Gene Panel Market size worth $ 8.22 Million, Globally, by 2028 at 21.36% CAGR: Verified Market Research®

Increasing numbers of company initiatives across the world coupled with the benefits of gene panels are the major factors that help in fostering the gene panel market. Moreover, increasing adoption of genetic testing, technological advancements such as the Next Generation Sequencing System, and the need for efficient prenatal diagnosis are some other factors fueling the growth of the market.

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Jersey City, New Jersey, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Gene Panel Market” By Technique (Amplicon-Based Approach, Hybridization-Based Approach), By Design (Predesigned Gene Panels, Customized Gene Panels), By Application (Pharmacogenetics, Diagnosis of Congenital Disorders, Cancer Risk Assessment, Others), and By Geography. According to Verified Market Research, the Global Gene Panel Market size was valued at USD 1.70 Billion in 2020 and is projected to reach USD 8.22 Billion by 2028, growing at a CAGR of 21.36% from 2021 to 2028.

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Browse in-depth TOC onGene Panel Market

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Global Gene Panel Market Overview

The gene panels are used in diagnostics and treatments such as; Cancer Risk Assessment, Syndrome-Specific Diagnostics, Disease Penetration, and many other applications. Based on the data published by the World Health organization, in 2020, the chronic disease contribution is expected to rise to 73% of all deaths and 60% of the global burden of disease. Moreover, 79% of the deaths attributed to these diseases occur in developing countries. Four of the most prominent chronic diseases are cardiovascular diseases (CVD), cancer, chronic obstructive pulmonary disease, and diabetes. This will ultimately upsurge the demand for gene panels over the forecasted period. A multi-gene panel test provides better diagnostic yield compared with a limited BRCA1/2 genetic test for patients at risk for hereditary breast cancer. This single reliable test provides more information for women suspected to have hereditary cancer predisposition, particularly for breast and ovarian cancers. Besides this, in a retrospective comparison of multiple genetic tests, there was no difference between the multi-gene panel test and the limited BRCA1/2 test in the detection of potentially harmful BRCA mutations.

Genetic data is the most personal data any individual may have. Also, it is an ultimate unique identifier of all living things. Besides this, the information breaches regarding the same can’t be retrieved since it is not like other websites and banking passwords that can be changed over time. The gene data for each of the living things across the world is unique and cannot be changed throughout a lifetime. This might restrict the usage of gene testing across the healthcare and research & development sector. Since the data is so valuable, there may be an incentive for hackers to target genetic databases in order to acquire data that can be used in financial or identity fraud.

Key Developments in Gene Panel Market

  • Illumina and Kartos Therapeutics Announce New Oncology Partnership to Develop an NGS-Based TP53 Companion Diagnostic. With this partnership, Illumina will expand the TruSight Oncology offerings into hematologic malignancies.
  • F. Hoffmann-La Roche AG has commenced a cash tender offer for all of the outstanding shares of common stock of Gen Mark Diagnostics, Inc. (NASDAQ: GNMK) at a price of $24.05 per share.

The major players in the market are BGI, Genewiz, Inc., Thermo Fisher Scientific Inc., Novogene Corporation, Qiagen, Integrated DNA Technologies, and the rest Others.

Verified Market Research has segmented the Global Gene Panel Market On the basis of Technique, Design, Application, and Geography.

  • Gene Panel Market, By Technique
    • Amplicon-Based Approach
    • Hybridization-Based Approach
  • Gene Panel Market, By Design
    • Predesigned Gene Panels
    • Customized Gene Panels
  • Gene Panel Market, By Application
    • Pharmacogenetics
    • Diagnosis of Congenital Disorders
    • Cancer Risk Assessment
    • Others
  • Gene Panel Market by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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Top 10 next generation sequencing companies changing lives with genome research

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