Global gene panel market is anticipated to witness an impressive growth during the forecast period. This can be ascribed to the growing prevalence of genetic disorders like down syndrome, sickle cell disease, tay-saches disease and others. Due to increasing healthcare awareness among the population and rising demand for early diagnosis, lots of couples opt for genetic testing before baby planning or during the pregnancy, further boosting the market over the forecast period. Increasing application of gene panel owing to the low cost of the technique, and fast and accurate testing are expected to propel the market growth. Besides, improving healthcare infrastructure coupled with growing investments in research & development related to gene panel is further expected to create lucrative opportunities for the market growth in the coming years. One of the biggest challenges of gene panel testing is the interpretation of data. Gene panels can identify a large number of genetic variants, and it can be difficult to determine which variants are clinically significant and which are benign. This can lead to false positives, false negatives, and uncertainty about the clinical significance of identified variants. There is a lack of standardization in gene panel testing, with different laboratories using different panels, platforms, and analytical methods. This can lead to variability in results, making it difficult to compare results across different laboratories. Gene panels have continued to expand to include more genes and genetic variants. This allows for more comprehensive testing and improved identification of disease-causing mutations. AI and machine learning technologies have been applied to gene panel testing to improve the accuracy and efficiency of data analysis. These tools can help to identify disease-causing mutations more accurately and efficiently than traditional methods. Integration of gene panel testing with electronic health records (EHRs) can improve the efficiency and accuracy of diagnosis and treatment. This integration allows for seamless sharing of genomic data with healthcare providers and can help to guide personalized treatment decisions. Gene panels offer several advantages over traditional genetic testing methods. First, they allow for a more comprehensive analysis of genes associated with a particular disease or condition. This targeted approach can lead to a more accurate diagnosis and more effective treatment options. Second, gene panels are less expensive than whole-genome sequencing, making them more accessible to patients.
Growing Incidence of Chronic Diseases
According to the global cancer observatory, around 19,292,789 new cancer cases were reported worldwide. Out of these, 9,227,484 new cancer cases were reported in females while the number of new cancer cases reported in men were around 10,065,305.
Rising demand for personalized medicine
Personalized medicine aims to provide targeted therapies based on an individual's genetic makeup. Gene panel testing allows for the identification of genetic mutations that may respond to specific therapies, leading to more effective treatment outcomes. Personalized medicine is needed for disease control because it allows for a more precise and individualized approach to treatment. Traditional approaches to medicine are often based on a one-size-fits-all approach, where patients with the same disease receive the same treatment, regardless of their individual genetic and environmental factors. However, personalized medicine recognizes that each individual is unique, and their response to treatment may vary based on their specific genetic makeup, lifestyle, and environmental factors. It can lead to more effective treatment outcomes by tailoring treatments to an individual's specific needs. For example, in cancer treatment, personalized medicine involves identifying specific genetic mutations in a patient's tumor and targeting those mutations with specific therapies, rather than using a broad treatment approach that may not be as effective. In addition to improving treatment outcomes, personalized medicine can also help to reduce healthcare costs by avoiding treatments that are unlikely to be effective and reducing the need for trial-and-error treatments.
Growing research activities in genomics
The increasing focus on genomics research has led to a surge in demand for gene panel testing, as it enables researchers to investigate multiple genes and pathways simultaneously. This has led to the development of new gene panels and expanded applications for existing panels. There are several reasons why research activities in genomics have increased in recent years. Genomics research has the potential to uncover new insights into human biology, disease, and evolution. This has led to increased interest in genomics research from both academic and industry researchers. The development of personalized medicine, which uses genomic information to tailor treatments to individual patients, has created a strong demand for genomics research. Researchers are working to identify new genetic targets for personalized treatments and to develop new diagnostics based on genomic data. Genomics research is a multidisciplinary field that involves collaboration across many different areas of expertise, including genetics, biology, computer science, and medicine. This has led to increased collaboration between researchers from different fields, leading to new discoveries and innovations. Many governments around the world have increased funding for genomics research in recent years, recognizing the potential benefits of genomics research for human health and disease.
Technological Advancements
Birth defects affect 1 in every 33 babies born in the United States each year which translates into about 120,000 babies.
Recent Development
- In 2021, QIAGEN launched a suite of gene panels for targeted sequencing applications, including panels for cancer research, immuno-oncology, and inherited disease research. These panels use a proprietary technology to improve the sensitivity and specificity of targeted sequencing.
- In 2019, Illumina launched TruSight Oncology 500, a comprehensive gene panel for the detection of somatic mutations in cancer. This panel includes genes associated with a wide range of cancer types and can be used for both research and clinical applications.
- In 2019, Thermo Fisher Scientific launched a suite of on-demand gene panels for targeted sequencing applications. These panels allow researchers to create custom gene panels tailored to their specific research needs.
Market Segmentation
A little over 1.9 million new cancer cases is expected to be diagnosed in the United States in 2022, according to the 2022 Cancer Facts & Figures report from the American Cancer Society (ACS).
Market Players
Illumina, Inc., Agilent Technologies, Inc., Thermo Fischer Scientific, Inc., QIAGEN NV, Eurofins Scientific SE, Foundation Medicine Inc., Guardant Health, Inc., Myriad Genetic Laboratories Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG are some of the leading players operating in the Global Gene Panel Market.
Attribute | Details |
Base Year | 2022 |
Historic Data | 2018 – 2021 |
Estimated Year | 2023 |
Forecast Period | 2024 – 2028 |
Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028 |
Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments covered | By Component By Technique By Design By Application By End User By Region |
Regional scope | North America; Europe; Asia Pacific; South America; Middle East & Africa |
Country scope | United States; Canada; Mexico; France; Germany; United Kingdom; Italy; Spain; China; India; Japan; South Korea; Australia; Brazil; Argentina; Colombia; South Africa; Saudi Arabia; UAE; |
Key companies profiled | Illumina, Inc., Agilent Technologies, Inc., Thermo Fischer Scientific, Inc., QIAGEN NV, Eurofins Scientific SE, Foundation Medicine Inc., Guardant Health, Inc., Myriad Genetic Laboratories Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche AG |
Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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