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 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 (OTC:CAGR) of 22.0% during the forecast period. 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 growth of the market can be attributed to increasing drug discovery activities, the growing biopharmaceutical industry, and the rising trend in outsourcing compound/sample management.
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What Drives the Market?
The growth of the 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
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.
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