Sarasota, FL -- (SBWIRE) -- 09/04/2018 -- Zion Market Research has published a new report titled "Gene Panel Market by Product & Services (Test Kits and Testing Services), by Techniques (Amplicon-based Approach and Hybridization-based Approach), by Design (Predesigned Gene Panels and Customized Gene Panels), by Application (Cancer Risk Assessment, Syndrome-specific, High-penetrance, High and Moderate-penetrance, Comprehensive Cancer Risk, Diagnosis of Congenital Diseases, Pharmacogenetics, and Others), and by End-user Industry (Research and Academic Institutes, Hospital and Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024". According to the report, the global gene panel market accounted for USD 1,050.23 million in 2017 and is expected to reach approximately USD 4,280.43 million by 2024, growing at a CAGR of around 19.32% between 2018 and 2024.

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Targeted gene panels are prime tools which are used to examine a specific mutation in a study sample. Focused panels include a selected set of genes which have a known association with the phenotype or a disease which is being studied. These panels can be bought with a custom-made design so as to include genomic regions of interest in it or can be purchased with a preselected content.

Next-generation sequencing (NGS) provides the speed, resolution as well as the scalability to assess the targeted genes of interest. Various genes can be accessed from multiple samples simultaneously, thus saving the time as well as reducing the cost which is associated with running different separate assays. Targeted gene sequencing also produces a more manageable and smaller dataset as compared to broader approach such as whole-genome sequencing, making analysis easier.

The global gene panel market is expected to witness excellent growth within the forecast period. The growth is mainly associated with increased prevalence of chronic disorders across the world. In addition, expansion of gene sequencing segment in healthcare also helps in driving the growth of the gene panel market. However, few factors such as government regulations, lack of awareness, and high cost are the key restraining factor for the growth of the gene panel market. Nonetheless, various research and technological advancements are considered better opportunities that will help in bringing the growth avenue for the gene panel market within the forecast period.

Based on product and service type, the global gene panel market is segmented into two types which include test kits and test kit services. The test kit is one of the important groups and is contributing approximately more than 50% of the gene panel sales.

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Based on application, the global gene panel market is classified into four types: diagnosis of congenital diseases, cancer risk assessment, pharmacogenetics, and others. Cancer risk assessment accounts for the largest market share in the forecast period and is likely to continue its dominance within the forecast period. The growth is due to the presence of increasing cases of cancers among all age groups.

Based on end-users, the global gene panel market is classified into five types research and academic institutes, hospital and diagnostic laboratories, pharmaceutical and biotechnology companies, and others. Hospitals and diagnostic laboratories were the major consumers of the gene panel market in the year 2017.

Based on region, the global gene panel market is fragmented into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America held the largest market in terms of revenue. North America held approximately more than 38% of the market share in the year 2017. Increased growth of the industries of Asia Pacific is expected to prompt the growth of gene panel market in the coming years.

The report covers a detailed outlook which includes company profiles of the key participants, various reimbursement policies, and market shares of the players in the global gene panel market. These include QIAGEN, Illumina, Inc., Novogene Corporation, BGI, Agilent Technologies, GENEWIZ, Inc., Eurofins Scientific, Personalis, Thermo Fisher Scientific, F. Hoffmann-La Roche AG, and others.

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This report segments the global gene panel market as follows:

Global Gene Panel Market: Product & Service Type Analysis

Test Kits
Testing Services

Global Gene Panel Market: Techniques Type Analysis

Amplicon-based Approach
Hybridization-based Approach

Global Gene Panel Market: Design Type Analysis

Predesigned Gene Panels
Customized Gene Panels

Global Gene Panel Market: Application Type Analysis

Cancer Risk Assessment
Diagnosis of Congenital Diseases
Pharmacogenetics
Others