PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565714
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1565714
Genotyping Market size was valued at USD 16,080.32 Million in 2023, expanding at a CAGR of 14.80% from 2024 to 2032.
Genotyping is the process of determining the genetic makeup or genotype of an individual by analyzing their DNA. It involves identifying specific alleles at locations on a chromosome. Genotyping can provide information about genetic variations that may influence traits, susceptibility to diseases, or responses to medications.
Genotyping Market- Market Dynamics
Increasing demand from genetic testing and prevalence of genetic disorders is expected to propel market demand
The increasing incidence of genetic disorders and the need for early diagnosis and intervention are boosting demand for genotyping services. Genotyping plays a crucial role in genetic research, drug discovery, and development, propelling growth in academic and pharmaceutical sectors. Additionally, Advancements in healthcare infrastructure and accessibility to genetic testing services contribute to market expansion, especially in emerging economies. Increasing awareness and adoption of personalized medicine approaches are driving the need for genotyping to tailor treatments based on individual genetic requirements.
Moreover, the popularity of consumer-based genetic testing for ancestry and health-related insights has expanded the genotyping market. Innovations in genotyping technologies, such as next-generation sequencing (NGS) and microarray technologies, have made genotyping more efficient, accurate, and cost-effective. Also, increased funding by companies for genomics research and initiatives aimed at enhancing healthcare through genetic insights support market growth.
Genotyping Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 14.80% over the forecast period (2024-2032)
Based on Product segmentation, the reagents & kits segment was predicted to show maximum market share in the year 2023, owing to increasing demand from genetic testing.
Based on Application segmentation, diagnostic & personal medicines segment was the leading Application in 2023, due to high use of genotyping devices in diagnosis of genetic diseases.
Based on End User segmentation, diagnostic & research laboratories segment was the leading End User segment in 2023, due to rising investment in genome research.
On the basis of region, North America was the leading revenue generator in 2023, due to the presence of a well-established pharmaceutical sector.
The Global Genotyping Market is segmented on the basis of Product, Application, End User, and Region.
The market is divided into three categories based on Product: reagents & kits, instruments, and others. The reagents & kits segment dominates the market. The increasing genotyping testing volumes in biotech companies is promoting segment growth.
The market is divided into five categories based on Application: diagnostic & personal medicines, agricultural biotechnology, animal genetics, pharmacogenomics, and others. The diagnostic & personal medicines segment dominates the market. Rising adoption of genotyping products in diagnosis of genetic disorders is mainly boosting market growth.
The market is divided into four categories based on End User: diagnostic & research laboratories, biopharmaceutical companies, academic institutes, and others. The diagnostic & research laboratories segment dominates the market and is expected to maintain its high dominance during the forecast period. Growing prevalence of cancer and demand for cancer genotyping assays and diagnostic tests is contributing segment growth.
Genotyping Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America holds the largest market share in the global Genotyping market. Asia-Pacific region shows the fastest rate over the forecast period. Countries like China and India are witnessing rapid advancements in genomics due to increased investment in research and biotechnology. Also, government programs aimed at incorporating genetic testing into public health strategies drive demand. For example, Indian government have started initiative called Ayush, under which government provide finance aid to companies.
The Genotyping market is highly competitive in nature. Market players are engaging in new product development, novel drug discovery. For example, companies like Fluidigm and Bio-Rad are innovating digital PCR (dPCR) and nano fluidics technologies, which are highly specific and efficient for genotyping. Increasing use of genotyping in agriculture, focusing on crop and livestock improvement, disease resistance, and sustainability. Some of the companies focus on advances in multiplex PCR and next-generation sequencing (NGS) platforms for high-throughput genotyping.
In January 2023, Thermo Fisher Scientific, Inc. introduced its CE-IVD marked TaqPath Seq HIV-1 genotyping kit to increase its product portfolio.
In 2021, VG Acquisition Corporation merged with 23andMe to work with genotyping solutions and enhance their capabailities.