Genotyping Assay Market To Reach USD 31.9 billion by 2023 – Increasing Investment In Pharmacogenomics

Genotyping Assay Market

What This Report Will Provide?

Technical advancements have allowed for miniaturization, automation, and reduced overall costs, as well as operational flexibility and the incorporation of multi-parameter testing. All of these have greatly helped increase the applications and convenience of DNA sequencing, allowing physicians to focus on high-level decision-making such as identifying and prioritizing drug targets through various genotyping studies.

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 (OTC:CAGR) of 22.0% during the forecast period.

Major Growth Boosters :

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.

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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.

Frequently Asked Questions (FAQ):

  • Where will all these developments take the industry in the long term?
  • What are the upcoming trends for the genotyping market?
  • Which segment provides the most opportunity for growth?
  • Who are the leading players operating in this market?
  • What are the opportunities for new market entrants?

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By technology, the sequencing segment to record the highest CAGR during the forecast period

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.

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.