The global genotyping market was valued USD 3.6 billion in 2015. The key factors driving the growth of this market are technological advancements and the increasing prevalence of target diseases, such as cancer, diabetes, and Alzheimer’s. The introduction of novel technologies that minimize errors considerably and yield efficient results are also estimated to enhance the penetration rates of these products.
The rising prevalence of genetic diseases, such as Parkinson’s, turner syndrome, and Alzheimer’s is the high impact rendering driver for the market growth. Genotyping facilitates rapid sequencing and the early diagnosis of these aforementioned diseases further aid healthcare professionals to decide on probable treatment options.
U.S. Genotyping market, by product, 2013 - 2024 (USD Million)
Companies are undertaking R&D initiatives for the development of advanced products to cater to the increasing demands of the target population. For instance, in 2014, Fluidigm Corporation introduced the Juno 96.96 Genotyping IFC that analyzes a large number of DNA samples for Single Nucleotide Polymorphisms (SNPs) in a short time span.
Genotyping tests and kits are available for the screening of potential biomarkers that can be used to assess a person’s risk of developing a disease, or determine their carrier state.
The reagents and kits segment held the largest market share in 2015 with revenue generation of over USD 2.2 billion owing to the wide usage rate and the continually surging demand for the genotyping tests. Cost-effectiveness and easy availability of the reagents are estimated to significantly impact the genotyping market growth.
The reagents and kits segment is also anticipated to be the fastest growing segment with the CAGR of over 15.1% during the forecast period owing to its extensive application in the R&D laboratories and the presence of favorable funding programs further boosting the ongoing research activities.
Reagents, such as buffers, enzymes and assays are widely used for DNA sequencing, PCR cleanup, and cellular manipulation. The introduction of novel reagents, such as PCR cleanup reagents, SBE and ExoSAP-IT PCR products, by Affymetrix, Inc. is also anticipated to witness a high adoption rate over the decade.
Polymerase Chain Reaction (PCR) is the key technology used by healthcare professionals and researchers for accurate and rapid detection of genetic changes. The introduction of newer PCR technologies in conjunction with computer programs, such as reverse transcription PCR, inverse PCR, Quantitative PCR (Q-PCR), and assembly PCR is also expected to fuel the market growth.
Sequencing is anticipated to be the fastest growing technology segment. Various developments in the present sequencing technologies have transformed sequencing into an adaptable, multifaceted molecular tool. The introduction of automated sequencing models and high-throughput platforms provide potential growth opportunities in the field of clinical molecular modeling studies, new chemical entity interactions, gene profiling, and genome sequencing.
Genotyping market by application is categorized into five segments that include diagnostics, drug discovery and development, personalized medicine, academic research, and agriculture.
Personalized medicine is estimated to witness the fastest growth over the forecast period owing to the rising government support for personalized medicine through the favorably changing reimbursement and regulatory landscape and the growing adoption of sequencing for genetic mapping.
North America dominated the market with the largest revenue share in 2015. The well-established healthcare infrastructure and rapid advancements in technology present in this region are the key factors contributing to the significant share. Other factors supporting the growth of the industry include high awareness among people about personalized medicines and the increasing demand for products and services pertaining to genetic testing.
The Asia Pacific region is expected to grow at the highest growth rate over the forecast period. The growing economic stability, the introduction of favorable healthcare reforms, the high disposable income, and the presence of untapped market opportunities are the major factors contributing to the regional growth.
The companies are undergoing mergers and acquisitions in an attempt to strengthen their market position. For instance, in December 2015, Thermo Fisher, Inc. acquired Life Technologies Corporation with an objective of expanding their product portfolio for this market. Similarly in December 2015, Genewiz, Inc. acquired Beckman Coulter, Inc., specializing in genomic services, with an aim to maximize the former's range of genomic services and thereby maximize profits in this segment.
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