Genotyping Assay Market Poised for 22.5% CAGR Growth to USD 285.3 Billion by 2034, Fueled by Advances in Regenerative Medicine and Stem Cell Research | TMR

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Jul 15, 2024, 10:31 ET

Expansion of personalized medicine approaches that require detailed genetic information to tailor treatments to individual patients, thereby driving the demand for genotyping assays.

WILMINGTON, Del., July 15, 2024 /PRNewswire/ -- The genotyping assays market was projected to attain US$ 30.5 billion in 2023. It is likely to garner a 22.5% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 285.3 billion. Broadened applications of genotyping in areas such as drug discovery, agriculture, forensic science, and animal breeding. Adoption of AI and machine learning in data analysis, improving the efficiency and accuracy of genotyping assays.

Rising popularity of DTC genetic testing kits that allow consumers to access genetic information without the need for a healthcare provider, driving market growth. Development of automated and miniaturized genotyping platforms that offer high throughput and ease of use. Growing research focus on rare diseases, leading to the development of specialized genotyping assays for their detection and study. Expanding applications in agriculture for crop and livestock improvement, which could open new revenue streams.

Increased focus on cancer genotyping for precision oncology, enabling better-targeted therapies and improving patient outcomes. Growth in non-invasive prenatal testing, which uses genotyping assays to detect fetal genetic abnormalities. Advancements in regenerative medicine and stem cell research requiring detailed genetic analysis, thereby boosting demand for genotyping assays. The rising number of infectious diseases and pandemics (e.g., COVID-19) has highlighted the need for genotyping assays in tracking pathogen evolution and transmission.

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Decreasing costs of sequencing technologies making genotyping more accessible and affordable for research and clinical applications. Expansion of biobanks and genetic databases providing extensive genetic information that can be leveraged for genotyping research and development.

Key Findings of Market Report

Integration of genotyping data with other omics data (e.g., proteomics, metabolomics) for a more comprehensive understanding of disease mechanisms and personalized treatment strategies.
Growth of platforms facilitating the sharing of genetic data and collaboration among researchers and clinicians to accelerate discoveries and clinical applications.
Trends towards sustainable and regenerative agricultural practices driving the demand for genotyping to optimize crop traits and resistance.
The rise of digital health platforms and telemedicine incorporating genotyping information to provide remote and personalized healthcare services.

Market Trends for Genotyping Assays

By product and service, the reagents & kits segment is expected to propel the growth of the genotyping assays market.
Reagents and kits are essential for a wide range of genotyping applications, including PCR, sequencing, and SNP genotyping, making them indispensable in both research and clinical settings.
Innovations in reagent and kit formulations are enhancing the efficiency, accuracy, and speed of genotyping assays, which drives their adoption.
On the basis of technology, the next-generation sequencing sub segment of the sequencing segment is anticipated to accelerate the market growth.
NGS technologies can sequence millions of DNA fragments simultaneously, providing comprehensive genetic information quickly and efficiently compared to traditional methods.
Continuous advancements in NGS technologies have significantly reduced the cost of sequencing, making it more accessible for both research and clinical applications.

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Genotyping Assays Market Report Scope:

Report Coverage	Details
Forecast Period	2024-2034
Base Year	2020-2022
Size in 2023	US$ 30.5 Bn
Forecast (Value) in 2034	US$ 285.3 Bn
Growth Rate (CAGR)	22.5 %
No. of Pages	198 Pages
Segments covered	By Product & Service, By Technology, By Application, By End-user, By Region

Global Market for Genotyping Assays: Regional Outlook

North America

North America has a well-developed healthcare infrastructure with a high adoption rate of advanced medical technologies, facilitating the integration of genotyping assays in clinical practice.
Extensive research and development activities in genomics and biotechnology, driven by both public and private sectors, are enhancing the capabilities and applications of genotyping assays.

Asia Pacific

Increased awareness about the benefits of personalized medicine and its adoption in clinical practice are driving the demand for genotyping assays to tailor treatments based on individual genetic profiles.
The rise in popularity of direct-to-consumer genetic testing services in countries like China, Japan, and South Korea is expanding the market. Companies offering these services are making genetic testing more accessible to the general public.

Genotyping Assays Market: Key Players

The competitive landscape of the genotyping assays market is characterized by a diverse array of companies ranging from large multinational corporations to specialized biotechnology firms.

These companies compete based on technological advancements, product offerings, geographical presence, pricing strategies, and strategic collaborations. The following companies are well known participants in the genotyping assays market:

Illumina, Inc.
Thermo Fisher Scientific
QIAGEN N.V.
Agilent
Danaher Corporation
Roche
GE HealthCare
Standard BioTools Inc.
PerkinElmer
Eurofins Scientific SE
Bio-Rad Laboratories
Pacific Biosciences of California Inc.
GENEWIZ Inc.
Integrated DNA Technologies Inc.

Key Developments

In March 2024, Bio-Rad Laboratories, Inc. achieved a significant milestone with the approval of its dd-Check STEC Solution by AOAC INTERNATIONAL. This marks the first instance of a Droplet Digital PCR method receiving AOAC approval.
In the same year, Thermo Fisher Scientific and Bayer announced a collaboration to develop companion diagnostic assays using next-generation sequencing (NGS). These assays aim to identify patients who may benefit from Bayer's expanding lineup of precision cancer therapies. The partnership focuses on decentralized genomic testing to ensure rapid test results for effective patient care.

Genotyping Assays Market Segmentation

Product & Service

Reagents & Kits
Genotyping Services
Instruments
- Sequences & Amplifiers
- Analyzers
Bioinformatics
- Software
- Services

Technology

PCR
- Real-time PCR
- Digital PCR
Microarrays
Sequencing
- NGS
- Pyrosequencing
- Sanger Sequencing
Capillary Electrophoresis
- Amplified Fragment Length Polymorphism
- Restricted Fragment Length Polymorphism
- Single-Stranded Conformation Polymorphism
MALDI-TOF
Others (Allele-specific Oligonucleotide (ASO) Probes, Fluorescence in Situ Hybridization (FISH), etc.)

Application

Pharmacogenomics
Diagnostic & Personalized Medicine
Agricultural Biotechnology
Animal Genetics
Others (Prenatal Testing, Human Forensics, Microbial Genomic Studies, Aquaculture Breeding Studies, etc.)

End User

Pharmaceutical & Biopharmaceutical Companies
Diagnostic & Research Laboratories
Academic Institutes
Others (Animal and Aquagenetics Companies, etc.)

Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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