Panic, heading round concealed corner (5)
I believe the answer is:
niche
'corner' is the definition.
('niche' can be a synonym of 'corner')
'panic heading round concealed' is the wordplay.
'concealed' indicates the answer is hidden within the clue.
'NICHE' can be found hidden inside 'panic heading round'.
(Other definitions for niche that I've seen before include "Recess - suitable position" , "Suitable slot" , "Small recess or cranny" , "hole" , "Position well suited to the occupier" .)