Gene Panel Market to reach $8.6 Billion by 2030; rising prevalence of cancer, awareness regarding rare diseases, increasing investments and R&D in the field of genetics and importance of prenatal screening in high-risk pregnancies

Gene Panel Market size is estimated to reach $8.6 billion by 2030, growing at a CAGR of 17.9% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Gene Panel Market – By Type (Pre designed Panel & Customized Panel), By Product (Testing Kits & Testing Services), By Technique (Enrichment and Targeted Sequence), By Sample (Blood, Saliva, Amniotic Fluid & CVS and Others) By Application (Cancer Diagnostics, Prenatal Screening, Predictive Testing, Pharmacogenomics, Research Applications, Others), By End User (Hospitals and Diagnostic Laboratories, Research and Academic Institutions, Pharmaceutical and Biotechnology Companies and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030.”

The rising prevalence of cancer and awareness regarding rare diseases are driving the gene panel market. Additionally, the increasing investments and R&D in the field of genetics boosts the market. Moreover, the importance of prenatal screening in high-risk pregnancies is another important factor aiding the gene panel market growth.

North America dominates the gene panel market owing to the high awareness around genetic testing in the region thanks to the presence of a robust healthcare sector. The region spends a significant portion on healthcare and a significant amount on R&D as well which promotes innovations in genetic testing, driving demand for gene panels. According to Federal data, healthcare spending in the U.S. is projected to have risen 7.5% in 2023 to $4.8 trillion. Additionally, the region’s higher prevalence of chronic diseases, including cancer and cardiovascular conditions, increases the need for early detection and treatment, further propelling the gene panel market. According to the American Heart Association, clinical CVD will affect 45 million adults and CVD including hypertension will affect more than 184 million adults by 2050.

Growing awareness about prenatal screening is a key driver for the gene panel market. As more expectant parents seek genetic testing to assess the risk of hereditary conditions and chromosomal abnormalities in their unborn child, the market is expected to grow. Gene panels allow for comprehensive screening identifying a wide range of genetic disorders early in pregnancy. Increased public awareness of the benefits of non-invasive prenatal testing (NIPT) and advances in genetic technologies have made prenatal gene panels more accessible and affordable. Additionally, governments are also encouraging and educating patients to go in for prenatal screening.  For instance, Abu Dhabi's Department of Health has issued mandatory genetic testing for UAE couples, looking to get married. The premarital screening process will become compulsory for Emirati couples in Abi Dhabi from October 2024 to assess the risk of passing genetic disorders to future children. As awareness grows, the demand for prenatal gene panels continues to rise, contributing to the market's expansion.

Saliva is the fastest-growing segment by sample type in the gene panel market. The non-invasive nature of saliva collection makes it an increasingly popular alternative to blood, particularly for at-home genetic testing and large-scale screening programs. Saliva samples are convenient, easy to collect and require minimal medical assistance making them ideal for consumer genetic testing kits and research studies. With growing awareness of genetic testing and the rise of direct-to-consumer testing services, saliva-based testing is becoming more prevalent. In November 2023, as part of the Australian Government Medical Research Future Fund (MRFF) Genomics Health Futures program, an approximately $1.7 million grant was announced to support the rollout of a new saliva-based genetic test for glaucoma in Australia. Advances in saliva DNA extraction technology are also improving the accuracy and reliability of results driving this segment’s rapid growth.

Key companies profiled in the Gene Panel Market are Illumina, Inc., Thermo Fisher Scientific, Agilent Technologies, Inc., QIAGEN, Integrated DNA Technologies, Inc., Becton, Dickinson and Company (BD), F. Hoffmann-La Roche AG, Invitae Corporation, Myriad Genetics, Inc., Eurofins Scientific and Others

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