Gene panel market to reach $3.23b growth until 2027

The global market is expected to grow at a CAGR of 18.21%

The global gene panel market is projected to grow by $3.23b until 2027 at a compound annual growth rate (CAGR) of around 18.21%, according to a study by Technavio.

The report revealed that decreasing the cost of next-generation sequencing (NGS) gene panels has driven the market’s growth as rising advancements in technology and the popularity of such tests have led to increased adoption, resulting in lower costs for gene panels.

Moreover, market players have opted to offer large-scale gene panel testing, allowing them to achieve economies of scale for reduced costs.

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However, the lack of effective treatment options for various genetic mutations would challenge market growth.

The report mentioned that the limited or non-existent therapeutic potential associated with specific indications has limited the use of NGS-based precision drugs despite their efficacy.

Nonetheless, a significant trend fueling growth is the increase in collaborations between market players, suppliers, and academic institutions.

These partnerships aim to address research, manufacturing, and commercialisation challenges within the market.