MarketsandMarkets Reports Genotyping Market to Reach $31.9 Billion by 2023

VCBeat (WeChat Official Account: vcbeat) has learned that MarketsandMarkets recently released a report on the genotyping market. The report indicates that the genotyping market is projected to grow from $11.8 billion in 2018 to $31.9 billion in 2023, at a compound annual growth rate (CAGR) of 22.0%.

The primary factors driving the growth of this market include technological advancements, declining costs of DNA sequencing, and a rising incidence of genetic disorders.

Based on the products in the genotyping testing market, the market can be segmented into three parts: reagents and kits, genotyping services, and instruments and bioinformatics. The easy accessibility of various reagents, coupled with the demand for genotyping in diverse research applications (such as evaluating drug efficacy and safety, reducing the cost and time required for clinical development, personalizing treatment approaches for chronic diseases, and breeding superior plant and animal varieties), contributes to the substantial and repeated consumption of reagents and kits as consumables in genotyping technologies.

Based on genotyping detection technologies, the genotyping analysis market can be segmented into PCR, microarrays, sequencing, capillary electrophoresis, MALDI-TOF, and other technologies. During the forecast period from 2018 to 2023, the sequencing segment is expected to account for the largest share of the global genotyping market. The dominance of the sequencing segment in the genotyping market can be attributed to the expanding applications of DNA sequencing technology, technological advancements, the widespread adoption of high-speed sequencing instruments, the declining cost of DNA sequencing per genome, and the increasing adoption of hybrid sequencing methods.

North America is projected to account for the largest share of the genotyping market in 2018, followed by Europe and the Asia-Pacific region. The significant market share held by North America will be driven by the growing availability of technologically advanced genotyping products, high healthcare expenditure, sophisticated healthcare infrastructure, highly developed healthcare systems in the United States and Canada, a large number of genotyping-based R&D projects, the presence of numerous leading genotyping manufacturers in the region, rising demand for genotyping products from pharmaceutical companies, and increasing investments by government agencies.

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MarketsandMarkets™ is a market research and consulting firm that publishes global strategic analysis reports. It provides quantitative B2B research on 30,000 high-growth niche opportunities and threats, which impact 70% to 80% of the revenue of companies worldwide. Currently serving 7,500 clients globally, including 80% of the Fortune 1000 companies, MarketsandMarkets™ delivers pain-point analyses for revenue-related decision-making to nearly 75,000 senior executives across eight major industries worldwide.