The
global Genotyping Market is expected to reach USD 37.1
billion by 2024 according to a new report by Grand View Research, Inc. The
increasing demand for genotyping tests to evaluate drug efficacy and safety is
one of the major drivers for the genotyping market. Genotyping tests are widely
used in selecting a highly responsive, patient population subset against a
specific drug candidate before initiating clinical trials. The rising need for
affordable genotyping services coupled with the high demand for personalized
medicines is also expected to propel the market growth.
Major
pharmaceutical companies are collaborating with diagnostic manufacturers for
the development of novel biomarker-based therapeutics. Significant
opportunities for the growth of this market are anticipated due to the
above-mentioned collaborative initiatives.
The
increasing awareness for prenatal genetic testing pertaining to early detection
of chromosomal abnormalities in the high-risk population, the introduction of
technological advancements, and the increasing R&D funding are the other
factors accentuating the market growth over the forecast period.
Browse
Details of Report @
http://www.grandviewresearch.com/industry-analysis/genotyping-market
http://www.grandviewresearch.com/industry-analysis/genotyping-market
Further key findings from the study suggest:
- The reagents
and kits segment dominated the product segment in 2015. Extensive usage of
reagents for research activities and the wide applicability of the
genotyping tests in disease diagnosis and validation are the factors
responsible for its large share
- The reagent
and kits segment is also anticipated to witness the highest growth over
the forecast period. The major factors responsible for the lucrative
growth of this segment are a high amount of R&D activities undertaken
by research and academic institutes for the development of novel genetic biomarkers.
- In 2015, the
polymerase chain reaction technology captured a significant market share
owing to the higher acceptance levels by researchers and the introduction
of technologically advanced and user-friendly products
- The
diagnostic center was one of the largest segments with a market share of
over39.0% in 2015. The rising demand for genotyping tests coupled with the
high awareness for genetic disorders is a key driver for its large market
share. Personalized medicine is expected to grow at a significant growth
rate over the forecast period due to the increasing demand for the
efficient and fast-acting therapeutics under the precision medicine
category.
- North
America held the largest share of thegenotyping market in 2015.The rising
healthcare expenditure, established R&D infrastructure, and the
increasing awareness among doctors for hereditary genetic disorders are
the factors contributing to the large share.
- Asia Pacific
is anticipated to be the fastest growing regional segment during the
forecast period. The introduction of favorable government initiatives and
programs, the geographical expansion of major players in this area, and
the growing target population base are some of the factors expected to
push forward the market growth.
- The key
players include Affymetrix, Inc., Agilent Technologies, Inc., Genewiz,
Inc., Fluidigm Corporation, GE Healthcare GmbH, Illumina, Inc., Thermo
Fisher Scientific, Inc., Qiagen NV, and Roche Diagnostics
- In April 2016, Siemens Healthcare GmbH and Thermo Fisher Scientific, Inc. declared a strategic collaboration for the development of an advanced and integrated genotyping platform. This agreement aimed to introduce enhanced flexibility and customizability to their molecular testing solutions.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Blog: https://healthcareforecastreport.blogspot.com/
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