According to the new market research report “Genotyping Market by Technology (PCR, Sequencing, Microarray, Electrophoresis, MALDI-TOF), Application (Pharmacogenomics, Diagnostic Research, Animal Genetics, Agricultural Biotechnology), and Product – Global Forecast to 2023″, published by MarketsandMarkets™, The genotyping assay market is expected to reach USD 31.9 billion by 2023 from an estimated USD 11.8 billion in 2018, at a CAGR of 22.0%.
The growth of this market is mainly driven by technological advancements, the decreasing prices of DNA sequencing, and the increasing incidence of genetic diseases.
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The reagents & kits segment is expected to grow at the highest CAGR during the forecast period
Based on product, the reagents and kits are expected to grow at the highest rate during the forecast period. This segment is expected to witness the highest CAGR due to the easy accessibility of a wide range of reagents and the increasing need for genotyping in various applications.
+ Based on product, the market is divided into reagents & kits, genotyping services, instruments, and bioinformatics. The easy accessibility to a wide range of reagents and need for genotyping in various applications (such as assessing drug efficacy & safety, cutting down cost and time required for clinical development, personalizing the treatments for chronic diseases, and developing good breeds of animals and plants) have contributed to the high and repetitive consumption of reagents and kits as consumables in various genotyping applications.
+ Based on technology, the genotyping assay market is segmented into PCR, microarrays, sequencing, capillary electrophoresis, MALDI-TOF, and other technologies. The sequencing segment is expected to account for the largest share of the global genotyping market during the forecast period of 2018 to 2023.
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Key Players and Strategies Adopted by Them:
The genotyping market in the APAC is expected to grow at the highest CAGR during the forecast period. This is due to the increasing incidence of chronic diseases, and growing awareness on the use of genotyping tests to control the inheritance of genetic diseases and the spread of infectious and microbial diseases in APAC countries. Global pharmaceutical and biopharmaceutical companies are also increasingly outsourcing clinical research and trials to companies in this region, which has increased the demand for genotyping products for drug profile assessment, drug efficacy and safety assessment, dosing determination, and drug response evaluation.