(EMAILWIRE.COM, November 19, 2021 ) The global gene panel market is expected to reach USD 2.95 Billion by 2023 from USD 1.22 Billion in 2018, at a CAGR of 19.2%. The growth of the gene panel market is mainly driven by the increasing prevalence of chronic diseases, growing company initiatives, and rising adoption of gene panel owing to the benefits they offer.

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This report segments the gene panel market into product & service, technique, design, application, end user, and region. Based on products & services, the market is segmented into test kits and testing services. In 2018, the test kits segment accounted for the largest share of the total market. The growing demand for gene panel in research as well as diagnostics to understand the genetic variability of chronic disorders is propelling the growth of this gene panel market segment.

Based on design, the gene panel market is segmented into predesigned and customized panels. The customized gene panel segment is expected grow at the highest CAGR during the forecast period. This growth is attributed to the evolving needs of the emerging therapeutic and diagnostic application sectors and the increasing number of clinical and preclinical research studies.

Based on applications, the gene panel market is segmented into cancer risk assessment, diagnosis of congenital diseases, pharmacogenetics, and other applications. The cancer risk assessment segment is expected to be the fastest growing during the forecast period due to the increasing incidence of cancer and growing demand for gene panel in research and diagnostics to understand the genetic variability of cancer.

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The gene panel market is fragmented with the presence of several small and big players. Prominent players in this market include Illumina, Inc. (US), Thermo Fisher Scientific (US), Agilent Technologies (US), QIAGEN (Germany), BGI (China), Eurofins Scientific (US), GENEWIZ, Inc. (US), Novogene Corporation (China), Personalis (US), F. Hoffmann-La Roche AG (Switzerland), Integrated DNA Technologies (IDT) (US), GATC Biotech AG (GATC Biotech) (Germany), and ArcherDx (US).