In terms of revenue, the Genotyping Assay Market is expected to reach USD 40.0 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 19.70% in the forecast period of 2022 to 2028. Factors such as several advancements in technology coupled with the rising prevalence of diseases, like cancer, Alzheimer’s, and diabetes are boosting the market growth. The innovative technology that minimizes errors and comes up with efficient results is another factor propelling the market growth.
- Reagents & kits sub-segment in product segment is about to experience higher growth during the forecast period. The ease of accessibility to a wide range of reagents and genotyping in several applications, like assessing drug efficacy & safety, the time required for clinical development, cutting down cost, and personalizing the treatments for chronic diseases are factors accelerating segmental growth for reagents & kits.
- Sequencing in the technology segment is expected to have potential growth during the forecast period. Wider application domains of DNA sequencing technologies, high-speed sequencing instruments availability, reducing DNA sequencing cost per genome with the adoption of a hybrid approach of sequencing are factors complementing market growth.
Some of the key players in Genotyping Assay Market include - Illumina, Inc., Thermo Fisher Scientific Inc., Agilent Technologies, Bioline, Qiagen, Danaher, F. Hoffmann-La Roche Ltd., General Electric, Sequenom, Fluidigm, Biogeniq Inc., Envigo, Helix, LGC Biosearch Technologies
The increase in the number of hereditary sicknesses among the population and the growing prevalence of genetic disorders among the population are considerable factors boosting the market. The awareness regarding customized medication is coaxing individuals to use genotyping; this is creating opportunities for the genotyping array market. Another major factor projected to support the growth and development of the Global Genotyping Assay Market is a decrease in the cost of DNA sequencing coupled with other new & innovative progressions. Additionally, the growth in medication improvement and familiarity with drug advancement is enhancing this market. However, a higher cost involved in the equipment to perform genotyping assays is a major factor adversely affecting the market growth.
North America is projected to hold the largest market share in 2021. The growing adoption of advanced genotyping products, increased healthcare expenditure, highly developed healthcare systems in countries like the U.S. and Canada coupled with a number of genotyping-based R&D projects, and the presence of a large number of leading genotyping manufacturers in the region are driving segmental growth. With this, higher investments by the government bodies are responsible for the growth of the North American genotyping market.