Press release
Genotyping Assay Market Surges to USD 37.1 Billion by 2029: Thermo Fisher and Illumina at the Forefront | MarketsandMarkets Trademark
The major players in this market are Thermo Fisher Scientific Inc. (US), Illumina, Inc. (US), Danaher Corporation (US), QIAGEN (Netherlands), Eurofins Scientific (Luxembourg), F. Hoffmann-La Roche Ltd. (Switzerland), Bio-Rad Laboratories, Inc. (US), Merck
The genotyping assay market [https://www.marketsandmarkets.com/Market-Reports/genotyping-market-249958595.html?utm_source=abnewswire.com&utm_medium=referral&utm_campaign=paidpr] is poised for substantial growth, projected to rise from USD 19.4 Billion in 2024 to USD 37.1 Billion by 2029, at a CAGR of 13.8%. Key drivers include advancements in technology, declining costs of DNA sequencing, and increased prevalence of genetic diseases. Genotyping's pivotal role in drug discovery, development, and personalized medicine further fuels market expansion. Opportunities abound with burgeoning demands in plant and animal genome analysis, national sequencing initiatives, and expanding application areas. However, cost constraints related to equipment may hinder growth to some extent. Leading market players include Thermo Fisher Scientific Inc., Illumina, Inc., Danaher Corporation, QIAGEN, and others, distinguished by their extensive product portfolios, global presence, and strategic collaborations to maintain competitive edge and drive innovation in the market.
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Browse in-depth TOC on "Genotyping Assay Market"
444 - Tables
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The May 2024 edition of the genotyping assay market report introduces significant enhancements and updates to provide a comprehensive view of the market:
* Recession Impact Analysis: This edition includes an analysis of how economic recessions impact the genotyping assay market, offering insights into market dynamics during periods of economic downturn.
* Expanded Market Scope: The report now offers detailed market size and forecasts for specific regions and countries. Notably, Latin America is segmented into Brazil, Mexico, and the Rest of Latin America, while market data for GCC countries is also provided.
* Improved Financial Representation: Financial information for each listed company is presented graphically in a single diagram, facilitating clear analysis of financial strength, profitability, and key revenue-generating segments up to 2023.
* Recent Market Developments: Updates on recent market developments, including acquisitions, agreements, expansions, and collaborations, provide a current view of growth strategies adopted by market players.
* Updated Product Portfolios: The report includes an updated overview of product portfolios for profiled companies, reflecting the latest advancements and offerings in genotyping technologies and services.
* Enhanced Competitive Landscape: The competitive landscape chapter features a market evaluation matrix with updated market share analysis for 2023, competitive leadership mapping, and a vendor dive matrix for a detailed study of key vendors, including start-ups and SMEs.
These enhancements in the May 2024 edition aim to deliver deeper insights and a more comprehensive understanding of the genotyping assay market, aiding stakeholders in strategic decision-making and market evaluation.
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Market Segmentation by Product & Service
The genotyping assay market is segmented into reagents and kits, instruments, genotyping assay services, and bioinformatics. In 2023, the reagents & kits segment held the largest market share. This dominance is driven by the accessibility of a wide range of reagents, increasing demand due to rising genotyping assay test volumes globally, and the relatively lower capital investment needed for adoption in pharmaceuticals and diagnostic centers.
Market Segmentation by Technology
The market is segmented into polymerase chain reaction (PCR), microarrays, capillary electrophoresis, sequencing, MALDI-TOF, and other technologies. PCR emerged as the largest segment in 2023, propelled by advancements like real-time PCR, reverse transcriptase PCR, and applications in personalized medicine, genetics, prenatal testing, and forensics. Technological enhancements in PCR instruments and reagents further bolstered its market growth.
Market Segmentation by Application
Segmented into pharmacogenomics, diagnostics & personalized medicine, agricultural biotechnology, animal genetics, and other applications, pharmacogenomics led the market in 2023. This segment's growth is fueled by increasing demand to study adverse drug reactions in clinical trials, reduce drug development costs, and advancements in personalized medicine and genetic research.
Market Segmentation by End User
The market includes biopharmaceutical & pharmaceutical companies, diagnostic laboratories, academic & research institutes, and other end users. Biopharmaceutical & pharmaceutical companies dominated in 2023, driven by rising demand for pharmacogenomics in drug discovery, FDA recommendations for genotyping assay studies, new product launches, and increased investments in pharmacogenomics research.
Regional Segmentation
The global market spans North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and GCC Countries. North America leads, supported by widespread adoption of advanced genotyping assay products, government funding for research, growing pharmacogenomics applications, investments in DNA-based testing, adoption of NGS, and presence of key market players.
These segments reflect the dynamic landscape of the genotyping assay market, highlighting key drivers and trends shaping its evolution across regions and industries.
Recent developments in the genotyping assay industry include:
* Agilent introduced an On-deck thermal cycler in February 2023, integrating thermal cycling into automated workflows for NGS, end-point PCR, and cell-based applications.
* In May 2023, Illumina launched Illumina Connected Insights, a new cloud-based software facilitating tertiary analysis of clinical next-generation sequencing data. This software supports genomic profiling for advanced tumors and whole-genome sequencing for rare diseases.
* QIAGEN debuted the QIAseq Targeted DNA Pro Panels and QIAseq UPXome RNA Library Kits in January 2023, enhancing capabilities in targeted DNA and RNA sequencing.
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