On the basis of geographical analysis, the global gene panel market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Middle East and Africa region is estimated to witness modest growth over the forecast period on the back of rising cases of genetic diseases in the region, backed by lack of proper nutrition and care during pregnancy, and presence of carcinogens in the immediate surroundings. According to the data by the Eastern Mediterranean Health Journal of the World Health Organization (WHO), genetic disorders and congenital abnormalities appear in about 2%-5% of all live births in the region, causing around 50% of the total childhood deaths.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of presence of major market players in the region, high healthcare expenditure, and government initiatives to curb the cancer death toll.
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The global gene panel market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global gene panel market includes the following segments:
September 02, 2021: Agilent Technologies Inc. announced the agreement with Visiopharm, for worldwide distribution of CE-IVD, which is an artificial intelligence (AI)-driven precision pathology technology. This technology can be used for early diagnosis of cancer and other diseases.
December 03, 2018: JenaValve Technology, Inc., announced the FDA approval of its new technology IDE, for the treatment of patients with congenital disorders.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The growing cases of genetic diseases and cancer globally, along with advancement in genetic technology to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2022 – 2030.
Ans: Lack of health awareness in developing countries is estimated to hamper the market growth.
Ans: The market in the North America is estimated to provide more business opportunities owing to the high healthcare expenditure in the region.
Ans: The major players in the market are Illumina, Inc., BGI Group, Agilent Technologies, Inc., Eurofins Scientific, QIAGEN, GENEWIZ Japan Corp., Novogene Corporation, F. Hoffmann-La Roche AG, Personalis Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by technology, design, application, end-users, and by region.
Ans: The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.