Genotyping Assay Market to reflect impressive growth in Biotechnology Industry

Pune, India, 2020-Aug-09 — /EPR Network/ —

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.

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What Drives the Genotyping Assay Market?

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 June 2019, Agilent Technologies (US) has launched InfinityLab LC/MSD iQ System
• In June 2018, Thermo Fisher Scientific (US) had launched UHMR Hybrid Quadrupole-Orbitrap Mass Spectrometer.

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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Leading market players and strategies adopted

Illumina (US), Thermo Fisher Scientific (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).

Illumina is the leading player in the genotyping market. The company led the sequencing market with its flagship NGS platforms—iSeq 100 system (launched in January 2018), NovaSeq 6000, HiSeq Series, MiSeq Series, NextSeq 500, and HiSeq X Ten & HiSeq X Five. Illumina also provides reagents such as TruSeq sample preparation kits, TruSeq SBS sequencing kits, and other sequencing reagents, along with sequencing services such as whole-genome sequencing, human whole-exome sequencing, de novo sequencing, custom-targeted resequencing, gene expression using random-primed RNA sampling, and other related services.