Gene Panel Market Size

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.