Gene Panel Market Size, Share, Growth, Trends, and Global Industry Analysis:  By Product Type (Test Kits, Testing Services), By Techniques (Amplicon-based approach, Hybridization-based approach), By Application (Medical Imaging, Cancer Risk Assessment, Syndrome-Specific, High-Penetrance Gene Panel, High- And Moderate Penetrance Genes, Comprehensive Cancer Panels, Diagnosis of Congenital Diseases, Pharmacogenomics, Others), By End User (Healthcare, Homeland Security & Defense, Nuclear Power Plants, Industrial Applications) And Region

Gene Panel Market size is expected to be valued at US$ 2.5 billion in 2022 and is expected to grow at a CAGR of 19.5% in 2023-2029. Gene panels refer to a test that can analyze multiple genes at the same time for mutations associated with cancer. These genes help in giving information about cancer and also provide safe diagnostics which can stop the spread of cancer. For instance, BRCA1 and BRCA2 are two types of genes that translate into a protein that can suppress tumors and also repair damaged DNA and prevent tumor cell growth. The increasing company initiatives across the globe along with the beneficial properties of gene panels can lead to gene panel market growth. Moreover, increasing acceptance of gene panels, and growing technological advancements such as NGS or next-generation sequencing systems are some primary factors that can boost the gene panel market share. Apart from these, an increase in the prevalence of chronic diseases such as cancer of the ovaries, fallopian tubes, breasts in women, and prostate in men, and growing demand for effective parental diagnosis can accelerate the market in the future. However, some factors such as stringent regulatory requirements for pharmaceutical companies, and the high cost of treatment can restrain the gene panel market growth. Moreover, increasing security fear for genetic data, and wrong results can hinder the market growth. The increasing government initiatives in genetic sequencing, growing technological advancements in the healthcare sector, and rising developing markets can create an opportunity for gene panel market growth. Moreover, the increasing variety of product launches for genetic sequencing can provide a lucrative opportunity for increasing the gene panel market share.

Gene Panel Market Key Developments:

• In April 2021, a new oncology partnership was announced by Illumina and Kartos to produce an NGS- based TP53 Companion diagnostics that can help in the diagnosis of cancer.
• In May 2022, a range of NGS-based panels for personalized medicines, hereditary disease detection, and oncology detection was launched by Gene2Me.