Market Research Future (MRFR) in its recently published study report asserts that the already booming market of Gene Panel is expected to gain prominence over the forecast period. The market is forecasted to reach heights by revenue till the end of 2023, growing at a CAGR of 19% during 2018-2023.
The Global Gene Panel Market is expected to reach an approximate CAGR of ~19% during the forecast period. The rising prevalence of genetic diseases and cancer is the key factor for the market to grow. According to the Cancer Research U.K., in 2012, 14.1 million cases of cancer were diagnosed all over the world, and 8.2 million died due to cancer. It also projected that the number of cancer patients is expected to reach 23.6 million by 2030.
The increasing prevalence of chronic diseases such as cancer, genetic diseases, and rare diseases, increase in adoption of genetic testing, rising company initiatives, technological advancements, need for efficient prenatal diagnosis, and increasing health awareness are estimated to drive the market during the forecast period. However, factors such as expensive tests, inaccuracy in results, and security concerns of the genes are estimated to restrain the market growth during the forecast period.
The increase in adoption of genetic testing, rising company initiatives, technological advancements such as Next Generation Sequencing (NGS) system, and the need for efficient prenatal diagnosis are important factors influencing the growth of the market. It is estimated that Next-Generation Sequencing (NGS) enables to sequence the entire DNA and RNA sequences in order to detect the presence of any mutation in the genome. With these diagnostic benefits of gene panel, the market is projected to grow rapidly.
However, factors such as high cost of testing followed by erroneous results and security concerns for the genetic data are estimated to hinder the market growth during the forecast period.
Global Gene Panel Market – Key Players
- Thermo Fisher Scientific (U.S.)
- Hoffmann-La Roche AG (Switzerland)
- Illumina, Inc.
- BGI (China)
- Agilent Technologies (U.S.)
- Integrated DNA Technologies (IDT) (U.S.)
- Eurofins Scientific (U.S.)
- QIAGEN (Germany)
- Novogene Corporation (China)
- Personalis (U.S.)
- GATC Biotech AG (GATC Biotech) (Germany)
- ArcherDx (U.S.)
- CENTOGENE AG
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Global Gene Panel Market – Regional Analysis
The Americas dominates the global market for gene panel. The increase in the patient pool for chronic diseases, government initiatives for the development of cancer treatment, and presence of strong market players such as Thermo Fisher Scientific drive the market growth in this region. Europe (the U.K., Belgium, France, and the Netherlands) is second in the market owing to the increasing research and development activities for cancer and congenital diseases. Also, the high occurrence rate of cancer in Europe influences the market growth in Europe. According to WHO, there are 3.7 million cases of cancer in Europe every year. Furthermore, Germany is predicted to dominate the European market as there were 2, 24,089 number of deaths due to cancer in 2014. Also, technological advancements coupled with an early diagnosis of cancer is likely to drive market growth for gene panel in Germany. Asia Pacific is expected to observe growth for the global gene panel market owing to the growing prevalence of cancer and increasing health expenditure. The Middle East and Africa with the presence of low-income countries, low healthcare expenditures, and stringent government regulations accounted for the least market share.
Global Gene Panel Market – Segmentation
Global Gene Panel Market, by Product & Service
- Test Kits
- Testing Services
Global Gene Panel Market, by Technique
- Amplicon-Based Approach
- Hybridization-Based Approach
Global Gene Panel Market, by Design
- Predesigned Gene Panels
- Customized Gene Panels
Global Gene Panel Market, by Application
- Cancer Risk Assessment
- Syndrome-Specific Gene Panels
- High-Penetrance Gene Panels
- High and Moderate-Penetrance Gene Panels
- Comprehensive Cancer Risk Panels
- Diagnosis of Congenital Disorders
- Other Applications
Global Gene Panel Market, by Region
- The Americas
- Asia Pacific
- The Middle East & Africa
Market Research Future research is conducted by industry experts who offer insights into industry structure, market segmentation, assessment, Competitive Landscape (CL), penetration, as well as on emerging trends. Besides primary interviews (~ 80%) and secondary research (~ 20%), their analysis is based on their years of professional expertise in respective industries. Our analysts also predict where the market will be headed in the next five to ten years, by analyzing historical trends and current market positions. Furthermore, the varying trends of segments and categories geographically presented are studied and are estimated based on the primary and secondary research.
- Primary Research
Extensive primary research was conducted to gain a deeper insight of the market and the industry performance. In this particular report, we have conducted primary surveys (interviews) with key level executives (VPs, CEOs, Marketing Directors, Business Development Managers, and many more) of the major players who are active in the market. In addition to analyzing the current and historical trends, our analysts predict where the market is headed, over the next five to ten years.
- Secondary Research
Secondary research was mainly used to collect and identify information useful for extensive, technical, market-oriented, and commercial study of the global gene panel market. It was also used to obtain key information about major players, market classification, and segmentation according to industry trends, geographical markets, and developments related to the market and perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, SEC filings, journals, white papers, corporate presentations, company websites, international organization of chemical manufacturers, some paid databases, and many others.
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Major Table of Content
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope of the Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
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