(PharmaNewsWire.Com, August 13, 2020 ) 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.
What the Genotyping Assay Market Looks Like?
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. North America is the largest regional market for glycomics
On the basis of application, the genotyping market is segmented into pharmacogenomics, diagnostics & personalized medicine, agricultural biotechnology, animal genetics, and other applications. The pharmacogenomics segment is expected to account for the largest share of the genotyping market during the forecast period. The large share of this segment can be attributed to the increasing use of genotyping to predict the efficiency of drugs during drug development and the growing need to understand the adverse effects of drugs.
The growth of the global market Genotyping Assay Market is primarily influenced by the following factors:
Technological Advancements and Decreasing Prices of DNA Sequencing Increasing Incidence of Genetic Diseases and Rising Awareness on Personalized Medicine
Growing Importance of Genotyping in Drug Development Increasing Demand for Bioinformatics Solutions in Data Analysis Among the product & service, segment, the reagents and kits segment is expected to grow at the highest CAGR during the forecast period. The factors attributing to the high growth are, the accessibility of a wide range of reagents, the increasing demand for reagents owing to the increasing genotyping test volumes across the globe, and the relatively smaller capital investment required to adopt reagents and kits for genotyping in pharmaceuticals and diagnostic centers.
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.
Recent Developments
# In May 2018, Agilent technologies opened a new logistics center in Texas to increase its capacity for house inventory and to fulfill the growing demand for NGS products from its genomics group. # In March 2018, Danaher Corporation acquired Integrated DNA Technologies Inc. (US). This acquisition strengthened Danaher’s Life Sciences platform. IDT will operate as a standalone operating company and brand within Danaher Corporation. # In January 2018, Thermo Fisher Scientific signed a partnership with Illumina (US) that enabled Illumina to sell the Ion AmpliSeq technology to researchers who conduct scientific studies using Illumina’s next-generation sequencing (NGS) platforms. # In January 2018, Illumina launched the iSeq 100 Sequencing System. # In January 2018, Thermo Fisher Scientific launched the Ion GeneStudio S5 Series Instrument.
Geographical growth scenario of Genotyping Assay Market: 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.
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