Genotyping Market Area And Industry Forecasts Till, 2022 - 2030

The global genotyping market was valued at USD 12.65 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2022 to 2030. The growth can be attributed to technological advancements, the rising prevalence of cancer & genetic disorders, and increasing R&D funding for precision medicine research. Furthermore, the COVID-19 pandemic witnessed a positive impact on the genotyping market, as the pandemic led to an increased demand for COVID-19 genotyping kits. SNP genotyping has been used for the detection of genetic variants of the Covid-19 virus.

An increase in government funding, especially for genomic research, by government bodies and pharma& biotechnology companies to accelerate research is expected to drive the genotyping market. For instance, in September 2018, NIH granted USD 28.6 million to the “All of Us Research Program”for establishing three genome centers around the U.S. dedicated to precision medicine research.

Gather more insights about the market drivers, restrains and growth of the Global Genotyping Market

The prevalence of chronic diseases, such as cancer and genetic disease, is increasing worldwide and is expected to drive demand for genotypic-based diagnostic testing. For instance, according to WHO, 19.1 million new cancer cases were diagnosed globally in 2020. Cancer-causing viruses such as Human Papilloma Virus (HPV) and Hepatitis B Virus (HBV)/Hepatitis C Virus (HCV) are also responsible for about 20% of cancer deaths worldwide. The number of cancer cases is expected to increase by around 70% over the next two decades, estimated based on population growth and aging. Therefore, the rising prevalence of cancer is expected to be a high-impact rendering driver of this market.

However, a lack of skilled technicians, especially in developing countries, could slow the market growth, as genotyping data analysis and management require a high level of technical expertise. At the moment, developing nations have a relatively low number of professionals and experts.

Strategic initiatives undertaken by local players are anticipated to contribute to market growth. For instance, in February 2021, VG Acquisition Corp. merged with 23andMe, a U.S.-based genetics and research company actively working with direct-to-consumer genotyping solutions. This merger would provide capital funds for their genetic consumer health business.

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Personalized Medicine Market - The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to expand at a CAGR of 6.2% from 2021 to 2028. The growth of the market can be primarily attributed to the rising interest in biomarkers identification for therapy, diagnosis, and prognosis for personalized medicine development.

Precision Medicine Market - The global Precision Medicine (Diagnostics/Therapeutics) Market size was valued at USD 40.0 billion in 2017 and is expected to exhibit a CAGR of 9.9% over the forecast period.Diagnostic and therapeutic precision medicines are among the most complex and helpful achievements of current science as they offer highly effective and efficient treatment options to patients suffering from serious illnesses, with fewer side effects.

Genotyping Market Segmentation

Grand View Research has segmented the global genotyping market based on product, technology, application, end-use, and region:

• Genotyping Product Market Outlook (Revenue, USD Million, 2018 - 2030)

o   Instruments

o   Reagents and kits

o   Services

• Genotyping Technology Market Outlook (Revenue, USD Million, 2018 - 2030)

o   PCR

o   Capillary Electrophoresis

o   Microarray

o   Sequencing

o   Mass Spectrometry

o   Other

• Genotyping Application Market Outlook (Revenue, USD Million, 2018 – 2030)

o   Diagnostics

o   Drug Discovery and Development

o   Personalized Medicine

o   Academic Research

o   Agriculture

o   Others

• Genotyping End-Use Market Outlook (Revenue, USD Million, 2018 – 2030)

o   Pharmaceutical And Biopharmaceutical Companies

o   Diagnostics And Research Laboratories

o   Academic Institutes

o   Others

• Genotyping Regional Outlook (Revenue, USD Million, 2017 - 2030)

o   North America

o   Europe

o   Asia Pacific

o   Latin America

o   Middle East & Africa

Market Share Insights

September 2021: Illumina under its Illumina Accelerator program invested in seven genomics companies across various countries.

February 2021:VG Acquisition Corp. merged with 23andMe, a U.S.-based genetics and research company actively working with direct-to-consumer genotyping solutions. This merger would provide capital funds for their genetic consumer health business.

Key Companies profiled:

Some prominent players in the global Genotyping market include

• Illumina Inc.
• Thermo Fisher Scientific Inc.
• Qiagen Inc.
• F. Hoffmann-La Roche Ltd.
• Fluidigm Corporation
• Danaher Corporation
• Agilent Technologies
• Eurofins Scientific Inc.
• GE Healthcare Inc.
• Bio-Rad Laboratories Inc.

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