Genotyping Industry Overview
The global genotyping market was valued at USD 12.65 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 15.6% from 2022 to 2030.
The growth can be attributed to technological advancements, the rising prevalence of cancer & genetic disorders, and increasing R&D funding for precision medicine research. Furthermore, the COVID-19 pandemic witnessed a positive impact on the genotyping market, as the pandemic led to an increased demand for COVID-19 genotyping kits. SNP genotyping has been used for the detection of genetic variants of the Covid-19 virus.
Gather more insights about the market drivers, restrains and growth of the Global Genotyping Market
An increase in government funding, especially for genomic research, by government bodies and pharma & biotechnology companies to accelerate research is expected to drive the genotyping market. For instance, in September 2018, NIH granted USD 28.6 million to the “All of Us Research Program”for establishing three genome centers around the U.S. dedicated to precision medicine research.
The prevalence of chronic diseases, such as cancer and genetic disease, is increasing worldwide and is expected to drive demand for genotypic-based diagnostic testing. For instance, according to WHO, 19.1 million new cancer cases were diagnosed globally in 2020. Cancer-causing viruses such as Human Papilloma Virus (HPV) and Hepatitis B Virus (HBV)/Hepatitis C Virus (HCV) are also responsible for about 20% of cancer deaths worldwide. The number of cancer cases is expected to increase by around 70% over the next two decades, estimated based on population growth and aging. Therefore, the rising prevalence of cancer is expected to be a high-impact rendering driver of this market.
However, a lack of skilled technicians, especially in developing countries, could slow the market growth, as genotyping data analysis and management require a high level of technical expertise. At the moment, developing nations have a relatively low number of professionals and experts.
Strategic initiatives undertaken by local players are anticipated to contribute to market growth. For instance, in February 2021, VG Acquisition Corp. merged with 23andMe, a U.S.-based genetics and research company actively working with direct-to-consumer genotyping solutions. This merger would provide capital funds for their genetic consumer health business.
Browse through Grand View Research's Biotechnology Industry Related Reports
- Genomics Market - The global genomics market size was valued at USD 20.1 billion in 2020 and is expected to expand at a CAGR of 15.35% from 2021 to 2028. The scientific community has tried to address genetic susceptibility and severity to SARS-CoV-2 infection by combining research efforts using existing genetic databases.
- Personalized Medicine Market - The global personalized medicine market size was valued at USD 493.1 billion in 2020 and is expected to expand at a CAGR of 6.2% from 2021 to 2028. The growth of the market can be primarily attributed to the rising interest in biomarkers identification for therapy, diagnosis, and prognosis for personalized medicine development.
Market Share Insights
September 2021: Illumina under its Illumina Accelerator program invested in seven genomics companies across various countries.
February 2021: VG Acquisition Corp. merged with 23andMe, a U.S.-based genetics and research company actively working with direct-to-consumer genotyping solutions. This merger would provide capital funds for their genetic consumer health business.
Key Companies profiled:
Some prominent players in the global Genotyping market include
- Illumina Inc.
- Thermo Fisher Scientific Inc.
- Qiagen Inc.
- Hoffmann-La Roche Ltd.
- Fluidigm Corporation
- Danaher Corporation
- Agilent Technologies
- Eurofins Scientific Inc.
- GE Healthcare Inc.
- Bio-Rad Laboratories Inc.
Order a free sample PDF of the Genotyping Market Intelligence Study, published by Grand View Research.
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