Gene Panel Market size was over USD 3.01 billion in 2023 and is set to cross USD 27.05 billion by the end of 2036, growing at more than 18.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of gene panel is estimated at USD 3.45 billion.
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.
Growth Drivers
Challenges
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2023 |
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Forecast Year |
2024–2036 |
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CAGR |
18.4% |
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Base Year Market Size (2023) |
USD 3.01 billion |
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Forecast Year Market Size (2036) |
USD 27.05 billion |
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Regional Scope |
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The gene panel market is segmented by design into predesigned and customized, out of which, the predesigned segment is anticipated to hold the notable share in the 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.
Our in-depth analysis of the global market includes the following segments:
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Technology |
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Design |
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Application |
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End-User |
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On the basis of geographical analysis, the 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 industry is predicted to dominate majority revenue share by 2036, propelled by rising cases of genetic diseases in the region, led 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.
September 02, 2021: Agilent Technologies Inc. announced the agreement with Visiopharm, for worldwide distribution of CE-IVD, which is an artificial intelligence (AI)-driven precision pathology technology. This technology can be used for early diagnosis of cancer and other diseases.
Author Credits: Radhika Pawar
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