Genotyping Market Will Reach 37.1 Billion By 2024: Grand View Research, Inc.
The global genotyping market is expected to reach USD 37.1
billion by 2024 according to a new report by Grand View Research, Inc. The
increasing demand for genotyping tests to evaluate drug efficacy and safety is
one of the major drivers for the genotyping market. Genotyping tests are widely
used in selecting a highly responsive, patient population subset against a
specific drug candidate before initiating clinical trials. The rising need for
affordable genotyping services coupled with the high demand for personalized
medicines is also expected to propel the market growth.
Major pharmaceutical companies
are collaborating with diagnostic manufacturers for the development of novel
biomarker-based therapeutics. Significant opportunities for the growth of this
market are anticipated due to the above-mentioned collaborative initiatives.
The increasing awareness for
prenatal genetic testing pertaining to early detection of chromosomal
abnormalities in the high-risk population, the introduction of technological
advancements, and the increasing R&D funding are the other factors accentuating
the market growth over the forecast period.
U.S. Genotyping market, by
product, 2013 - 2024 (USD Million)
Browse full research report on
Genotyping
Market
Further key findings from
the report suggest:
- The reagents
and kits segment dominated the product segment in 2015. Extensive usage of
reagents for research activities and the wide applicability of the
genotyping tests in disease diagnosis and validation are the factors
responsible for its large share
- The reagent
and kits segment is also anticipated to witness the highest growth over
the forecast period. The major factors responsible for the lucrative
growth of this segment are a high amount of R&D activities undertaken
by research and academic institutes for the development of novel genetic
biomarkers.
- In 2015, the
polymerase chain reaction technology captured a significant market share
owing to the higher acceptance levels by researchers and the introduction
of technologically advanced and user-friendly products
- The
diagnostic center was one of the largest segments with a market share of
over39.0% in 2015. The rising demand for genotyping tests coupled with the
high awareness for genetic disorders is a key driver for its large market
share. Personalized medicine is expected to grow at a significant growth
rate over the forecast period due to the increasing demand for the
efficient and fast-acting therapeutics under the precision medicine
category.
- North America
held the largest share of thegenotyping market in 2015.The rising
healthcare expenditure, established R&D infrastructure, and the
increasing awareness among doctors for hereditary genetic disorders are
the factors contributing to the large share.
- Asia Pacific
is anticipated to be the fastest growing regional segment during the
forecast period. The introduction of favorable government initiatives and
programs, the geographical expansion of major players in this area, and
the growing target population base are some of the factors expected to
push forward the market growth.
- The key
players include Affymetrix, Inc., Agilent Technologies, Inc., Genewiz,
Inc., Fluidigm Corporation, GE Healthcare GmbH, Illumina, Inc., Thermo
Fisher Scientific, Inc., Qiagen NV, and Roche Diagnostics
- In April
2016, Siemens Healthcare GmbH and Thermo Fisher Scientific, Inc. declared
a strategic collaboration for the development of an advanced and
integrated genotyping platform. This agreement aimed to introduce enhanced
flexibility and customizability to their molecular testing
solutions.
For
more information: http://www.grandviewresearch.com
Comments
Post a Comment