(MENAFN- GlobeNewsWire - Nasdaq) The Global Gene Panel market Size was Valued at USD 1.23 Billion in 2023 and the Worldwide Gene Panel Market Size is Expected to Reach USD 4.46 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Blueprint Genetics, Illumina, Centrillion technology Holdings Ltd., Myriad Genetics, Inc., Qiagen, Ancestry, BGI Genomics Co., Ltd., Eurofins Scientific SE, GENEWIZ, Inc., Novogene Corporation, Personalis, Inc., F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Agilent Technologies, Inc., and Others Key Vendors.
New York, United States , Sept. 05, 2024 (GLOBE NEWSWIRE) -- The Global Gene Panel Market Size is to Grow from USD 1.23 Billion in 2023 to USD 4.46 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.75% during the projected period.
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Gene panels are collections of genes assembled for testing purposes, allowing for the simultaneous sequencing of all known genes responsible for a certain trait, disease, or condition. The genes that are specifically targeted by these panels are those that are known to be significant for the specific illness or clinical issue under investigation. By concentrating on a subset of genes, gene panels provide active testing and analysis of known disease-causing genes. Because fewer genes have been sequenced in gene panel testing than in whole exome or whole genome sequencing, the cost is usually lower. Results from gene panels are usually analyzed and interpreted more quickly. However, the stringent controls enforced by the government can hinder the market's growth.
Browse key industry insights spread across 265 pages with 120 Market data tables and figures & charts from the report on the "Global Gene Panel Market Size, Share, and COVID-19 Impact Analysis, By Product & Services (Test Kits, and Testing Services) By Technique (Amplicon-Based Approach, and Hybridization-Based Approach), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The test kits category is expected to hold the largest market share.
Based on products & services, the gene panel market is divided into test kits and testing services. Among these, the test kits category is expected to hold the largest market share. The best tools for detecting genetic alterations in proteins, chromosomes, or genes are genetic testing kits. The introduction of direct-to-customer test kits by major rivals in response to consumer demand for at-home testing fuelled the expansion of the market. The dominance of the segment was reinforced by an increase in regulatory approvals and clinical trials. Direct-to-consumer testing (DTC) is the most common option for gene testing services among customers.
The technique based on amplicon technology has the largest market share over the duration of the forecast.
Based on technique, the gene panel market is divided into amplicon-based approach and a hybridization-based approach. Among these, the technique based on amplicon technology has the largest market share over the duration of the forecast. Amplicon sequencing allows researchers to sequence targets, which can range in quantity from a few to hundreds of genes, in a single run. Research is accelerated by this ultra-high multiplexed PCR technology, which evaluates many genes simultaneously. It is expected that the leading firms using this technology will continue to release new products, which will support the growth of the marke
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North America has the highest share of the global gene panel market over the forecast period.
The market share in North America can be attributed in large part to government support for genomics research. Additional growth factors in the field include a rise in NGS-based and clinical applications, a surge in cancer and hereditary rare disease research, and a leading NGS supplier. Research on cancer and inherited rare disorders has significantly increased in the region, and there has been a noticeable jump in the number of NGS-based and clinical applications. Furthermore, the advancement of the discipline has been expedited by the region's concentration of leading NGS vendors and the growth in government financing for genomics research.
Asia-Pacific is predicted to grow fastest pace throughout the forecast period. This is because there are several highly populous countries in the region and there is an increase in government spending on healthcare services. Furthermore, in the Asia-Pacific region, China held the biggest market share, while India's gene panel market was expanding at the fastest rate.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global gene panel market include Blueprint Genetics, Illumina, Centrillion Technology Holdings Ltd, Myriad Genetics, Inc, Qiagen, Ancestry, BGI Genomics Co., Ltd, Eurofins Scientific SE, GENEWIZ, Inc, Novogene Corporation, Personalis, Inc, F. Hoffmann-La Roche Ltd, Thermo Fisher Scientific Inc, Agilent Technologies, Inc, and other key vendors.
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Recent Developments
In May 2024, 10x Genomics introduced the Xenium Prime 5K Pan-Tissue and Pathways panel, which completely changed single-cell analysis. This made it possible to thoroughly examine the causes of disease and cellular biology.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global gene panel market based on the below-mentioned segments:
Global Gene Panel Market, By Product & Services
Test Kits Testing Services
Global Gene Panel Market, By Technique
Amplicon-Based Approach Hybridization-Based Approach
Global Gene Panel Market, By Regional
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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