Gene Panel Market

Gene Panel Market Size (2023 to 2028)

As per our analysis report, the global gene panel market is expected to reach USD 6.38 billion by 2028 from USD 2.52 billion in 2023, growing at a compound annual growth rate (CAGR) of 18.86% during the forecast period.

Gene panels are used to diagnose cell mutations through the analysis of multiple genes. With advantages like early diagnostics, carrier screening, and prenatal testing, these gene panels offer a variety of health benefits, which is driving their demand in healthcare and biotechnology.

MARKET DRIVERS:

The extensive need for precise, quick, and cost-affordable genetic testing coupled with advances in genomics like next-generation sequencing (NGS) is the primary factor driving the global gene panel market. Also, the spike in the number of genetic disorders that augments the requirement of early disease detection among people is another factor driving this business growth. The demand for customized medicine according to genetic variations and patient characteristics is also driving the adoption of gene panels.

The governments of several countries have been offering funds and grants for research and development activities in the genomics and medical infrastructure also creating a positive outlook for the gene panel market. The increasing investments from both private and public sectors in innovative healthcare solutions are touted to produce more accurate and affordable options, increasing demand in the gene panel market. The recent surge in consumer awareness about the benefits of genetic testing to cure chronic diseases, along with the education offered by healthcare services, is boosting the business of these panels. Besides, the advances in gene technology have led to the usage of gene panels in the oncology departments to identify various types of cancer in the earlier stages. Moreover, the rising partnerships within the biotechnology industry, healthcare, and research centers are supposed to create lucrative opportunities for the growth of the gene panel market in the coming years.

MARKET RESTRAINTS:

The major challenge to the gene panel market is the high cost associated with genetic testing. Although the governments are promoting the usage of gene panels, the stringent regulations related to testing parameters and delays in the approval process are acting as a limitation for this business. In addition, the misconception among consumers about genetic testing, along with the lack of proper insurance coverage, is also leading to a negative impact on the gene panel market. Also, the privacy of the information collected through genetic testing is a concerning area for the growth of the gene panel market. Besides, the lack of awareness about the benefits of using gene panels more in healthcare settings and the non-availability of proper standardization in the analysis of the test outcomes is slowing down the developments in the gene panel market. Furthermore, the availability of various types of genetic data and the complexities involved in the integration of genomic data in the existing medical framework are anticipated to constrain the gene panel market during the forecast period.

Impact of COVID-19 on the gene panel market:

The COVID-19 pandemic had a mixed impact on the global gene panel market. The lockdown restrictions resulted in supply chain disruptions, leading to the delayed availability of raw materials, equipment, and reagents used in the genetic testing process. The shutdown of several companies led to the halt of research and development activities and a pause in genomic testing. In addition, the decreased budget and expenditures in gene testing to fight the spread of the pandemic further limited the testing processes. Also, the temporary shutdowns and contactless conditions constrained the clinical trials, recruitments, and direct patient interactions. Besides, there was a huge emphasis on customized gene testing to understand and control the spread of the pandemic. All healthcare companies focussed mainly on COVID-19, affecting the funds and grants for the genomics research. Nonetheless, the patient's preferences for addressing immediate needs and medical treatments caused a delay and postponement of the genetic testing. On the other hand, the gene panel market is touted to witness some positive demand with increased emphasis on worldwide scientific community partnerships during COVID-19. Moreover, the increase in remote consulting and telemedicine will open new ways to conduct clinical trials and research activities.

REPORT COVERAGE:

This research report on the global gene panel market has been segmented and sub-segmented based on product type, design, technique, application, end-user and region.

Gene Panel Market – By Product Type:

• Test Kits
• Testing Services

The test kits segment accounted for the leading share in the global market and is likely to continue with a reasonable growth rate in the future. The increasing prevalence of chronic diseases and the need to understand different genetic mutations to cure those ailments is supporting the growth of this segment. Test kits offer an affordable and accurate diagnosis without any medical infrastructure. Moreover, the technological developments mixed with government-supportive initiatives to control several diseases are also offering huge potential for the adoption of test kits.

Gene Panel Market – By Design:

• Predesigned
• Customized

The predesigned panels recorded the highest share in the global gene panel market due to the increasing use of these in the research studies of various cancers, heart problems, and genetic disorders. However, the customized design is foreseen to expand at a considerable rate owing to the spike in applications in diagnostics and therapeutics, along with the research activities to understand gene mutations.

