Gene Panel Market Overview:
The global gene panel market has the scope to make sure that it achieves a CAGR of 19% between 2018 and 2023, which as per the discussion on Market Research Future’s (MRFR’s) report is the forecast period. The global market for gene panel is all set to profit from the rising investment from both governments and private bodies, increasing demand for diagnosis, better technological support, the inclusion of Next Generation Sequencing (NGS) system, emphasis on research and development sector, and others. Less time consumption is also a major factor but often the process delivers erroneous results, which can pull down the growth rate by preventing institutions from implementing the procedure.
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Gene Panel Market Segmentation
Product & service, design application, technique, and end-user are four major segments that have been considered while the experts studied the market for MRFR’s report. This is to ensure that the market gets ample opportunities and insights to make sure that players introduce better strategies to increase profitability.
By product & service, the report on the global gene panel market includes test kits and testing services.
By technique, the report on the gene panel market relies on segments like the amplicon-based approach and hybridization-based approach.
By design, the global report on the gene panel market discusses predesigned gene panels and customized gene panels to get a better idea on the market.
By application, the market report on the gene panel industry includes diagnosis of congenital disorders, pharmacogenetics, cancer risk assessment, and other applications. The cancer risk assessment includes high & moderate-penetrance gene panels, high-penetrance gene panels, syndrome-specific gene panels, and comprehensive cancer risk panels.
By the end-user, the market report studying the gene panel industry includes research & academic institutes, diagnostic laboratories, hospitals, and pharmaceutical & biotechnology companies.
Gene Panel Market Competitive Landscape:
A lot of important players are taking the cue from major market players and their strategic developments to ensure they are on the right track. The global gene panel market is finding the growth to be very engaging as companies like Illumina, Inc., BGI (China), Thermo Fisher Scientific (U.S.), F. Hoffmann-La Roche AG (Switzerland), Integrated DNA Technologies (IDT) (U.S.), Agilent Technologies (U.S.), CENTOGENE AG, QIAGEN (Germany), Eurofins Scientific (U.S.), Personalis (U.S.), GENEWIZ, Novogene Corporation (China), ArcherDx (U.S.), GeneDx., GATC Biotech AG (GATC Biotech) (Germany), and others are showing interest.
In December 2019, Ambry Genetics and Mayo Clinic announced that they have developed a new mutation prevalence tool to assist doctors during the gene panel testing procedure.
Gene Panel Market Regional Analysis:
The Gene Panel Market has the Americas in the lead and this is mostly due to the increasing expenditure in countries like the US and Canada. Both these countries are known for their extensive plans to develop better dynamics for the healthcare sector, which backs the growing demand for infrastructure. In addition, the biotech sector is receiving a financial boost from the companies that are operating from the US. This can be of great benefit to the regional market.
The research sector in Europe is quite supportive and it is getting ample funding from various government and private bodies. Increasing research for chronic diseases like cancer and others are going to make sure that the market receives backup. Various companies are trying to make an impact in the market by capitalizing on these features.
The Asia Pacific market would gain substantial backing from various emerging economies who are spending a great deal to improve their infrastructure and ensure better research and development. The massive population that resides in the region is also showing a huge increase in the number of patients down with chronic diseases. This can boost market growth further. The growth in the Middle East & Africa would be slower than the rest as the region lacks proper exposure to such advanced technologies, financial support, and infrastructure. However, the Middle Eastern market may respond well with countries like Qatar, Dubai, Saudi Arabia, and others taking initiatives.
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