The global gene panel market is estimated to grow at a CAGR of ~22% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the growth in next generation sequencing technology, escalating genetic testing, and scientific advancement. Gene panels are used to analyze multiple genes to diagnose chances of congenital diseases, and cancer, among other diseases. The increasing prevalence of genetic disorders, such as, Down syndrome, Huntington’s disease, sickle cell disease, Tay-sachs disease, and others, is estimated to boost the market growth. Furthermore, with the surge in health awareness amongst individuals, the demand for early diagnosis is also rising. As a result, lots of couples opt for genetic testing before planning a child, or during pregnancy. The growing application of gene panel to facilitate low cost, fast and accurate testing, is estimated to boost the market growth.
Moreover, increasing prevalence of cancer, caused by rising presence of carcinogens in the environment is foreseen to propel the market growth. According to the statistics by the World Health Organization (WHO), cancer caused around 9.6 million deaths in 2018, which touched 10 million in 2020. Out of the 10 million, most deaths were attributed to lung cancer, which was 1.8 million deaths, followed by colon and rectum cancer, 0.935 million deaths. In terms of prevalence, 2.26 new cases of breast cancer were reported in 2020 itself. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by design into predesigned and customized, out of which, the predesigned segment is anticipated to hold the notable share in the global gene panel market over the forecast period on account of high demand for predesigned gene panels, backed by the affordable cost, easier availability, and broader application of these panels. On the basis of application, the cancer risk assessment segment is foreseen to gain the largest revenue share over the forecast period, owing to the rising prevalence of cancer across the world, especially in developed countries.
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.
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.
The global gene panel market is further classified on the basis of region as follows:
Our in-depth analysis of the global gene panel market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The growing cases of genetic diseases and cancer globally, along with advancement in genetic technology to boost the market growth.
The market is anticipated to attain a CAGR of ~22% over the forecast period, i.e., 2022 – 2030.
Lack of health awareness in developing countries is estimated to hamper the market growth.
The market in the North America is estimated to provide more business opportunities owing to the high healthcare expenditure in the region.
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.
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.
The market is segmented by technology, design, application, end-users, and by region.
The hospitals segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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