Latest News- Gene Panel Market: Small panel testing is expected to lead the Product segment during 2024-2028

The Gene Panel Market is being driven by Growing use of gene panels in cancer-targeted therapies

The Gene Panel Market is expected to grow at a CAGR of 23.44% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5403.9 million. In the dynamic and cost-pressured life sciences tools and services market, strategic alliances have emerged as a popular business strategy for gene panel vendors. These collaborations, which span the value chain, enable vendors to tackle challenges in research, manufacturing, and commercialization. Notably, Agilent Technologies Inc., a leading player in the gene panel market, entered into a Memorandum of Understanding (MOU) with Theragen Bio in South Korea in April 2023, marking a significant technology transfer agreement. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product
  • Small panel testing
  • Large panel testing
• Technique
  • Amplicon
  • Hybridization
• Geography
  • North America
    • US
  • Europe
    • France
    • Germany
    • UK
  • Asia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing use of gene panels in cancer-targeted therapies
• Increasing number of people with genetic disorders
• Decreasing cost of next generation sequencing (NGS) gene panel tests

However, the market also witnesses some limitations, which are as follows:

• Large NGS gene panel implementation issues
• Lack of effective treatment for several genetic mutations
• Growing complexity of gene panel tests

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Market Scope in Gene Panel Market Research Report

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

In the realm of personalized medicine, the gene panel market holds significant importance in addressing the complexities of multiple chronic conditions among adults. These conditions encompass various therapeutic areas such as arthritis, diabetes, cardiovascular diseases, and oncology. Genetic composition plays a crucial role in disease prognostics and mortality rates, making genetic testing essential. Gene panels, a subset of genetic testing, enable the identification of genetic alterations linked to hereditary disorders, including monogenic defects and diagnosed genetic conditions. Genomics and sequencing technologies facilitate the analysis of genes and gene panels, providing valuable insights into genetic predisposition and cancer rates. Clinicians utilize this information to tailor therapeutics and improve patient outcomes. Gene panels are instrumental in the diagnosis and management of genetic disorders, ultimately contributing to the advancement of disease-specific therapeutics and disease prevention strategies.

Market Research Overview

In the global gene panel market, companies specializing in research and development of diagnostic tools and services are of significant interest. This market encompasses capital equipment, instruments, accessories, and consumables used for gene research in pharmaceuticals and biotechnology. Additionally, it includes contract research, manufacturing, and sales services. According to Technavio, the gene panel market size is determined by the collective revenue generated by these entities. Factors fueling market expansion include the increasing aging population, with the global population over 60 predicted to rise substantially.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/