Genotyping Assay Market Set for Rapid Growth, Predicted to Reach $77.77 Billion by 2028
Genotyping Assay Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UK, June 26, 2024 /EINPresswire.com/ -- The genotyping assay market has witnessed exponential growth in recent years, with projections indicating a rise from $27.7 billion in 2023 to $33.98 billion in 2024, marking a compound annual growth rate (CAGR) of 22.7%. It will grow to $77.77 billion in 2028 at a compound annual growth rate (CAGR) of 23.0%. Factors contributing to this surge include the increasing prevalence of genetic disorders and rising demand for personalized medicine, driving significant market expansion.
Rising Prevalence of Genetic Disorders Fueling Market Growth
The escalating prevalence of genetic disorders globally is a pivotal driver propelling the genotyping assay market forward. Genetic disorders, stemming from mutations in an individual's DNA, affect a substantial population worldwide. For example, in the UK alone, Gene People reported that approximately one in every 25 children is born with a genetic disorder, underscoring the pressing need for advanced genetic testing solutions to facilitate early diagnosis and treatment.
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Increasing Demand for Personalized Medicine Boosts Market Expansion
The growing adoption of personalized medicine is another key factor contributing to the market's rapid growth trajectory. Personalized medicine leverages genetic information obtained through genotyping assays to tailor medical treatments and interventions according to an individual's genetic profile. This approach not only enhances treatment efficacy but also minimizes adverse effects, thereby driving its demand across various healthcare sectors.
Genotyping Assay Market Key Players and Market Trends
Major companies such as F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific, and Illumina Inc. are actively engaged in advancing genomic research and developing cutting-edge genotyping technologies. For instance, Thermo Fisher Scientific recently launched the CE-IVD marked Applied Biosystems TaqPath Seq HIV-1 Genotyping Kit, designed to detect treatment-resistant strains of HIV-1 using Sanger sequencing technology, thereby enhancing clinical diagnostics.
Innovations in genomic research are paving the way for new opportunities in the market, including advancements in material innovation, smart glassware, and specialized solutions tailored for health and safety.
Genotyping Assay Market Segments
• Product And Service: Reagents And Kits, Genotyping Services, Instruments, Bioinformatics
• Technology: Microarrays, Polymerase Chain Reaction, Sequencing, Capillary Electrophoresis, Matrix-assisted Laser Desorption Or Ionization-Time Of Flight Mass Spectrometry, Other Technologies
• End-User: Pharmacogenomics, Personalized Medicine And Diagnostics, Animal Genetics, Agricultural Biotechnology, Research And Diagnostic Laboratories, Academic Institutes
Geographical Insights: Asia-Pacific Emerging as the Fastest-Growing Region
North America dominated the genotyping assay market in 2023, driven by significant investments in healthcare infrastructure and research. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period, attributed to increasing healthcare expenditure, rising awareness of genetic testing, and advancements in biotechnology.
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Genotyping Assay Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Genotyping Assay Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on genotyping assay market size, genotyping assay market drivers and trends, genotyping assay market major players, competitors' revenues, market positioning, and market growth across geographies. The genotyping assay market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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