WASHINGTON, Feb. 23, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Gene Panel Market finds that increasing numbers of initiatives by government and key players is expediting market growth. The market growth is attributed to, increasing adoption of genetic testing, as well as technological advancements such as the Next Generation Sequencing System (NGS). Total Global Gene Panel Market is estimated to reach USD 3.09 Billion by 2028.
The market stood at a revenue of USD 2.20 Billion in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 20.1%.
Furthermore, need for efficient prenatal diagnosis is projected to augment growth of the Global Gene Panel Market, states Vantage Market Research, in a report, titled “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), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Escalating Prevalence of Infectious and Chronic Diseases
The number of infectious and chronic diseases are proliferating across the globe amid all the precautions and personal hygiene procedures taken care of. In the prevention of chronic diseases, nutrition and diet are the most critical factors. Whereas, nutritional content in diet is deteriorating, prevalence of chronic diseases worldwide is escalating, especially across developing countries including Southeast Asian countries and Western European countries. Cardiovascular diseases, diabetes, neurological, osteoporosis, and cancer, are some of the common chronic diseases. Thus increasing chronic diseases prevalence will ultimately upsurge the demand for Gene Panels, further propelling the Gene Panels market growth over the forecast period.
Increasing number of Congenital Diseases
Congenital anomalies are also known as birth defects, congenital disorders or congenital malformations. According to World Health Organization (WHO), around 295 000 new-borns die within 28 days of birth every year, worldwide, due to congenital anomalies. Moreover, number of people living with Sickle cell disease (SCD) is also increasing. According to Centers for Disease Control and Prevention (CDC), Sickle cell disease (SCD) affects approximately 100,000 Americans. SCD occurs among about 1 out of every 365 Black or African-American births. Sickle cell disease (SCD) occurs among about 1 out of every 16,300 Hispanic-American births. Gene Panels have application in diagnosis of congenital disorders. Thus, increase in number of Congenital Diseases is increasing the need for Gene Panels. Consequently, propelling the market growth over the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Gene Panel Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominates the Global Gene Panel Market
North America has dominated the Global Gene Panel Market in 2021 and is likely to continue the same trend during the forecast period. The market growth in the region is attributed to consumer demand for safe and effective genetic tests in the region. Additionally, mounting demand for personalized medicine in addition to the growing application of genetic testing in oncology is, further fuelling the market growth over the forecast period.
Asia Pacific is likely to witness fastest growth in the Gene Panel market during the forecast period. The market growth in the region is attributed to factors such as, presence of emerging economies, as well as large base of population. Additionally, rising healthcare spending is further propelling the market growth in the region.
List of Prominent Players in the Gene Panel Market:
- 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.
- Invitae Corporation
Recent Developments:
February 2021: QIAGEN and INOVIO Expand Collaboration to Develop Next-Generation Sequencing (NGS) Companion Diagnostic for INOVIOs VGX-3100 for Advanced Cervical Dysplasia.
April 2021: 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.
Browse Summary of this Research Report: https://www.vantagemarketresearch.com/blog/gene-panel-081594
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Gene Panel Market?
- How will the Gene Panel Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Gene Panel Market?
- What is the Gene Panel market drivers and restrictions?
- What will be the CAGR and size of the Gene Panel Market throughout the forecast period?
This market titled “Gene Panel Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Report Attribute | Details |
| Market Size in 2021 | USD 2.20 Billion |
| Projected Market Size in 2028 | USD 3.09 Billion |
| CAGR Growth Rate | CAGR of 20.1% From 2022 - 2028 |
| Base Year | 2021 |
| Historic Years | 2016 - 2020 |
| Forecast Years | 2022 - 2028 |
| Segments Covered | Technique • Amplicon-Based Approach • Hybridization-Based Approach Design • Predesigned Gene Panels • Customized Gene Panels Application • Pharmacogenetics • Diagnosis of Congenital Disorders • Cancer Risk Assessment • Others |
| Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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