Rising prevalence of cancer across the globe and increasing usage of gene panel in targeted therapies for cancer are key key factors boosting market revenue growth

The global gene panel market size is expected to reach USD 7.24 billion in 2028 and register a CAGR of 19.6% over the forecast period, according to the latest report by Reports and Data. Key factors such as rising adoption of genetic testing and increasing disorders due to genetic mutation are augmenting demand for gene panels and fueling global market revenue growth. 

Gene panel tests help in analyzing multiple genes for cancer-related alterations at the same time and comprise two specific genes – BRAC1 and BRAC2 – that are in charge of generating proteins that suppress tumors and prevent growth of tumor cells and also help in repairing damaged DNA. Rising prevalence of genetic diseases caused by genetic mutations, rapidly increasing number of cancer cases, advancements in NGS technology, and growing adoption of gene panels – particularly in developed economies – are some other factors fueling global market growth. In addition, major players are investing in research and development activities with rising focus on developing more enhanced products. In addition, government funding and support for population sequencing is another key factor expected to boost global market growth going ahead. 

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Market Overview:

The World Health Organization (WHO) declared the severe acute respiratory syndrome novel coronavirus 2 (SARS-CoV-2) outbreak in Wuhan, China, as a worldwide pandemic in December 2019. SARS-CoV-2 infection is classified as a novel coronavirus disease by the WHO. COVID-19 has infected more than 150 million people worldwide, resulting in more than 3 million deaths. COVID-19 has had a big influence on the healthcare business, causing major disruptions throughout the supply chain, from raw materials to manufacture and delivery. The global demand for medical ventilators has prompted manufacturers to increase demand by up to 40% to 50%. Producers have also collaborated in order to meet rising demand. Governments and a variety of organisations, as well as other industry personnel, are all working hard to address the global problem. Leading personnel are active in research and development operations, strategic alliances and collaborations, and creative product releases in order to meet consumer demands for pharmaceuticals, vaccines, diagnostics, and medical equipment such as ventilators. Without a doubt, this is the first time in contemporary history that the diagnostics industry has been given such prominence. Participants in the healthcare business have abruptly shifted from under the carpet to above the carpet's demand. The world has acknowledged the necessity for early warning systems in the healthcare sector, currently for COVID-19, but this pattern will continue in the future for other sorts of diagnostics.

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Key Players covered in this report 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. (US), GENEWIZ (US), Novogene Corporation (US), Personalis, Inc. (US), GATC Biotech AG (Germany), ArcherDX, Inc. (US), GeneDx (Switzerland), and CENTOGENE AG (Germany).

Based On Product Services (Revenue, USD Billion, 2018 - 2028)

• Test Kits
• Testing Services

Based On Technique (Revenue, USD Billion, 2018 - 2028)

• Amplicon-based Approach
• Hybridization-based Approach

Based On Application (Revenue, USD Billion, 2018 - 2028)

• Cancer Risk Assessment
• Syndrome-specific
• High-penetrance
• High and Moderate-penetrance
• Comprehensive Cancer Risk
• Diagnosis of Congenital Diseases
• Pharmacogenetics
• Other Applications

Based On Design (Revenue, USD Billion, 2018 - 2028)

• Predesigned Gene Panel
• Customized Gene Panel

Based On End Use (Revenue, USD Billion, 2018 - 2028)

• Research and Academic Institutes
• Hospital and Diagnostic Laboratories
• Pharmaceutical and Biotechnology Companies

Based on Region market is segmented into:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East Africa

Some key highlights from the report:

• Among the product services segments, the test kits segment is projected to account for significantly large revenue share during the forecast period due to increasing demand for gene panel kits, especially in research and diagnostics centers, owing to rising prevalence of various infectious diseases and genetic disorders in countries around the globe. 
• Among the technique segments, the hybridization-based approach segment revenue is expected to expand at a fast CAGR between 2021 and 2028 due to growing adoption of this technique due to its use for genotyping and sequencing rare variants. 
• Among the application segments, the cancer risk assessment segment is expected to account for substantial revenue growth throughout the forecast period owing to increasing prevalence of cancer and growing demand for gene panels in genomic research and diagnostics sectors.  
• Asia Pacific market is expected to register robust double-digit revenue CAGR of 18.7% over the forecast period owing to factors such as large patient pool, rapidly increasing number of cancer cases, and increasing healthcare expenditure in countries in the region. 
• Europe is projected to account for robust revenue share during the forecast owing to increasing prevalence of cancer, launch of enhanced gene panels, and high funding for research and development activities in countries in the region. 

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We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central South America, Brazil, Argentina, Rest of South America, Middle East Africa, Saudi Arabia, Turkey, Rest of Middle East Africa

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