Genotyping Market to Grow with a CAGR of 8.26% through 2028
Research and development in healthcare and
biotechnology are expected to drive the Global Genotyping Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Genotyping Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Genotyping Market stood at USD 15.01
billion in 2022 and is anticipated to grow with a CAGR of 8.26% in the
forecast period, 2024-2028. This can be attributed to big data and
bioinformatics. The genotyping market's growth is intrinsically linked to the
handling and analysis of vast amounts of genetic data. The development of
bioinformatics tools and data analytics platforms has made it possible to
process, interpret, and derive meaningful insights from these extensive
datasets. As these tools continue to improve, genotyping becomes more valuable
for research and clinical applications.
Moreover, genotyping is increasingly applied in
prenatal and newborn care. Early genetic screening and diagnosis are becoming
more accurate and accessible, allowing for the identification of genetic
disorders and conditions in fetuses and newborns. This trend has implications
for early intervention and improved patient outcomes.
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The genotyping market is expected to experience growth
driven by increased government funding, particularly for genomic research from
governmental bodies, as well as contributions from pharmaceutical and
biotechnology companies, aimed at expediting research. A noteworthy example of
this is the National Institutes of Health (NIH) granting USD 28.6 million in
September 2018 to the "All of Us Research Program" for establishing
three genome centers across the United States dedicated to precision medicine
research.
The global rise in chronic diseases, including cancer
and genetic disorders, is set to fuel the demand for genotypic-based diagnostic
testing. To illustrate, the World Health Organization (WHO) reported 19.1
million new cancer cases diagnosed worldwide in 2020. Moreover, cancer-causing
viruses like Human Papilloma Virus (HPV) and Hepatitis B Virus (HBV)/Hepatitis
C Virus (HCV) are responsible for approximately 20% of cancer-related deaths on
a global scale. The number of cancer cases is projected to increase by roughly
70% over the next two decades, driven by population growth and aging.
Therefore, the increasing prevalence of cancer is expected to be a significant
driving force for this market.
Nonetheless, certain factors, such as a shortage of
skilled technicians, particularly in developing nations, could impede market
growth. Genotyping data analysis and management demand a high level of
technical expertise, and there is currently a relatively limited pool of
professionals and experts in this field in developing countries.
Furthermore, strategic actions taken by local players
are predicted to contribute to market expansion. For instance, in February
2021, VG Acquisition Corp. merged with 23andMe, a U.S.-based genetics and
research company actively engaged in direct-to-consumer genotyping solutions.
This merger is expected to provide capital funds for their genetic consumer
health business.
The Global Genotyping Market is segmented into product, technology, application, end use, regional
distribution, and company.
Based on its application, the Diagnostics and
Personalized Medicine sector claimed the largest market share in 2022 due to
the growing adoption of genotyping products for research purposes and the
increasing demand for genetic disease diagnosis. Additionally, collaborative
efforts among industry players are anticipated to drive market expansion. An
example of such collaboration is the strategic partnership formed in February
2019 between Centogene and Sarepta Therapeutics, Inc., aimed at diagnosing
Duchenne muscular dystrophy patients in the MENA region.
Pharmacogenomics is projected to experience the
swiftest CAGR from 2023 to 2030. Genotyping facilitates the identification of
patients who are most suitable for a specific drug based on their genetic
profiles. Recognizing specific population subsets that respond or do not
respond to a drug enables the delivery of personalized treatments to
individuals with distinct genetic backgrounds and helps reduce attrition rates
in clinical trials. Moreover, major industry players actively contribute by
offering solutions for pharmacogenomic studies. For instance, Thermo Fisher
Scientific provides an RT PCR solution for pharmacogenomic testing, featuring
TaqMan assays and QuantStudio instruments, along with a PharmacoScan solution,
complete with a PharmacoScan Assay Kit.
Based on end use, the Diagnostics and Research
Laboratories sector claimed the largest market share in 2022, primarily due to
the increasing adoption of genotyping products for research purposes and the
growing necessity for genetic disease and cancer diagnoses. Furthermore, the
surging prevalence of cancer has intensified the demand for diagnostic tests,
such as cancer genotyping assays, which is expected to be a significant market
driver.
The Pharmaceutical and Biopharmaceutical Companies
sector is anticipated to exhibit substantial growth with a significant CAGR
during the forecast period. This growth is attributed to the mounting need for
pharmacogenomics in the drug development process and recommendations from the
FDA to incorporate pharmacogenomics studies and genotyping into the drug
discovery process. Companies actively leverage pharmacogenomics to develop
innovative drugs. For example, Pfizer is currently conducting a genotyping-based
clinical trial to assess the effectiveness of Talazoparib in patients with
somatic BRCA mutant-resistant metastatic breast cancer. Consequently, the
increasing number of clinical trials based on pharmacogenomics is expected to
drive growth within this segment.
Major companies operating in Global Genotyping Market
are:
- Thermo Fisher Scientific Inc
- Illumina Inc
- QIAGEN N.V.
- F Hoffmann-La Roche AG
- Danaher Corp
- Agilent Technologies Co Ltd
- Eurofins Scientific Inc
- GE Healthcare Inc
- Bio-Rad Laboratories Inc
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“The global genotyping market is at the forefront of
innovation, and the upcoming trends are poised to revolutionize the field. The
integration of multi-omics approaches, the rise of single-cell genotyping,
genome editing technologies, epigenomics, and pharmacogenomics expansion are
reshaping how we use genetic data. Additionally, the application of AI in data
analysis, the extension into metagenomics and microbiome research, prenatal and
newborn genotyping, and environmental genotyping are opening new frontiers for
genotyping technology. These trends offer opportunities for advancements in
personalized medicine, disease research, and environmental conservation, making
the genotyping market a dynamic and influential force in the field of genomics.
Researchers, healthcare professionals, and industries must adapt to these
trends to harness the full potential of genotyping technology and its
contributions to science and healthcare,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Genotyping Market By
Product (Instruments, Reagents & Kits, Software
and Services), By Technology (PCR, Capillary Electrophoresis, Microarrays,
Sequencing, Mass Spectrometry, Others), By Application (Pharmacogenomics,
Diagnostics and Personalized Medicine, Agricultural Biotechnology, Animal
Genetics, Others), By End Use (Pharmaceutical and Biopharmaceutical Companies,
Diagnostics and Research Laboratories, Academic Institutes, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of Global
Genotyping Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Genotyping Market.
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