Gene Panel Market Is Estimated to Reach USD 4.34 Billion by 2025 at CAGR of 12.16% | Market Research Future (MRFR) – GlobeNewswire

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Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Gene Panel Market Overview

As per Market Research Future (MRFR), the Global Gene Panel Marketis expected to register aCAGR of12.16%to reachUSD4.34 Billion by 2025.

Increased cancer rates and genetic testing benefits will drive growth in the global market for genetic testing. Due to increased incidences of chronic illnesses and the increase in tailor-made gene panels for specific diseases, the market growth is exponential. In addition to market growth, a rise in initiatives across the world and DNA analysis benefits are anticipated to drive the gene panel market.

The thriving biotechnology industry coupled with increased awareness of advanced technologies is one of the main reasons the region has become a primary medical service provider. Although the gene panel testing is accurate, the test's limitations and inaccuracy are expected to impede the growth of the market. Furthermore, the stringent regulations and safety concerns regarding gene panels are likely to stifle this market in the immediate future. Regardless, ongoing research and development of gene sequencing are expected to lead to the rising need for genetic testing.

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COVID-19 Analysis:

The COVID-19 pandemic has heightened interest in the complex interaction between human host factors and pathogen factors. The spectrum of phenotypes associated with the SARS-CoV-2 infection, ranging from the absence of symptoms to severe systemic complications, raised the question of the extent to which the variable response to coronaviruses (CoVs) is influenced by the variability of the hosts' genetic background. Thus, the covid 19 pandemic has led to a rise in the research and development initiatives and investments towards genetics that could be helpful to design and conduct effective studies and, in turn, to find possible healthcare strategies aimed at facing the current COVID-19 pandemic, consequently creating new opportunities for market players of the global gene panel market.

Competitive Landscape:

The Prominent Players in the Global Gene Panel Market are:

The players operating in the global market have tried to innovate, develop, and acquire properties.

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Segmental Analysis:

The Global Gene Panel Market has been segmented by product & service, Technique, Design, Application, and End User.

Based on product & service, the market has been bifurcated into test kits and testing services.

The global gene panel market has been bifurcated into an amplicon-based approach and a hybridization-based approach based on technique.

The global gene panel market has been bifurcated into predesigned gene panels and customized gene panels based on design.

Based on application, the global gene panel market has been classified as cancer risk assessment, diagnosis of congenital disorders, and pharmacogenetics.

The global gene panel market based on end-user has been divided into hospitals, diagnostic laboratories, and others.

Regional Insights:

North America Leads with Established Sectors while APAC to Rise Substantially.

The Americas would be the largest market for gene testing at the end of the forecast period. The increasing prevalence of cancer and the growing presence of well-established players support the Americas' dominance in the coming years. North America dominated the global gene panel market due to its dominant position in cancer and rare diseases and the increase in applications for NGS-based and clinical research in the region. Such as many leading genomics researches and leading NGS providers in this region.

Europe created significant growth in the cancer medication market because of rising cancer rates. The rising incidence of cancer in people will, in part, drive the development of the cancer market. Moreover, the presence of a well-established healthcare sector and global market players leads to growth opportunities in Europe over the review period.

The Asia-Pacific region is projected to be the fastest-growing due to projected increases in life expectancy and the number of those who need healthcare. With increasing cancer prevalence and its resulting health care costs and the federal government's investment in cancer research and development, the market is likely to grow. Companies involved in genetic services can target India and China due to increased prevalence of infectious diseases.

Inability to fully advance in the biotechnology industry would have decreased business growth in the Middle East and Africa due to a lack of technological expertise. Due to the limited number of biotech consulting services available worldwide, the Middle East and Africa have the smallest global market share. Nevertheless, the gene panel market is expected to experience gradual growth in the Middle East and Africa due to the increased spending on healthcare and the growing number of people seeking genetic tests. The UAE, Saudi Arabia and Kuwait are expected to push the Middle East & African market. In comparison, the African region will see modest growth over the next decade.

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Industry Updates:

January 2021: Swift Biosciences released an S-gene panel for SARS-CoV-2 that covered the majority of viral genes even with very low levels of virus detection. The S gene controls the spike protein which allows the virus to attach to cells and affect transmissibility; mutations in the concerning variants have been discovered in the U.K., South Africa, Brazil, Denmark, and the United States. The panel will enable rapid scaling of the new strains' surveillance efforts by labs using the Illumina system and can be run by any lab using the Illumina system (NGS).

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Gene Panel Market Is Estimated to Reach USD 4.34 Billion by 2025 at CAGR of 12.16% | Market Research Future (MRFR) - GlobeNewswire