Rising Need For Affordable Genotyping Services Owing To High Demand For Personalized Medicines Is Expected To Drive Genotyping Market Till 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: http://www.grandviewresearch.com/industry-analysis/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.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-genotyping-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, the company offers market intelligence studies ensuring relevant and
fact-based research across a range of industries including technology,
chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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