Market Trends and Dynamics
Owing to the rise in the incidence of chronic diseases worldwide, the global market for gene panels is expected to expand significantly. The increase in the number of company initiatives worldwide and the advantages of the gene panels are major factors expected to fuel the market for the gene panel during the forecast period. However, in the coming years, stringent rules and regulations for pharmaceutical companies and health problems related to genetic data are likely to impede the gene panel market. However, ongoing research and development in the field of gene sequencing are expected to pose substantial market growth opportunities during the forecast period.
A gene panel is a type of test that helps to examine several genes simultaneously for cancer-associated mutations. This test is capable of evaluating a variety of genes that can provide cancer information to provide an accurate diagnosis to help prevent or stop the spread of cancer.
According to Market Research Future (MRFR), the global gene panel market is projected to cross USD 4.347.32 million with a CAGR of 12.16% by 2018 to 2025 (forecast period). The report is a broad combination of qualitative and quantitative information that illustrates key business developments, issues affecting industry and competition, as well as developments in the gene panel market.
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The global market gene panel market has been segmented by product & service, technology, design, application, and end-user.
Based on product & service, the market has been split into test kits and test services.
Based on the technology, the global market for gene panels has been bifurcated into an amplicon-based approach and a hybridization-based approach.
Based on the design, the global market for gene panels was divided into pre-designed gene panels and customized gene panels.
Based on the application, the global market for gene panel was listed as a cancer risk assessment, congenital condition diagnosis, and pharmacogenetics.
Based on end-user, the market for gene panel was divided into hospitals, diagnostic laboratories, and others.
Region-wise, the global market for gene panel was divided into North America, Europe, the Asia Pacific, and the Middle East & Africa.
North America is further divided into the United States and Canada. The United States of America is likely to be leading the global demand for gene panels. It can be due to the increasing prevalence of cancer in the region. Almost 1,688,780 new cases were reported in the US in 2017.
The European gene panel market is expected to be second-largest during the forecast period. The incidence rate for all cancers is expected to increase by 2% in the United Kingdom to 742 cases per 100,000 people between 2014 and 2035. This increasing cancer case, combined with the improved performance of the gene panel, is expected to drive market development.
Due to the rising expenditure on healthcare and the presence of a broad patient pool, the Asia Pacific market is projected to have a significant growth rate during the forecast period.
The Middle East & Africa market is expected to grow due to increasing healthcare spending, increasing investment by major market players, and growing patient pools in this region. For example, according to the International Trade Administration, expenditure in the UAE amounted to USD 17 billion in 2017 and is projected to reach USD 21.3 billion by 2021.
The key players in the global gene panel market are Agilent Technologies Inc. (US), Thermo Fisher Scientific (US), F. Hoffmann-La Roche Ltd (Switzerland), Qiagen (Germany), Illumina Inc. (US), BGI Genomics (China), Integrated DNA Technologies, Inc. (the US), GENEWIZ (US), Novogene Corporation (US), Personalis, Inc. (US), GATC Biotech AG (Germany), ArcherDX, Inc. (the US), GeneDx (Switzerland), and CENTOGENE AG (Germany).
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