The global market for genotyping was valued at USD 12.33 billion in 2021, and it is anticipated to reach USD 44.93 billion by 2030 at a CAGR of 15.45%.
Genotyping involves analyzing DNA sequences to ascertain the genetic make-up of the genotypes of living things, such as people, plants, animals, and microorganisms. Human genotyping aids in establishing paternity or maternal status. The genotyping of microorganisms, such as viruses and bacteria, helps to prevent pathogen spread by finding the source of an outbreak. Historically, only a tiny portion of the genotype could be determined by doctors and scientists due to technological restrictions. However, the development of whole-genome genotyping in recent years has opened up new possibilities for genotyping.
The global genotyping market is growing due to factors such as falling DNA sequencing costs, rising genetic disease incidence, growing significance of SNP genotyping in drug development, awareness of personalized medicine, and rising demand for genotyping of livestock from both animal and plant sources. A lack of qualified specialists and ambiguity in the reimbursement for these products limit this market's growth.
Technological advancements have made it possible to miniaturize, automate, and lower the overall costs of DNA sequencing, as well as to be more flexible and use multi-parameter testing. It has helped increase the applications and availability of DNA sequencing, freeing doctors to focus on more critical choices like choosing and prioritizing therapeutic targets through various genotyping investigations. It has improved the application of PCR, sequencing, capillary electrophoresis, and microarrays in clinical research and medication development. Due to their ability to discover many SNP markers, researchers have been able to use the most recent technological advancements in SNP identification.
Genotyping research is predicted to be the market driver, and governments in many nations are implementing various steps to encourage and fund research institutions. For instance, in August 2019, the NIH provided Color, a health technology startup, with the first grant of USD 4.6 million for advancing precision medicine. Similarly, the Australian government unveiled its Australian Genomics Health Futures Mission initiative in 2018. To advance genetic illness testing and diagnosis and the creation of personalized medication, the government will invest USD 500 million over ten years in this mission through the Medical Research Future Fund.
Another factor projected to raise demand for genotyping-based diagnostic testing is an increase in the prevalence of diseases including cancer, Alzheimer's disease, and Parkinson's disease.
Genotyping platforms may be used in pharmacogenomics, diagnostic research, customized medicine, and forensics. This method is also appropriate for various veterinary applications, food safety, and atmospheric testing in remote locations and commercial settings. As a result of the high frequency of the disease and the requirement for large-scale genotyping analysis, human diagnostics and pharmacogenomics now have significant market potential. This goal is being met through adapting NGS, with companies like QIAGEN and Freenome (US) working together to develop NGS-based assays for precision medicine.
The global market for genotyping is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa.
Due to the rising popularity of technologically advanced goods, sizable pharmaceutical and biopharmaceutical businesses, proactive government policies, and improvements in healthcare infrastructure, North America held the most significant market share in 2021. Another essential element contributing to the high market share in this area is the existence of big players.
During the forecast period, Europe is anticipated to display the fastest CAGR rate. Numerous variables, including technical developments and the expanding pharma and biopharma business in the area, can be blamed for the vast latent growth. The Asia-Pacific segment is expected to have the highest CAGR rate because more clinical trials are being conducted there.
Some key players contributing majorly to the global genotyping market are Qiagen Inc.; Bio-Rad Laboratories Inc., F. Hoffmann-La Roche Ltd.; Fluidigm Corporation; Agilent Technologies Inc.; Eurofins Scientific Inc.; Illumina, Inc.; Thermo Fisher Scientific Inc.; GE Healthcare Inc.; and Danaher Corporation.