Gene Panel Market - Comprehensive Study Report & Recent Trends 2024-2032

Gene Panel Market Synopsis:

Gene Panel Market Size Was Valued at USD 2.98 Billion in 2023, and is Projected to Reach USD 13.12 Billion by 2032, Growing at a CAGR of 17.9% From 2024-2032.

Gene panels are enjoying explosive growth as the need for precise personalized medicine increases, especially in oncological and genetic diseases. Gene panel is a test used for analysing specific multiple genes to look for mutation that correspond to certain diseases or traits. This method is less time-consuming than single-gene tests while providing broader information that helps clinicians to diagnose and predict patient outcomes and choose the most appropriate treatment options. Consequently, gene panels are all set to become indispensable for clinical diagnosis and associated markets are expected to receive considerable investment and subsequently, the development of novel solutions.

The main driving force of market growth is the constantly rising incidence of cancer and other rare hereditary diseases, which has led to the need for better diagnostic tools.. Especially, oncology stays as a major utilization since gene panels allow for more localized and effective therapies and help to find out the suitable mutation for utilizing treatment. Further, with the advancement in the newer sequencing technologies like next generation sequencing (NGS), gene panels have emerged as feasible and affordable test to integrate into clinical and research applications.• Geographically, North American region holds a major share in the gene panel market thus owing to the rising biotechnology industries, active research and attractive government policies to enhance the processes of gene testing., as gene panels enable more targeted and personalized treatments, helping clinicians identify actionable mutations for precise therapies. Additionally, the rise of next-generation sequencing (NGS) technology has made gene panels more accessible and affordable, allowing them to be widely adopted in clinical and research settings alike.

Regionally, North America dominates the gene panel market due to the presence of major biotechnology firms, extensive research activities, and supportive government policies that facilitate genetic testing advancements. European and Asia-Pacific markets are fuelling the growth, since the region’s citizens are turning to personalized medications due to greater awareness of such treatments, higher health care expenditures. The outlook of the market is optimistic thanks to progressive changes in the genomic technologies and medical fields coupled by increasing orientation on preventive and personalized medicine.

Gene Panel Market Trend Analysis:

Increasing Adoption of Next-Generation Sequencing (NGS) Technology

• The market for gene panel is highly influenced by the advance in next generation sequencing which enable speedy and accurate analysis of multiple gene simultaneously.. Indeed, gene panel tests made by NGS have become faster and more efficient and less expensive than routine genetic tests in identifying cancer mutations, hereditary disorders, and other complicated diseases. The fact is that this trend positively influences the market’s development as more healthcare providers and research institutes use NGS-based gene panels to increase the diagnostic accuracy and individualized approach to management.

Rising Demand for Oncology-Specific Gene Panels

•  There is a gradually growing adoption of oncology-focused gene panels based on the changing landscape of precision medicine in cancer.. They comprises targeted at identifying mutations in certain genes linked to different types of cancer that will assist oncologists in selecting specific treatments for specific patients. Since cancer incidence is on the rise across the globe, oncology gene panels are gradually becoming standard of care for many forms of cancers including breast, lung, and colorectal. This trend works in favor of the market because it is solving the dire need for specific and efficient therapies for cancer within the patients.

Gene Panel Market Segment Analysis:

Gene Panel Market is Segmented on the basis of Technique, Design, and Region

By Technique, Amplicon Based Approach segment is expected to dominate the market during the forecast period

• The market by technique to some extent chiefly involves the amplicon-based gene panel and the hybridization-based gene panel.. The amplicon based approach where target regions of interest are amplified using PCR (polymerase chain reaction) are especially cost effective and faster especially for small targeted panels. On the other hand, the current hybridization-based method where targets with labeled DNA probes produce specific and reproducible signals to capture specific genomic regions is more preferable for larger and more complex panels because of its high sensitivity and accuracy in identifying single nucleotide variants, insertions, deletions, and copy number variations. We anticipate that with on-going advancements in its precision and efficiency, will fuel its application in the gene panel market across many clinical and research settings relevant to personalized medicine, oncology, and genetics.

By Design, Customized Gene Panel segment expected to held the largest share

• The market by the type of gene panels, can be caters into two types namely predesigned gene panel and the customized gene panel.. Custom designs are flexible with regard to the number of genes and focus on specific genes that are frequently analyzed with respect to certain diseases such as cancer, cardiovascular diseases, and inherited disorders and are therefore well suited to standard clinical examination. Nevertheless, the gene panels give flexibility to the researcher or clinicians to design the panel characteristics based on the target genes of interest making it suitable for niches research or even diagnostic heterogeneity. Such approach times the application of both predesigned and the customized gene panels, thus fortifying the growth of gene panels across a wide continuum of general healthcare to the higher research genetic technology.

Gene Panel Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

•  North America is expected to report the largest market share for gene panel throughout the forecast period due to its sound infrastructure for healthcare, sophisticated academic & research institutions, and implementation of NGS.. The factors driving comparable leadership are immense investment in genomic science, favourable government policies for precision medicines and the high incidence of chronic diseases especially cancer, which creates the demand for better diagnostics. The location of several big players-Biotechnology companies and sophisticated laboratory infrastructure also continues to drive the market of gene panels in North America, making it the global epicentre for the actualization of Gene panel.

Active Key Players in the Gene Panel Market:

• Eurofins Genomics (Germany)
• Illumina Inc. (US)
• Gencove (US),
• Centogene NV (Germany)
• Myriad Genetic Laboratories Inc. (US)
• Agilent Technologies (US)
• Thermo Fisher Scientific (US)
• Foundation Medicine Inc. (US)
• Bio-Rad Laboratories Inc. (US)
• Guardant Health Inc. (US)
• Other Active Players