Gene Panel Market Poised for Robust Growth, Forecasted to Expand at 14.2% CAGR from 2024-30
MarkNtel Advisors has released its latest report highlighting strong growth in The Global Gene Panel Market size was valued at around USD 3.1 billion in 2023 & is estimated to grow at a CAGR of around 14.2% during the forecast period, i.e., 2024-30.
Report Coverage
This report offers a comprehensive analysis of the Gene Panel Market, providing valuable insights across historical trends, current dynamics, and future forecasts.
- Base Year: 2023
- Forecast Years: 2024-30
- Historical Years: 2019-22
Gene Panel Market Overview
This market is expected to see significant revenue growth driven by an increase in cases of cancer and genetic diseases. Gene panels that test for various gene variations at once for a specific disease are becoming essential for precise medicines. The increase in the number of cancer cases which show 20 million cases diagnosed globally in 2022, depicts the emerging need for Gene Panels for targeted and personalized treatment.
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Gene Panel Market Segmentation Outlook
The Gene Panel is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
By Product & Service
- Test Kits
- Testing Services
By Technique
- Amplicon Based Approach
- Hybridization Based Approach
By Design
- Predesigned Gene Panel
- Customized Gene Panel
By Application
- Cancer Risk Assessment
- Diagnosis of Congenital Diseases
- Pharmacogenetics
- Others
By End User
- Academic & Research Institutes
- Hospital & Diagnostic Laboratories
- Pharmaceutical & Biotechnology Companies
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Gene Panel Market Challenge
Lack of Skilled Workforce and Health Awareness – There is a lack of skilled workforce who have the required expertise to smoothly conduct gene panel tests. This results in high costs and ineffective treatment for the patients. Qualified professionals are required for the innovation and implementation of genetic testing solutions. This issue can be addressed by training more people professionally. Some firms are now automating these manufacturing processes.
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Top Gene Panel Market Brands & Their Strategic Market Positioning
MarkNtel Advisors Research identifies Illumina, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Qiagen Inc., Eurofins Scientific Se, BGI, F. Hoffmann-La Roche AG, Integrated DNA Technologies Inc., Genewiz, Inc., Novogene Corporation, Personalis, Inc., Gatc Biotech AG, Archerdx, Genedx, Centogene AG, and Others as key players shaping the market landscape.
Gene Panel Market News
- 2024: Thermo Fisher on the Rise of Next-Generation Sequencing CDx, i.e., NGS-based in vitro diagnosing focusing on traditional Sanger sequencing and the polymerase chain reaction (PCR) methods.
- 2023: Illumina launches advanced liquid biopsy assay to enable comprehensive genomic profiling of solid tumors
Key Questions Answered in the Report
- What is the market size (value & volume) along with the current & future trends, growth factors & challenges, etc.?
- How the industry has been evolving, and which segments would dominate the market during the forecast period?
- What are the key opportunity areas that companies foresee in the coming years 2030?
- Who are the key players in the market, and what are their competitive strengths?
- What are the key growth drivers & challenges associated with the market, and how would they impact the market through the forecast period?
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