(EMAILWIRE.COM, December 17, 2021 ) According to a new market research report "Gene Panel Market by Product & Service, Technique (Amplicon, Hybridization), Design (Predesign, Custom), Application (Cancer, Congenital Disease, Pharmacogenetics) & End User (Hospital, Research Center, Pharmaceutical Companies) - Global Forecast to 2023", published by MarketsandMarkets™, the global 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 this market is mainly driven by factors such as the increasing prevalence of chronic diseases, growing company initiatives, and growing adoption of gene panels owing to their benefits such as cost-efficiency and simplified the workflow.

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Key Players of Market

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

In 2017, North America dominated the gene panel market, followed by Europe. The large share of the North American market can be majorly attributed to the government support for Genomics research. Other growth factors include the presence of leading NGS providers, growing research on cancer and inherited rare diseases, and increasing number of NGS-based & clinical applications in the region.

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.

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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.