Genotyping Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Genotyping Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The genotyping market size has grown rapidly in recent years. It will grow from $19.71 billion in 2023 to $22.9 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to government initiatives and funding, rapid decline in genotyping costs, expansion of biobanks and genetic databases, increasing prevalence of genetic disorders, pharmacogenomics and drug development..

The genotyping market size is expected to see rapid growth in the next few years. It will grow to $42.84 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%. The growth in the forecast period can be attributed to increased adoption in clinical diagnostics, growing demand for personalized medicine, rise in research and development initiatives, expanding application in agriculture and livestock.. Major trends in the forecast period include rise in demand for pharmacogenomics, advancements in next-generation sequencing (ngs), expansion in precision medicine initiatives, growth in direct-to-consumer (dtc) genetic testing, focus on cancer genomics and personalized therapies..

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Market Drivers and Trends:

The rising prevalence of cancer and genetic disorders is expected to propel the growth of the genotyping market going forward. Cancer refers to a broad collection of illnesses that can begin in practically any organ or tissue of the body, while genetic disorders refer to a condition wholly or partially brought on by a deviation from the usual DNA sequence. Scientists can use genotyping to investigate genetic variances such as single nucleotide variations, copy number variations, and substantial structural changes in DNA. Genetic testing, or genotyping, looks for specific gene mutations (changes) that may raise a persons risk of acquiring certain cancers. For instance, in January 2022, according to the National Centre for Biotechnology Information, a US-based organization and branch of the National Institutes of Health, its predicted that there will be 1,918,030 new cancer cases and 609,360 cancer deaths, with lung cancer accounting for most of those deaths with roughly 350 fatalities every day as compared to 1,898,160 new cancer cases and 608,570 cancer-related deaths in 2021. Furthermore, in February 2023, according to Gene People UK, a UK-based registered charity, it is estimated that 1 in every 25 children has a hereditary condition. This implies that 30,000 babies and children are newly diagnosed in the UK annually, and more than 2.4 million children and adults have a genetic disorder. Therefore, the increasing prevalence of cancer and genetic disorders is driving the growth of the genotyping market.

Product innovations are a key trend gaining popularity in the genotyping market. Companies operating in the genotyping market are adopting innovative solutions to sustain their position in the market. For instance, in May 2022, Neogen, a US-based food safety company, and Gencove Inc., a US-based provider of a sequencing platform for genome discovery, launched InfiniSEEK, an innovative and cost-effective solution for whole genome sequencing and targeted SNP (single nucleotide polymorphism) analysis. It is the first whole-genome and genotyping sequencing solution for cattle breeders. With InfiniSEEK, the industry now has a platform to reliably manage more than 400 bovine genetic characteristics and circumstances, discover new variables impacting desirable phenotypes, and decrease selection bias by sequencing more or all a population. With the release of this unique service, consumers now have a data-rich, cost-effective method of profiling cattle worldwide by combining genome-wide sequencing data, specific genetic traits, and parentage markers.

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Major Key Players of the Market:

F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Eurofins Scientific SE, Agilent Technologies, PerkinElmer Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN NV, BGI Genomics, LGC Biosearch Technologies, GenScript Biotech, Inotiv, Takara Bio Inc., Integrated DNA Technologies Ltd., 23andMe Inc., Novogene Corporation, Oxford Nanopore Technologies, Macrogen Inc., Pacific Biosciences of California, Standard BioTools Inc., GENEWIZ, Transnetyx, Agena Bioscience Inc., Genotypic Technology Pvt Ltd., BMG LABTECH GmbH, Bioline, Biofortuna Limited, Xcelris Genomics.

Genotyping Market 2024 Key Insights:

• The genotyping market size is expected to see rapid growth in the next few years. It will grow to $42.84 billion in 2028 at a compound annual growth rate (CAGR) of 17.0%.
• The Surge In Cancer And Genetic Disorders Fuels Genotyping Market Expansion
• Embracing Sequencing Platforms For Revolutionizing Genotyping Market Dynamics
• North America was the largest region in genotyping market in 2023

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