Gene Panel Market to Surpass US$ 29,975.8 Million by 2028

Global Gene Panel Market, by Technique (Amplicon-Based and Hybridization-Based), by Design (Predesigned Gene Panels and Customized Gene Panels), by Application (Pharmacogenetics, Diagnosis of Congenital Disorders, Cancer Risk Assessment, and Others), by End User (Research and Academic Institutes, Hospital and Diagnostic Laboratories, and Biotechnology and Pharmaceutical Companies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 22,044.7 million in 2021, and is expected to exhibit a CAGR of 20.2% during the forecast period (2021-2028).

Rising cases of chronic diseases such as cancer, heart attack, stroke, and others are expected to drive growth of the global gene panel market during the forecast period. For instance, according to data provided by the Cancer Research U.K, in 2018, more than 17 million new cancer cases were reported across the globe. Moreover, according to the Global Burden of Disease (GBD) Study 2019, the prevalent cases of cardiovascular diseases across the globe was around 523 million.

Market players are engaged in inorganic activities such as acquisitions of companies, which is expected to drive growth of the gene panel market. For instance, in February 2021, Inovio Pharmaceuticals, Inc., an American biotechnology company, and QIAGEN, a German molecular diagnostic company collaborated to develop next generation sequencing panels as a diagnostic guide for Inovio’s immunotherapy to treat cervical dysplasia.

Global Gene Panel Market - Impact of Coronavirus (COVID – 19) Pandemic

COVID-19 outbreak was first reported on December 31, 2019 in Wuhan, China. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 186 million cases and 4.0 million deaths due to Coronavirus (COVID-19) were reported up till July 11, 2021 across the globe.

The COVID-19 pandemic has affected several markets across the globe and is also expected to hamper the demand and supply in global gene panel market. The COVID-19 pandemic has affected the demand and supply of gene panel market in three main ways; by directly affecting the production and demand; by creating disruptions in distribution channels; and by its financial impact on firms and financial markets.

However, rising cases of some genetic diseases associated with COVID-19 infections such as epilepsy, cardiovascular disease, stroke, arthritis, and others are expected to drive the growth of gene panel market as a diagnostic tool. For instance, according to an article published by the American Heart Association Journal in February 2021, the risk of having acute ischemic stroke is increased in patients who are COVID-19 positive. This is expected to increase the growth of gene panel market during the forecast period.

Browse 33 Market Data Tables and 25 Figures spread through 160 Pages and in-depth TOC on Global Gene Panel Market, by Technique (Amplicon-Based and Hybridization-Based), by Design (Predesigned Gene Panels and Customized Gene Panels), by Application (Pharmacogenetics, Diagnosis of Congenital Disorders, Cancer Risk Assessment, and Others), by End User (Research and Academic Institutes, Hospital and Diagnostic Laboratories, and Biotechnology and Pharmaceutical Companies), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Moreover, launch of new products is expected to drive the gene panel market growth. For instance, in June 2019, Biocept, Inc., an American genomics company, announced the launch of its new product Target Selector NGS Breast Panel, which is a gene panel used for the diagnosis of gene mutations associated with breast cancer.

Key Takeaways of the Gene Panel Market:

• The global gene panels market is expected to exhibit a CAGR of 20.2% over the forecast period (2021-2028). North America is expected to account for major market share over the forecast period (2021-2028), owing to rising number of product launch and approval. For instance, in August 2020, Guardant Health, an American healthcare company, received U.S. Food and Drug Administration (FDA) approval for its product Guardant360 CDx, which utilizes blood assay and next generation sequencing gene panel technology to detect mutations in the epidermal growth factor receptor gene in case of non-small cell lung cancer.
• Some of the major players operating in the global gene panel market include Thermo Fisher Scientific Inc., BGI, GENEWIZ, Inc., GATC Biotech, Novogene Co., Ltd., QIAGEN, Integrated DNA Technologies, Inc., Illumina Inc., Agilent Technologies, Inc., Eurofins Scientific, F. Hoffmann-La Roche Ltd, Personalis Inc., GeneDx Inc., and Invitae Corporation