My AOC monitor has started to develop white patches all over the screen and it is increasing everyday. Is it a panel problem?
You should get that checked out. If it's in warranty then get it RMA'd if you can.
Its not in warranty period.
How old is it? Perhaps it's just dying.
Seems about right. I don't think it's worth repairing and most likely the model is discontinued. Perhaps it's time to retire it and get a new one.
Should I change the panel?
You could but what is the cost for that in your area. Generally, the monitor prices have come down lot in recent years so most of the people suggest to buy a new one instead of repairing it. If you decide to buy new one, then you could let us know what kind of monitor you want by filling in the questionnaire from the sticky thread and people here will suggest the model according to that.