The increasing prevalence of chronic diseases such as cancer, genetic diseases, and rare diseases, increase in adoption of genetic testing, rising company initiatives, technological advancements, need for efficient prenatal diagnosis, and increasing health awareness are estimated to drive the market during the forecast period. However, factors such as expensive tests, inaccuracy in results, and security concerns of the genes are estimated to restrain the market growth during the forecast period.
Get Sample Copy @ https://www.marketresearchfuture.com/sample_request/6100
The global gene panel market is expected to reach an approximate CAGR of 19% during the forecast period.
The increase in adoption of genetic testing, rising company initiatives, technological advancements such as Next Generation Sequencing (NGS) system, and the need for efficient prenatal diagnosis are important factors influencing the growth of the market. It is estimated that Next-Generation Sequencing (NGS) enables to sequence the entire DNA and RNA sequences in order to detect the presence of any mutation in the genome. With these diagnostic benefits of gene panel, the market is projected to grow rapidly.
However, factors such as high cost of testing followed by erroneous results and security concerns for the genetic data are estimated to hinder the market growth during the forecast period.
Key players
Some of the key players for the global gene panel market are Thermo Fisher Scientific (U.S.), F. Hoffmann-La Roche AG (Switzerland), Illumina, Inc., BGI (China), Agilent Technologies (U.S.), Integrated DNA Technologies (IDT) (U.S.), Eurofins Scientific (U.S.), QIAGEN (Germany), GENEWIZ, Novogene Corporation (China), Personalis (U.S.), GATC Biotech AG (GATC Biotech) (Germany), ArcherDx (U.S.), GeneDx., CENTOGENE AG, and others.
Segmentation
The global gene panel market is segmented on the basis of product & service, technique, design application and end-user. The gene panel market, by product & service, is segmented into test kits and testing services. The global gene panel market by technique is segmented into the amplicon-based approach and hybridization-based approach. The design segment is segmented into predesigned gene panels and customized gene panels. On the basis application, the market is categorized into cancer risk assessment, pharmacogenetics, diagnosis of congenital disorders, and other applications. The cancer risk assessment segment is further sub-segmented into syndrome-specific gene panels, high-penetrance gene panels, high and moderate-penetrance gene panels, and comprehensive cancer risk panels. On the basis of end-user, the market is categorized into hospitals, diagnostic laboratories, research and academic institutes, and pharmaceutical and biotechnology companies.
On the basis of region, the global gene panel market is segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is sub-segmented into North America and South America. The North American region is further segmented into the U.S. and Canada. The European region is divided into two, namely, Western Europe and Eastern Europe. Western Europe is further classified into Germany, Italy, France, the U.K., Spain, and the rest of Western Europe. The Asia Pacific region is sub-segmented into Japan, China, India, Australia, the Republic of Korea, and the rest of Asia Pacific. The Middle Eastern and African region is sub-segmented into the United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar, and the rest of the Middle East and Africa.
Regional Market Summary
The gene panel market is dominated by Americas owing to the increasing prevalence of chronic diseases such as cancer. The American Cancer Society, Inc., estimated that there would be 1,735,350 new cancer cases diagnosed in the United States in 2018. Increasing cancer care expenditure in the United States is likely to drive the market growth. The U.S. Department of Health and Human Services estimated USD147.3 billion national expenditures for cancer care in 2017. The growing biotech sector in the U.S. also drives the market growth in this region. According to Statista (2015), around 108 billion U.S. dollars revenue was generated from the biotech sector in U.S. Additionally, the presence of the highest concentration of biotech companies in the U.S. influences the growth of the market.
It is estimated that Europe stood second in the global gene panel market. Increasing research and development activities for cancer and congenital diseases drive the growth of the market in Europe.
According to Eurostat, in 2014, 26.4% of the total death number was due to cancer. These concerns, enhance the research and development activities in Europe, thereby influencing the growth of the market.
Asia Pacific will witness growth for the gene panel market owing to growing prevalence of cancer. China accounts for the largest prevalence of cancer in the Asia Pacific region. The American Cancer Society, Inc., in 2012 estimated that China accounted for 48.9% of the total cancer cases in South-Eastern Asia and India and Japan accounted for 16.2% and 11.2%, respectively. Additionally, increasing health expenditure in Asia Pacific influences the market growth.
The Middle East and Africa is expected to witness growth at a slower pace due to the less exposure to healthcare services and low per capita healthcare expenditures in the African region. Whereas, the Middle Eastern market is estimated to be growing at a faster rate due to increase in government initiatives, new health insurance policies, and digital health services during the forecast period
Browse Complete 100 Pages Premium Research Report Enabled with Respective Tables and Figures @ https://www.marketresearchfuture.com/reports/gene-panel-market-6100
About US:
Market Research Future (MRFR), enable customers to unravel the complexity of various industries through Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Media Contact
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar
City: Pune
State: Maharashtra
Country: India
Website: https://www.marketresearchfuture.com/reports/big-data-as-a-service-market-1209