The global genotyping market size was valued at USD 12.33 billion in 2021, and it is anticipated to reach USD 38.91 billion by 2030 at a CAGR of 15.45%. The study of the DNA sequence of living things, such as humans, plants, animals, and microorganisms, is the process known as genotyping. It allows researchers to determine the genetic make-up of the organisms' genotypes. Human genotyping is a valuable tool for establishing paternity and paternal lineage. Genotyping microorganisms, such as viruses and bacteria can assist in determining the source of an outbreak, which can then be used to take preventative measures against the spread of infectious diseases. Because of the limits of previous technology, traditional genotyping was only partial. It meant that medical professionals and researchers could only determine a tiny portion of a person's genotype. However, developments in technology over the past few years have made it possible to access whole-genome genotyping, which opens up new doors in determining an individual's genetic make-up.
The falling prices of DNA sequencing, the growing incidence of genetic diseases, the rising importance of SNP genotyping in drug development, growing awareness of personalized medicine, and rising demand for animal and plant livestock genotyping are the factors that are driving the growth of the world genotyping market. However, the expansion of this industry is hampered by problems such as unclear reimbursement policies for the products in question and an inadequate supply of appropriately trained professionals.
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DNA sequencing prices are falling due to technical developments hence driving the market growth
Technology advancements have made it possible to miniaturize, automate, and reduce the overall costs of DNA sequencing. Additionally, enhanced flexibility and the introduction of multi-parameter testing have also been made possible due to these advancements. It has helped to broaden the usage and accessibility of DNA sequencing, allowing physicians to focus on higher-level decisions such as identifying and prioritizing treatment targets through various genotyping investigations. It has led to an increase in the number of applications for DNA sequencing. It has resulted in increased utilization of PCR, sequencing, capillary electrophoresis, and microarrays in various fields, including clinical research and the creation of new drugs. Because they were able to uncover such a large number of SNP markers, researchers have been in a position to make use of the most recent advances in technology that have been made in the field of SNP identification.
Governments' support in genotyping research is driving market growth
Genotyping research is projected to be the primary driver of market growth over the next few years. Governments in several countries are implementing various initiatives to provide support and financing to research institutions working on customized medicine. For instance, the National Institutes of Health (NIH) awarded initial funds totalling USD 4.6 million to Color, a health technology business, in August 2019 for funding precision medicine projects and development. Similarly, the year 2018 marked the beginning of the Australian Genomics Health Futures Mission effort that the government of Australia announced. This endeavour will get financing from the Medical Research Future Fund, totalling USD 500 million over ten years from the government. This cash is intended to enhance the testing and detection of genetic illnesses and the development of personalized treatment.
Another factor expected to fuel demand for genotyping-based diagnostic testing is an expected rise in the incidence of diseases such as cancer, Alzheimer's disease, and Parkinson's disease.
Increased application areas for genotyping are creating growth opportunities for the market
There are a variety of possible applications for genotyping platforms, including pharmacogenomics, diagnostic research, customized medicine, and forensics. This method also applies to a wide range of veterinary applications, as well as food hygiene and air testing in remote locations and industrial environments. Because both subfields require large-scale genotyping analysis due to the need for improved treatment options and the high frequency of the disease, human diagnostics and pharmacogenomics now have enormous market potential. The NGS technology is being modified for use in this context, and companies like QIAGEN and Freenome (US) are working to develop NGS-based tests for precision medicine.
The expensive equipment for genotyping is restricting the market growth
The equipment needed for genotyping testing is expensive, and installing it costs a lot of money. While dPCR systems cost between USD 65,000 and USD 70,000 for manual dPCR and USD 100,000 for automated dPCR, the price range for qPCR systems is between USD 20,000 and USD 30,000. Prices for NGS sequencers range from $1 million to $19,900. Illumina's NovaSeq 5000 and 6000 sequencers cost approximately USD 850,000 and USD 985,000, respectively. Genotyping tools are pricey since they contain many high-tech features and capabilities. Installing these systems costs a lot of money, forcing pharmaceutical corporations and research institutions to make significant expenditures on many high genotyping machines.
The global market for genotyping is segmented into five parts based on product, technology, application, end-use and region. Further, based on the product, the market is broken down into Reagents & Kits, Instruments and Software & Services. In 2021, the segment with the most significant share was reagents & kits. It is brought on by rising R&D expenditures, rising genotyping testing volumes, and rising genetic testing demand. Due to the increasing usage of software-based services by research laboratories and academic institutions, it is also projected that the software & services market will grow at a high rate.
The market is divided into Diagnostics and Personalized Medicine, Agricultural Biotechnology, Pharmacogenomics, Animal Genetics and Others based on application. Due to the growing use of genotyping products for research and the rising demand for the detection of genetic illnesses, diagnostics and personalized medicine hold the most significant proportion of the genotyping market. Strategic alliances between competitors are also anticipated to accelerate market expansion.
Based on technology, the market is broken down into Microarray, Sequencing, PCR, Mass Spectrometry, Capillary Electrophoresis and Others. In 2021, the PCR segment dominated the market and had the most significant revenue share. This large market share may be attributed to the expanding need for sophisticated diagnostic methods, the rise of CROs, forensic, and research laboratories and the rising prevalence of diseases, including genetic disorders and chronic illnesses.
The market is classified into Diagnostics and Research Laboratories, Pharmaceutical and Biopharmaceutical Companies, Academic Institutes and Others according to end-use. In 2021, the genotyping market saw a significant revenue share for the pharmaceutical and biopharmaceutical category. Pharmacogenomics is being used by businesses to create new pharmaceuticals due to its growing significance in drug development and FDA recommendations for pharmacogenomics research and genotyping in the drug discovery process.
The market is broken down into Asia-Pacific, North America, Europe, Latin America and the Middle East & Africa. North America accounted for the largest market share.
The global market for genotyping is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa.
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North American region had the most significant market share in 2021 due to the increasing consumption of technologically advanced products, significant pharmaceutical and biopharmaceutical businesses, proactive government actions, and advancements in healthcare infrastructure. A further important aspect contributing to the high market share is the existence of large firms in this region.
In addition, it is predicted that Europe will have the fastest CAGR rate during the forecast period. The availability of tremendous untapped growth is attributable to several factors, including developments in technology capabilities and the region's expanding pharmaceutical and biopharmaceutical industry. It is projected that prospects would develop the quickest in the Asia-Pacific area, where a growing number of clinical studies are now being carried out.