Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Genotyping Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
This report underscores the significant growth prospects and trends influencing the sector from 2018 through the forecast period ending in 2028. The comprehensive study reveals that the genotyping market, valued at USD 15.01 billion in 2022, is expected to maintain a robust compound annual growth rate of 8.26% through to 2028.
Advancements Propel Genotyping Market Expansion
The global genotyping market is undergoing transformative growth, primarily fueled by advancements in genotyping technologies. High-throughput genotyping platforms have revolutionized the speed and cost-efficiency of genetic analysis, enabling the exploration of a vast array of genetic markers in a single experiment. The surge in next-generation sequencing technologies is further driving the market, providing a comprehensive analysis of entire genomes and identifying rare genetic variations that contribute to health and disease.
Pharmacogenomics Integration Catalyzes Market Progress
A crucial factor aiding the genotyping market's expansion is the growing emphasis on pharmacogenomics. This emerging discipline is central to personalized medicine, where genotyping tools are used to tailor drug therapies according to individual genetic profiles, greatly improving treatment efficacy and reducing adverse drug reactions. Pharmacogenomics encourages the usage of genotyping for patient care, propelling the market forward.
Agricultural Genotyping Innovations Underpin Market Growth
In the realm of agriculture and crop improvement, genotyping technologies hold enormous potential in enhancing crop resilience and productivity. The adoption of precision agriculture techniques is leveraging genotyping data to enable smarter, more efficient farming practices. Improved crop breeding through genotyping ensures sustainability and food security, further escalating the market's potential.
Ancestry Testing Services Stimulate Genotyping Demand
Consumer-centric ancestry and genealogy services have emerged as influential market drivers. These services, powered by genotyping, have captivated public interest by offering insights into ethnic origins, family connections, and genetic heritage. The resulting expansion of customer bases and DNA databases has had a profoundly positive impact on the market.
Challenges: Data Management, Standardization, and Technological Evolution
Despite the promising growth trajectory, the genotyping market faces challenges, including the management and interpretation of vast genetic datasets. Standardization across various genotyping platforms remains a crucial issue to ensure data consistency. Additionally, adapting to rapid technological advancements while supporting legacy systems presents an operational challenge for service providers.
Market Trends Point to Holistic and Precise Genetic Analysis
Emerging trends in the genotyping market point toward an integration of multi-omics approaches, offering richer, more detailed biological insights. Single-cell genotyping and the advancement of CRISPR-based gene editing are pioneering new research and therapeutic avenues. These trends signify a move towards a more nuanced, precise understanding of genomics across various disciplines.
Regional and Segmental Market Insights
- North America leads the market share, supported by cutting-edge product adoption and significant pharmaceutical presence.
- Asia Pacific forecasted to exhibit the highest CAGR, buoyed by untapped opportunities and technological progress within the region.
- Reagents and kits segments dominate product offerings, while sequencing technology spearheads methodological advancements.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 176 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $15.01 Billion |
| Forecasted Market Value (USD) by 2028 | $23.93 Billion |
| Compound Annual Growth Rate | 8.2% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes:
- Thermo Fisher Scientific Inc.
- Illumina Inc.
- QIAGEN N.V.
- F Hoffmann-La Roche AG
- Danaher Corp.
- Agilent Technologies Co. Ltd.
- Eurofins Scientific Inc.
- GE Healthcare Inc.
- Bio-Rad Laboratories Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2lo2zc
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