Gene Panel Market To Surpass USD 11.75 Billion By 2031 | Skyquest Technology

(MENAFN- GlobeNewsWire - Nasdaq) Gene panels are now more reasonably priced due to the decline in the cost of genomic sequencing, which makes comprehensive genetic testing and analysis of a broad variety of illnesses possible.

Westford, USA, Nov. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Gene Panel Market share will reach a value of USD 11.75 Billion by 2031, with a CAGR of 19.30% during the forecast period (2024-2031). The gene panel industry is growing due to the increased requirement for genetic screening to prevent the death rates from genetic abnormalities and the growing incidence of cancer and hereditary disorders. Furthermore, the main strategy used by physicians to improve illness prediction and therapy is determining the genetic propensity for different forms of cancer or other genetic problems. Globally, there were almost 20 million new instances of cancer in 2022, and by 2040, that figure is predicted to increase to 29.9 million, according to the National Cancer Institute. The market is anticipated to expand as a result of the rising incidence of cancer and the growing usage of gene panels in cancer-focused therapies.

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Browse in-depth TOC on the "Gene Panel Market"

Pages – 214

Tables – 85

Figures – 71

Gene Panel Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 2.86 Billion
Estimated Value by 2031	USD 11.75 Billion
Growth Rate	Poised to grow at a CAGR of 19.30%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Product & Services, Techniques, Designs, Application, End Use, and Region
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Gene panel market growth driven by innovation
Key Market Opportunities	Expanding Applications in Precision Oncology
Key Market Drivers	Rising Prevalence of Genetic Disorders

Gene Panel Market Segmental Analysis

Global Gene Panel Market is segmented by Product and Services, Technique, Design, Application, End User and Region.

Based on Product and Services , the market is segmented into Test Kits, and Testing Services. Based on Technique, the market is segmented into Amplicon-based Approach, and Hybridization-based Approach.

Based on Design the market is segmented into Predesigned Gene Panel, and Customized Gene Panel.

Based on Application , the market is segmented into Cancer Risk Assessment, Diagnosis of Congenital Diseases, and Pharmacogenetics.

Based on end user , the market is segmented into Research and Academic Institutes, Hospital and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies.

Based on region , the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.

Test Kits Drive Market Leadership, Fueled by High-Tech Solutions for Chronic Disease Diagnosis

As per the gene panel market forecast, in 2023, test kits accounted for a 60.0% share of sales and market leadership. The world at large is becoming increasingly self-utilitarian. Market expansion is spurred by the development of high-tech solutions for testing that facilitate the diagnosis of chronic diseases. For instance, Geneseeq's NSCLC tumor mutational burden test kit that carries a broad gene panel of 425 cancer-associated genes was approved by China's NMPA in October 2023.

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Congenital Disease Diagnosis Market Poised for Growth, Supported by Advancements in Genetic Testing

Based on the gene panel market analysis, the congenital disease diagnosis segment will grow significantly. Congenital diseases, which appear commonly during fetal development, may be detected at birth, during infancy, or even prenatally. Many diagnostics that could identify these diseases and provide treatments are being developed nowadays. For instance, CooperSurgical and Fulgent Genetics' Cord Blood Registry has introduced a variety of genetic tests during February 2024, including the CBR Snapshot, CBR Portrait, and CBR Landscape genetic tests. These screening tests could prove to be vital in testing children for these diseases, including cancerous diseases, cardiac-related diseases, neonatal diabetes, and other deadly diseases.

North America Dominated Market Amidst Significant Government Funding

North America, in 2023, accounted for about 36.7% of the gene panel market share. NGS-based and clinical applications have gained large numbers and so has the research in inherited uncommon disorders and cancer. In addition, this sector has progressed due to the presence of leading NGS vendors in the region and rising government funding for genomes research. For instance, in September 2022, the CDC announced funding for nearly USD 90 million for the Pathogen Genomics Centers of Excellence network. This is estimated to be able to assist with supporting the nationwide implementation of advanced genomics technologies and their applications for public health and prepare for the threats from infectious diseases.

Gene Panel Market Insights

Drivers

• Advancements in Genomic Research
• Rising Prevalence of Genetic Disorders
• Growing Awareness of Genetic Testing
  

Restraints

• Limited Reimbursement for Genetic Testing
• Complexity in Data Interpretation
• Limited Availability of Trained Professionals
  

Key Players Operating Within the Gene Panel Market

• Qiagen
• Roche
• Illumina
• Thermo Fisher Scientific
• Agilent Technologies
• Bio-Rad Laboratories
• PerkinElmer
• Becton, Dickinson and Company (BD)
• Sangamo Therapeutics
• Genomics England
• Personalis, Inc.
• Twist Bioscience Corporation
• Castle Biosciences, Inc
• Neogenomics Laboratories
• NantHealth
• Macrogen
• Myrtelle Inc.
• Eurofins Genomics
• Guardant Health, Inc.
• Myriad Genetic Laboratories Inc.

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Key Questions Covered in the Global Gene Panel Market Report

• What is the forecast duration of the market report?
• What are the key strategies adopted by market players operating within the market?
• Which region accounted for the largest share in 2023?
• What are the key gene panel market trends?
• By 2031, what will the size of the gene panel market be?
  

This report provides the following insights:

Analysis of key drivers (advancements in genomic research, rising prevalence of genetic disorders), restraints (high cost of sequencing technology, limited availability of trained professionals) opportunities (expanding applications in precision oncology), and challenges (lack of uniformity in genetic test quality) influencing the growth of the gene panel market

• Market Penetration : Comprehensive information on the product portfolios offered by the top players in the gene panel market
• Product Development/Innovation : Detailed insights on the upcoming trends, R&D activities, and product launches in the gene panel market
• Market Development : Comprehensive information on lucrative emerging regions
• Market Diversification : Exhaustive information about new products, growing geographies, and recent developments in the market
• Competitive Assessment : In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
  

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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