(PharmaNewsWire.Com, August 14, 2021 ) The Key Growth Elements in Detailed?
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.
Worldwide Growth Opportunities in Terms of Revenue:
The Genotyping Assay Market is expected to reach USD 31.9 billion by 2023 from an estimated USD 11.8 billion in 2018, at a CAGR of 22.0%.
The reagents & kits segment is expected to account for the largest share of the genotyping assay market
Based on product, the market is divided into reagents & kits, genotyping services, instruments, and bioinformatics. The easy accessibility to a wide range of reagents and need for genotyping in various applications (such as assessing drug efficacy & safety, cutting down cost and time required for clinical development, personalizing the treatments for chronic diseases, and developing good breeds of animals and plants) have contributed to the high and repetitive consumption of reagents and kits as consumables in various genotyping applications.
The Sequencing segment will witness the highest growth in the market, by technology
Based on technology, the genotyping assay market is segmented into PCR, microarrays, sequencing, capillary electrophoresis, MALDI-TOF, and other technologies. The sequencing segment is expected to account for the largest share of the global genotyping market during the forecast period of 2018 to 2023. The large share of this segment can be attributed increasing application areas of DNA sequencing technologies, technological advancements, the availability of high-speed sequencing instruments, the decreasing cost of DNA sequencing per genome, and the growing uptake of the hybrid approach of sequencing.
North America is expected to account for the largest share of the genotyping assay market in 2018, followed by Europe and the Asia Pacific. 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.
Major Key Players Mentioned in the research report are:
The prominent players in the genotyping assay market are Thermo Fisher Scientific (US), Illumina (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).
Thermo Fisher Scientific is the second-largest player in the global genotyping market in 2018. The firm’s leading position in this market is attributed to its wide product portfolio, which includes genomic profiling, PCR, and microarray analysis instruments & reagents. The company has a wide geographic presence spanning North America, Latin America, Europe, Africa, the Middle East, and the Asia Pacific. The company provides genotyping systems, namely, Ion PGM, Ion Proton, Ion GeneStudio S5 System, Axiom Genotyping Solution, GeneChip Scanner, and QuantStudio 3 Real-time PCR systems in the market.
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