Press Release

A USD 3.1 Billion Global Gene Panel Market to Flourish at a CAGR of Around 14.2% During 2024-30

The Global Gene Panel Market size was valued at around USD 3.1 billion in 2023 & is anticipated to grow at a CAGR of about 14.2% during the forecast period of 2024-30, cites MarkNtel Advisors in their recent research report. The market is experiencing significant growth driven by various key factors. One primary driver is the rise in incidents of cancer and genetic disorders. For instance, according to Global Cancer Statistics 2024, there were 20 million cancer cases registered in 2022, with 9.7 million deaths. In the coming years, these cases are expected to grow. An increase in such cases boosts the demand for gene panels for targeted treatment and therapies. Multi-gene panel which diagnoses rapidly and cost-effectively enabling early management of various diseases.

Moreover, one major opportunity for the market is the rising demand for personalized medicines. As healthcare firms are shifting towards personalized plans, they require gene panels for diagnosing as per the patient’s genetic profile. Advances in the next-generation sequencing (NGS) have made these tests affordable and accessible fueling the demand for personalized medicines, and ultimately generating lucrative revenue growth opportunities for the market players.

However, the market faces some challenges too, particularly the lack of a skilled workforce for biotechnological research. The lack of required expertise affects the innovation and implementation of gene panel solutions, hence increasing the cost of tests. Automation and training programs are being developed to address these issues but these are still challenging for the lower-income countries, thus hindering the market growth & expansion.

In terms of technology, artificial intelligence, NGS, etc. are driving the gene market forward improving accuracy, speed, and cost-efficiency. Partnerships of companies and institutions are further supporting the market’s growth & development, further states the research report, “Global Gene Panel Market Analysis, 2024.”

Segmentation Analysis

Cancer Risk Assessment Holds the Largest Market Share

Based on the application, the market is further bifurcated into, Cancer Risk Assessment, Diagnosis of Congenital Diseases, Pharmacogenetics, and Others. Gene panels are widely used for various laboratory purposes. They are very useful for the analysis and diagnosis of cancer, diagnosis of congenital disease before birth, after delivery, or even after a few weeks, the effect of drugs on a patient, etc. But most of the cases are from cancer disease. In 2022, approximately 1800 women are diagnosed with cervical cancer every day globally. Lung cancer is the most common type of cancer and leads to most deaths due to the cancer. Moreover, cervical cancer is the leading cause of death of women in 37 countries, mostly in Sub-Saharan Africa, and only 1 out of 6 eligible girls have been vaccinated against HPV worldwide. Thus, gene panels are highly used in Cancer Risk Assessment.

North America Leads the Global Gene Panel Industry

North America holds the largest market share and is anticipated to witness steady revenue growth during the coming years, with the United States as the most prominent and fastest-growing country. As per National Healthcare Expenditure Data, the United States is spending approximately USD 13,493 on each person. In this region, Canada has the second largest healthcare system and is also one of the most spending countries on healthcare. Europe is forecast to perform well in the gene panel market in the coming years due to its increasing expenditure & focus on healthcare. Therefore, the gene panel industry is anticipated to flourish in the regions of North America, and Europe.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies including 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 are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping up across the regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?