healthcare. Predominant trends for the forecast period would encompass the progress in gene panel techniques, deliberate collaborations, customized treatments, the amalgamation of artificial intelligence, and the development of sophisticated bioinformatics tools.
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Which key drivers are propelling the gene panel market’s growth?
The escalating incidents of cancer are anticipated to spur the expansion of the gene panel market in the future. Cancer, a collection of conditions characterized by uncontrolled growth and dissemination of irregular cells that possess the potential to invade and harm the neighboring tissues and organs, is on the rise. This increase is attributed to factors such as growing elderly populations, changes in lifestyle, environmental exposure, and advancements in detection and diagnostic techniques. Gene panels are crucial in cancer treatment as they facilitate extensive genetic testing to pinpoint mutations and modifications in specific genes. This can steer personalized treatment plans and enhance the prognosis for cancer patients. For example, a report from the World Health Organization in February 2024, a Switzerland-based agency, estimated that 9.7 million people succumbed to cancer in 2022, with 20 million new incidences. Lung cancer, with 2.5 million new cases, represented 12.4% of all new cases, thus making it the most prevalent form of cancer globally. As such, the growing ubiquity of cancer is fuelling the advancement of the gene panel market.
What are the market segments in the gene panel industry?
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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Which leading companies are shaping 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
What emerging trends are influencing the growth of the gene panel market?
Major corporations in the gene panel industry are putting their focus on generating innovative technologies like oncology panels to improve their cancer diagnosis and personalized treatment strategies in terms of efficiency, accuracy, and overall comprehensiveness. Specialized gene panels, known as oncology panels, evaluate multiple genes linked with cancer to detect genetic changes and mutations. This plays a critical role in cancer treatment, diagnosis, and prognosis. For example, in May 2023, Vizgen Inc., a reputable biotechnology company from the US, unveiled the MERFISH PanCancer Pathways Panel. This product offers scientists new to spatial genomics a customizable option. The company designed these panels specifically for different research applications, including cancer-related studies. Notably, they are also optimized for enhanced robustness against errors, delivering reproduceable and reliable results. They integrate spatial information with gene expression data, which provides a more in-depth understanding of cellular interactions and tumor microenvironments. This supports the development of more personalized cancer research and therapies. This launch marked a major boost in the advancement of spatial biology as it allows researchers to delve into complicated biological systems at a detail level that was not previously achievable.
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Which geographic areas are influencing the growth of 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.
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