Gene Panel Market – By Technique:

• Amplicon-based
• Hybridization-based

Amplicon-based methods held a significant share of the gene panel market. This technique involves NGS to analyze genetic variations in targeted areas. The amplicon-based process is relatively faster and easier with a quick turnaround time, which is fuelling its demand in the worldwide market. Besides, the hybridization-based technique is also expected to increase because of its booming applications in the identification of rare genetic variants and genotyping.

Gene Panel Market – By Application:

• Cancer Risk Assessment
• Congenital Diseases Diagnosis
• Pharmacogenetics
• Others

The cancer risk assessment applications held the lion’s share in this market due to the skyrocketing cancer cases and improving education about the benefits of gene panel testing. These panels offer a unique solution to analyze multiple types of genes to detect various cancers in patients. The cancer risk assessment further covers applications like comprehensive cancer risk, syndrome specific, high-penetrance, and high and moderate-penetrance.

Gene Panel Market – By End User:

• Research and Academic Institutes
• Hospitals and Clinics
• Pharmaceutical and Biotechnology Companies

Research and academic institutions occupy a prominent portion of the global gene panel market owing to the rise in screening processes to understand different genetic disorders. Along with cancer screening, gene panels play a pivotal role in understanding the defects in a fetus in pregnant women.

The hospitals and clinics segment is likely to expand with a tremendous growth rate in the forecast period with the increasing cases of cancers and advancements in the healthcare infrastructure to offer advanced medical solutions to patients.

Gene Panel Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

North America registered the highest share of the global gene panel market. The USA and Canada are the leading areas in this region. Being home to some of the market giants, North America offers huge innovation opportunities for research activities in genomics. The advanced pharmaceutical sector and increase in the number of patients with cancer and hereditary ailments are fuelling the business growth in this area. The USA accounts for the dominant share in North America due to the surge in NGS applications and advances in diagnostic procedures.

The Asia Pacific is anticipated to witness with the highest growth rate in this market over the predicted timeframe due to the advances in healthcare technologies and growing awareness about the benefits of gene panel testing among consumers. In addition, the affordability of various gene therapies in Asian countries compared to Western nations is encouraging more patients to look towards this region. Moreover, the rising foreign investments and technological improvements are anticipated to drive market growth in the APAC nations.

Europe is also a significant market for the gen panel tests owing to the spike in research and development activities across the nations. The growing adaptation of gene panels in genetic testing and NGS analysis in countries like the United Kingdom is boosting business growth in this area.

Latin America has a smaller presence in the global gene panel market compared to the aforementioned regions. However, the increasing demand for advanced treatments, the rise in scientific communities, and investments in research activities are likely to create lucrative opportunities in this locale.

The Middle East and Africa region have also been smaller players in the gene panel market. Recently, nations like Saudi Arabia and the United Arab Emirates started investing heavily in the research of advanced therapeutics, which can increase the market share of this region in the future.

KEY MARKET PLAYERS:

BGI, Thermo Fisher Scientific, Agilent Technologies, Illumina Inc., Eurofins Scientific, Qiagen Inc, Bio-Rad Laboratories, Guardant Health, Inc., Cepheid, Personalis, Foundation Medicine Inc., Integrated DNA Technologies, GENEWIZ, Inc., OriGene Technologies, BioCat GmbH, ArcherDX, Inc., GATC Biotech AG, Noveogen Corporation and F. Hoffman-La Roche AG.

RECENT MARKET DEVELOPMENTS:

• In Jan 2023, Myriad Genetics confirmed its launch of new gene panel products by the end of 2023. One of the products is the FirstGene 4-in-1 prenatal screening test which offers insights like blood compatibility, carrier screening, fetal recessive status, and prenatal screening. Other products are the Precise Liquid molecular profile test and Precise MRD monitoring test, to understand and detect the tumors and provide assistance in the treatment.
• In August 2023, Sysmex Corporation, a Japan-based company announced the extended insurance coverage to its PrismGuide, which is a gene panel testing system for patients with inherited retinal dystrophy.
• In October 2023, the US-based medical genetics firm, Invitae confirmed the approval of its Common Hereditary Cancers panel by the FDA, which are used in the risk identification and treatment of cancers.