Market Synopsis:
Increasing burden of genetic disorders has raised awareness and encouraged investments for effective treatments. This, in turn, is likely to enable genotyping in gaining quick mileage over the next few years. Genotyping Market Size was valued at USD 6.5 billion in 2022. The genotyping market industry is projected to grow from USD 7.94 Billion in 2023 to USD 26.45 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 22.20% during the forecast period (2023 - 2030).
Human genotyping is gaining momentum owing to the rising burden of genetic disorders. Also, the growing awareness about the same, coupled with the availability of government’s support, is expected to catalyze the proliferation of genotyping market. In addition, microorganism genotyping is expected to earn high revenues due to its extensive demand in the field of research & development. However, the lack of skilled personnel can pose a challenge to players of the genotyping market.
Regional Analysis:
The global genotyping market, on the basis of region, has been segmented into four regions - Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). Americas is leading the growth of the global market and is expected to maintain its pole position over the next couple of years. The region has been observing an increase in the burden of genetic disorders. This, in turn, has encouraged investments in research & development projects which is poised to boost the expansion of genotyping market in the region. Alzheimer's Association published a report in 2018 stating that 5.7 million Americans had Alzheimer in that year. The same report revealed that the U.S. incurred a cost of USD 277 Bn for the disease. Other factors that are anticipated to accelerate revenue creation in the genotyping market in the region are the presence of developed healthcare industry, rising demand for personalized medicine, etc
Europe is prognosticated to maintain its second-leading spot in the global market place across the review period. The genotyping market in the region is expected to get influenced greatly by the rising researches supported by the governments in the pharmaceutical industry. In addition, the rising cases of genetic disorders are also projected to favor market expansion in the region over the forecast period.
Asia Pacific is projected to expand at a relatively higher CAGR through the assessment period. The favorable laws implemented by the governments are encouraging investments in the genotyping market by global leaders. This, in turn, is likely to motivate the growth pattern of the regional market over the next couple of years.
Market Segmentation:
Based on technology, the global genotyping market insights has been segmented into sequencing, PCR, microarray, capillary electrophoresis, and mass spectrometry. The capillary electrophoresis segment is further sub-segmented into single-strand conformation polymorphism (SSCP), amplified fragment length polymorphism (AFLP), and restriction fragment length polymorphism (RFLP). The sequencing segment has been sub-segmented into pyrosequencing, next-generation sequencing, and Sanger sequencing. Also, the microarray segment has been sub-segmented into antibody microarrays, DNA microarrays, MM Chips, and peptide microarrays.
The segments of the genotyping market, based on product, include reagents and kits, services, and instruments.
The segmental analysis of the global genotyping market, on the basis of end-user, covers hospitals, academic institutes, diagnostic centers, and research and development centers.
Competitive Dashboard:
QIAGEN, Illumina, Inc, Affymetrix, Inc., Thermo Fisher Scientific, Inc., Agilent Technologies, Inc., General Electric Company, Fluidigm Corporation, F. Hoffmann-La Roche Ltd, Sequenom, and Beckman Coulter, Inc. are some of the leaders in the global genotyping market profiled in this MRFR report. These players are investing massive amounts in research & development activities. In addition, the exploration of the applications and potential of genotyping is further anticipated to boost the competition among these players. The growth trajectory of the genotyping market is likely to attract new entrants, thus, facilitating expansion and revenue generation. Strategies developed by the participants of the genotyping market for growth are mergers & acquisitions, collaborations, agreements, memorandum of understanding, increasing research activities, etc.
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