Gene Panel Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Gene Panel Market: Overview
There is a rapid increase in chronic diseases that are closely associated with human genes. Such diseases in the line include arthritis, cancer, heart attack, stroke, and some other relative illnesses. This wide range of diseases is expecting to fuel growth in the global gene panel market in the upcoming years.
The market for gene panels is expected to rise on the back of increased cancer patients. In 2018, the International Agency for Research on Cancer (IRAC) has come up with some facts. The research report has anticipated that the count of new cancer patients may rise by 2040. It is estimated to reach more than 27.5 million. The key factors for this increase include reduced physical activities, smoking, and an unhealthy lifestyle. So for the diagnosis and treatment of cancer, the services provided by the gene panel market become evident, and it further boosts demand in the industry.
In the same year, the World Health Organization has also provided statistics about strokes patients. In the U.S., more than 795,000 people have strokes every year. Such a massive count is expected to further fuel opportunities in the gene panel market. As gene panels are used as a clinical diagnostic tool, so it may bolster future avenues in the industry.
Gene Panel Market: Key Trends
The gene panel market is anticipated to grow with the increasing number of incidents of product launches. It may further boost demand in the respective industry. One such instance has been witnessed by America. Bionano Genomics (American genome diagnostics manufacturer) has announced the launching of EpiPanelDX PLUS in September 2020. It is a gene panel test that is used for the diagnosis of epilepsy. Such initiatives are also expected to create lucrative opportunities for the players serving in the gene panel market.
The outbreak of the COVID-19 pandemic is also expected to fuel growth in the gene panel market in the forthcoming years. This growth is on the back of the requirement for a reliable gene panel that may be utilized as a diagnostic tool. It can be utilized to detect comorbid diseases that are associated closely with COVID-19 infection.
But the growth in the gene panel market can be hampered due to different reasons. Some of the NGS gene panels are unable to detect some allergic mutations. It has been traced in the cases of allergic mutations that are related to lysosomal storage disorders (LSD).
Gene Panel Market: Competitive Dynamics and Key Developments
Different initiatives have been taken to increase growth in the gene panel market. In January 2021, an S-gene panel has been released by Swift Biosciences for SARS-Cov-2. It has covered most of the viral genes including low-level viral detection. S gene controls the spike protein that allows virus attachment to cells and further affects transmissibility. This has helped to discover mutations in the related variants in different countries. The United States, Denmark, Brazil, South Africa, and the U.K. are some prominent countries where this panel technique is used.
Some key players in the Gene Panel Market are:
Gene Panel Market: Regional Assessment
The Gene panel market is working efficiently in five regions majorly. These regions include Middle East & Africa, Asia Pacific, Europe, Latin America, and North America.
Among these five, the North American market holds a prominent position in the gene panel market over a period. This dominance is on the back of increasing partnerships and collaborations. In October 2019, Illumina (American Biotechnology Company) and QIAGEN (German molecular diagnostic company) have declared a partnership for 15 years. They claim to boost diagnostic kits distribution that is utilized to conduct gene panels.
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