Gene Panel Market Future Prospects and Forecast To 2029

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A recent report published by Precision Business Insights on Gene Panel Market provides in-depth analysis of segments and sub-segments in the global as well as regional.

The global gene panel market size was valued at USD 2.5 billion in 2022 and is poised to grow at a CAGR of 19.5% during the forecast period 2023-2029. The primary factors that drive the gene panel market growth are the rising prevalence of chronic diseases, increasing industry initiatives, growing adoption of gene panel as it offers a lot of benefits, and technological advancements in diagnostic methods and services.

View the detailed report description here - https://precisionbusinessinsights.com/market-reports/gene-panel-market/

The global gene panel market Segmentation:

1) By Product Type: Alkali Halides, Oxide Compounds, and Rare Earth Metals.

2) Material Type: Sodium Iodide, Cesium Iodide, Lutetium Oxyorthosilicate Lutetium–Yttrium Oxyorthosilicate, and Others.

3) Application: Medical Imaging, Nuclear Medicine, Radioprotection, Oil Exploration, Process Industry, Life Sciences, and Others.

4) End Users: Healthcare, Homeland Security Defense, Nuclear Power Plants, Industrial Applications.

Hybridization-Based Approach to Dominate the Gene Panel Market:
Based on technique type, the hybridization-based approach holds the highest gene panel market share. Sequencing by hybridization method had been widely adopted in the last decades since its detection, to improve its precision. The method is pretty sensitive to the hybridization errors in the spectrum. Therefore, many methods intend to generate approaches that expand the resistance of the hybridization phase to errors. One of the improvements presented extra information to the spectrum, i.e., the projected location for each of its elements in the target sequence. Thus, a hybridization-based approach can boost the gene panel market growth.

North America Gene panel Market
North America holds the maximum global gene panel market share due to the increasing prevalence of chronic diseases such as cancer, and technological advancements in gene panel products. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of gene panels in this region. Apart from this, the major factor that drives the market in this region are patients’ need for effective and safe treatment and the increasing demand for personalized medicines. According to NIH, 1,806,509 people were diagnosed with cancer in the United States and 606,520 cases of death were reported.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players

The global gene panel market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In February 2022, Invitae announced the presence of LiquidPlex Dx™ and FusionPlex Dx® in Europe which offers high-quality inventions for accurate oncology to combat cancer.

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Key players’ profiles in the gene panel market report are Illumina, Inc, Thermo Fisher Scientific, Agilent Technologies, Qiagen, BGI, Eurofins Scientific, F. Hoffmann-La Roche Ag, Integrated DNA Technologies, GATC Biotech Ag, Genewiz, Inc., Novogene Corporation, Personali, Archerdx, Genedx, Centogene Ag, Oxford Gene Technology, Primbio Research Institute, Fulgent Genetics, Gene Dx, Blueprint Genetics, Invitae Corporation.

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