WASHINGTON, Jan. 26, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Genotyping Assay Market finds that increasing technological advancements expediting market growth. The market growth is attributed to increasing incidence of genetic diseases, decreasing prices of DNA sequencing, as well as rising awareness of personalized medicine. Total Global Genotyping Assay Market is estimated to reach USD 40.0 Billion by 2028, up from USD 12.1 Billion in 2021, at a Compound Annual Growth Rate (CAGR) of 20.0%.
Furthermore, the growing importance of genotyping in drug development as well as increasing demand for bioinformatics solutions in data analysis, is projected to augment growth of the Global Genotyping Assay Market, states Vantage Market Research, in a report, titled “Genotyping Assay Market by Product & Service (Reagents & Kits, Bioinformatics, Genotyping Services, Instruments), by Technology (PCR, Microarrays, Sequencing, Capillary Electrophoresis), by End-Use (Pharmacogenomics, Personalized Medicine and Diagnostics, Animal Genetics, Agricultural Biotechnology ), by Region (North America, Europe, Latin America, Asia Pacific) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Rigorous Shift of Focus towards Drug Development
Drug development and drug discovery process is the most rapidly grown trend in the pharmaceutical and subsequent sectors. Increasing severity of the chronic and infectious diseases has fetched attention of biotechnology, biopharmaceutical, and pharmaceutical companies towards increased drug discovery and drug development processes, driving the Global Genotyping Assay Market. Most important factors supporting the growth of the Global Genotyping Assay Market are, companies opting to work on drug development on the targeted drug due to availability of a tremendous number of opportunities. Moreover, across the globe, consumer demand for reducing the cost of treatment is the other major factor boosting the drug development and drug discovery process. Thus, consequently, propelling the genotype assay market growth over the forecast period.
Increasing genetic disease prevalence and Rising Investments in R&D
Population across the globe is increasing tremendously. This is leading to surge in genetic disease prevalence. According to Genetic and Rare Diseases Information Center (GARD), there may be as many as 7,000 rare diseases. The total number of Americans living with a rare disease is estimated at between 25-30 million. Additionally, the need for technological advancements and the decreasing prices of DNA sequencing is compelling government as well as several players to invest their money heavily. Thus, as a consequence of such factors, Genotyping Assay Market is anticipated grow over the forecast period.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Genotyping Assay Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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North America Dominates the Global Genotyping Assay Market
North America has dominated the Global Genotyping Assay Market in 2021 and is likely to continue the same trend during the forecast period. The market growth in the region is attributed to factors such as, higher technological as well as government support and presence of major players in the region. Additionally, increasing funding in R&D is further fueling the market growth over the forecast period.
Asia Pacific is likely to witness fastest growth in the Genotyping Assay Market during the forecast period. The market growth in the region is attributed to such as, the presence of emerging factors as well as presence of most populated countries in the world such as India and China.
List of Prominent Players in the Genotyping Assay Market:
- Illumina, Inc.
- Thermo Fisher Scientific Inc.
- Agilent Technologies
- F. Hoffmann-La Roche Ltd.
- General Electric
- Biogeniq Inc.
- LGC Biosearch Technologies
February 2021: Novacyt SA launched PCR genotyping assay portfolio under the brand name SNPsig, to diagnose new variants of SARS-CoV-2.
February 2021: SOFIVA Genomics announced the launch of Taiwan’s first-ever genotyping test for endometrial cancer and is aiming to expand its precise medicine product line.
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This market titled “Genotyping Assay Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
|Market Size in 2021||USD 12.1 Billion|
|Projected Market Size in 2028||USD 40.0 Billion|
|CAGR Growth Rate||CAGR of 20.0% from 2022–2028|
|Historic Years||2016 – 2020|
|Forecast Years||2022 – 2028|
|Segments Covered||Product & Service: – Reagents & Kits, Bioinformatics, Genotyping Services, Genotyping Services
Technology: – PCR, Microarrays, Sequencing, Capillary Electrophoresis, MALDI-TOF, Others
End-Use: – Pharmacogenomics, Personalized Medicine and Diagnostics, Animal Genetics, Agricultural Biotechnology, Research and Diagnostic Laboratories, Academic Institutes
|Quantitative Data – Units||Revenue in USD Million/Billion and CAGR from 2022 to 2028|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Countries Covered||US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Genotyping Assay Market?
- How will the Genotyping Assay Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Genotyping Assay Market?
- What is the Genotyping Assay market drivers and restrictions?
- What will be the CAGR and size of the Genotyping Assay Market throughout the forecast period?
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