The global gene panels market is expected to reach USD 2.95 billion by 2023 from USD 1.22 billion in 2018, at a CAGR of 19.2%. The growth of this market is mainly driven by increasing prevalence of chronic diseases, growing company initiatives (in terms of strategic partnerships, collaborations, and new product launches), and growing adoption of gene panels owing to their benefits.

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The gene panels market is segmented by product & service, technique, design, end user, application, and region. By product & service, the market is segmented into test kits and testing services. In 2018, the testing services segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to factors such as the increasing focus of market players on providing efficient gene panel services to researchers and the growing number of government funding programs for genomic research.

Based on technique, the market is segmented into the amplicon-based approach and the hybridization-based approach. The amplicon-based approach segment is expected to grow at the highest CAGR during the forecast period. The use of this technique reduces sequencing costs and turnaround time. These factors are supporting the growth of the amplicon-based approach segment during the forecast period.

Based on design, the market is segmented into predesigned and customized panels. The customized gene panels segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be attributed to the increasing number of clinical and preclinical research studies and evolving needs of the emerging therapeutic and diagnostic application sectors.

Based on application, the market is segmented into cancer risk assessment, diagnosis of congenital diseases, pharmacogenetics, and other applications. In 2018, the cancer risk assessment segment is expected to account for the largest share of the global gene panels market. This segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be attributed to the increasing incidence of cancer and growing demand for gene panels in research and diagnostics to understand the genetic variability of cancer.

Based on end user, the market is segmented into research and academic institutes, hospital and diagnostic laboratories, and pharmaceutical and biotechnology companies. The research and academic institutes segment is expected to grow at the highest CAGR during the forecast period. Growth in this segment can be attributed to increasing government funding programs across the globe and the focus of market players on providing efficient gene panels.