(PharmaNewsWire.Com, March 03, 2021 ) Genotyping platforms have several potential application areas such as pharmacogenomics, diagnostic research, personalized medicine, and forensics. Furthermore, this technology is also apt for a range of veterinary needs, food safety and quality, and environmental testing in remote areas and industrial settings.
Major Growth Drivers:
The major factors that are expected to be driving the genotyping assay market are technological advancements and the decreasing prices of DNA sequencing. The increasing incidence of genetic diseases and rising awareness of personalized medicine, growing importance of genotyping in drug development, and the increasing demand for bioinformatics solutions in data analysis are also expected to promote market growth in the coming years.
Expected Revenue Growth:
MarketsandMarkets forecasts the Genotyping Assay market to grow from USD 11.8 billion in 2018 to USD 31.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.0% during the forecast period.
At present, human diagnostics and pharmacogenomics offer significant marker potential as these segments require rapid genotyping analysis on a large scale due to the need for better treatment options and high disease prevalence.
The sequencing segment is expected to witness a faster growth rate in this market due to factors such as, the increasing application areas of DNA sequencing technologies, technological advancements, the availability of high-speed sequencing instruments, and the growing uptake of the hybrid approach of sequencing.
Critical questions the report answers:
1. Where will all these developments take the industry in the long term? 2. What are the upcoming trends for the genotyping market? 3. Which segment provides the most opportunity for growth? 4. Who are the leading players operating in this market? 5. What are the opportunities for new market entrants?
Regional Growth Analysis:
North America is expected to hold the largest market size in the global genotyping market during the forecast period, followed by the European region. The increasing adoption of technologically advanced genotyping products, the high healthcare expenditure, presence of advanced healthcare infrastructure, highly developed healthcare systems in the US and Canada, large number of genotyping-based R&D projects, and the presence of a large number of leading genotyping manufacturers in the region, along with an increasing demand from pharmaceutical companies for genotyping products and rising investments by government bodies, are responsible for the large share of the North American genotyping market.
Illumina (US), Thermo Fisher Scientific (US), QIAGEN (Netherlands), Agilent Technologies (US), Danaher Corporation (US), Roche Diagnostics (Switzerland), GE Healthcare (US), Fluidigm Corporation (US), PerkinElmer (US), Eurofins Scientific (Luxembourg), Bio-Rad Laboratories (US), Pacific Biosciences of California (US), GENEWIZ (US), and Integrated DNA Technologies (US).
Illumina is the leading player in the genotyping market. The company led the sequencing market with its flagship NGS platforms—iSeq 100 system (launched in January 2018), NovaSeq 6000, HiSeq Series, MiSeq Series, NextSeq 500, and HiSeq X Ten & HiSeq X Five.
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