DUBLIN--(BUSINESS WIRE)--The "Genotyping Assay Market by Technology (PCR, Sequencing, Microarray, Electrophoresis, MALDI-TOF), Application (Pharmacogenomics, Diagnostic Research, Animal Genetics, Agricultural Biotechnology), and Product - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The genotyping 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%.
Technological advancements, the decreasing prices of DNA sequencing, and the increasing incidence of genetic diseases are expected to drive the growth of the global genotyping market. However, the high cost of equipment is expected to restrain market growth to a certain extent during the forecast period.
Pharmacogenomics application segment to witness the highest growth during the forecast period.
On the basis of application, the genotyping market is segmented into pharmacogenomics, diagnostic & personalized medicine, agricultural biotechnology, animal genetics, and other applications. The pharmacogenomics segment is expected to register the highest CAGR during the forecast period. The increased use of genotyping to predict the efficiency of drugs during drug development and the growing need to understand the adverse effects of drugs are the major factors driving the growth of this market segment.
Pharmaceutical and biopharmaceutical companies end-user segment is expected to grow at the highest CAGR during the forecast period.
On the basis of end user, the genotyping market is segmented into pharmaceutical & biopharmaceutical companies, diagnostic & research institutes, academic institutes, and other end users. The pharmaceutical & biopharmaceutical companies segment is expected to witness the highest CAGR owing to the growing importance of biomarkers in genotyping used among these end users, given their applications in drug development which, in turn, will support the growth of this segment.
APAC is projected to witness the highest growth during the forecast period.
North America is expected to account for the largest share of the global genotyping market in 2018. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, owing to the increasing incidence of chronic diseases and growing awareness on the use of genotyping tests to control the inheritance of genetic diseases & the spread of infectious and microbial diseases in APAC countries. The increasing outsourcing of clinical research and trials by pharmaceutical and biopharmaceutical companies to organizations in the APAC has driven the demand for genotyping products for drug profile assessment, drug efficacy, safety assessment, dosing determination, and drug response evaluation.
The prominent players in the global genotyping 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).
Market Dynamics
Market Drivers
- 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
Market Restraints
- High Cost of Equipment Used in Genotyping
Market Opportunities
- Growing Importance of Sequencing Projects
- Increasing Application Areas of Genotyping
- Increasing Demand for Genome Analysis in Plant and Animal Livestock
Market Challenges
- Data Management in Genotyping Research
- Dearth of Trained Resources
Companies Mentioned
- Agilent Technologies, Inc
- Bio-Rad Laboratories, Inc
- Danaher Corporation
- Eurofins Scientific
- Fluidigm Corporation
- GE Healthcare
- Genewiz, Inc
- Illumina, Inc
- Integrated Dna Technologies, Inc (A Subsidiary of Danaher Corporation)
- Pacific Biosciences of California, Inc
- Perkinelmer, Inc
- Qiagen NV
- Roche Diagnostics Limited
- Thermo Fisher Scientific, Inc
For more information about this report visit https://www.researchandmarkets.com/research/n7sb9w/genotyping_assay?w=4
