Gene Panel Market Size to Reach USD 3.87 Billion in 2032 Growing at a CAGR of 13.3%, According to Latest Analysis by Emergen Research

The global gene panel market, valued at USD 1.12 Billion in 2022, is anticipated to witness robust growth, reaching USD 2.76 Billion by 2028, with a rapid revenue Compound Annual Growth Rate (CAGR) of 13.3% during the forecast period. A recent Emergen Research report highlights the key drivers, trends, and segments shaping this dynamic landscape.

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Key Market Drivers:

1. Addressing Congenital Disorders:

The rising prevalence of congenital disorders among infants is a significant driver propelling market growth. With approximately 240,000 newborn deaths attributed to congenital disorders annually globally, there's a pressing need for advanced gene panel testing to enable more targeted and potentially curative approaches.

2. Demand for Comprehensive Testing:

There's an increasing demand for gene panels for comprehensive and precise testing, particularly in detecting hereditary cancer syndromes. With Noncommunicable Diseases (NCDs) responsible for 74% of all deaths worldwide, accurate genetic testing is vital, aiding in early detection and personalized treatment plans.

3. Integration of AI and ML:

The rising trend of Artificial Intelligence (AI) and Machine Learning (ML) in genomic profiling is driving market growth. Innovations like Guardant Health's 'guardant infinity' leverage AI to provide multidimensional views of patients' cancers, enhancing diagnosis and treatment efficacy.

4. Regulatory Approvals:

Increasing regulatory approvals of DNA testing portfolios, such as the FDA's approval of Invitae's hereditary cancers panel, are contributing to market expansion. This ensures the availability of reliable and validated testing options for various genetic predispositions and cancers.

Market Restraints:

1. Privacy Concerns:
Despite the benefits of genetic testing, concerns regarding data protection remain a significant restraint. Privacy risks associated with genetic information, highlighted by incidents like the 23andME database hack, underscore the need for robust data security measures.

Browse Detailed Research report @ https://www.emergenresearch.com/industry-report/gene-panel-market

Market Segment Insights:

1. Dominance of Test Kits Segment:
The test kits segment holds the largest market share, driven by the rising demand for comprehensive cancer-associated gene analysis. Companies like Quest Diagnostics are meeting consumer needs with Direct-to-Consumer (DTC) genetic testing kits, further fueling segment growth.

2. Steady Growth for Instruments Segment:

The instruments segment is poised for steady growth, fueled by demand for gene panel analyzing equipment and technological innovations. Integration with AI and ML algorithms enhances accuracy and opens new avenues in diagnosis and research.

3. Dominance of Cancer Risk Assessment Segment:

The cancer risk assessment segment is expected to command a significant market share, driven by the use of gene panels in controlling altered genes associated with cancer. Strategic collaborations and advancements, like Agilent technologies' pan-cancer Next-Generation Sequencing (NGS) assay, further boost segment growth.

4. Moderate Growth for Pharmacogenetics Segment:

The pharmacogenetics segment is projected to register moderate growth, driven by its utilization in personalized treatment plans. With healthcare companies increasingly leveraging gene panels to customize medication based on genetic profiles, the segment is set for expansion.
The global gene panel market is witnessing a transformative phase driven by technological advancements, increasing disease prevalence, and regulatory support. As the market continues to evolve, stakeholders are poised to capitalize on opportunities for innovation and growth, ultimately enhancing patient outcomes worldwide.

Some major players included in the global gene panel market report are:
• Agilent Technologies
• Thermo Fisher Scientific Inc.
• Illumina, Inc.
• QIAGEN
• Hoffmann-La Roche Ltd
• Eurofins Scientific
• BGI
• Integrated DNA Technologies, Inc.
• Synbio Technologies
• Novogene Co, Ltd
• Personalis, Inc.
• GATC HEALTH.
• GeneDx, LLC
• CENTOGENE N.V.
• Guardant Health
• Natera, Inc.
• Invitae Corp
• Sophia Genetics
• Swift Biosciences
• Paragon Genomics, Inc.

Gene Panel Latest Industry News
• On 3 October 2023, California, a biotechnology company based in the U.S. Invitae Corp. received the U.S. FDA approval for common hereditary cancers panel. Invitae was able to build a new device category based on its testing technology and methodology through this application, which gives significant marketing distinction and opportunity for its largest testing category.

• On 20 June 2022, Avesthagen Limited partnered with Wipro limited to launch a project called 'Cancer risk assessed by NGS profiling of circulating free DNA and RNA for lung cancer project related Genomics sequencing services 'where the life sciences lab has been developing next generation sequencing with the help of AI and ML algorithms.

Gene Panel Market Segment Analysis

For the purpose of this report, Emergen Research has segmented the global gene panel market on the basis of offering, technique, application, end-use, and region:

• Offering Outlook (Revenue, USD Billion; 2019-2032)
o Test Kits
o Instruments
o Reagents
o Software and Services
o Others

• Technique Outlook (Revenue, USD Billion; 2019-2032)
o Amplicon Based Approach
o Hybridization Based Approach
o Whole Exome Sequencing (WES)
o RNA Sequencing
o Others
• Application Outlook (Revenue, USD Billion; 2019-2032)
o Cancer Risk Assessment
o Pharmacogenetics
o Diagnosis of Congenital Disorders
o Infectious Diseases
o Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Hospitals
o Pharmaceutical and Biotechnology
o Laboratories
o Research and Academic Institutes
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

Look Over transcripts provided by Emergen Research:

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