Genotyping Analysis Services Market: Long-Term Growth 2024 Update
There is an increasing demand for various genotyping analysis services across developed and developing regions. This is expected to lower the cost of these services so that it falls within the ambit of average citizens. The enhanced proclivity to understand the genetic make-up to understand the causes of different diseases such as diabetes, cardiovascular ailments, and cancer, as well as the urge to know the physical build have led to the wide demand for these genotyping analysis services across the globe.
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The report provides in-depth insights into the key drivers and restraints, emerging trends and opportunities, market share and size of key segments, and competitive dynamics. The research study provides analysis of the factors affecting the demand for genotyping analysis services in various regions. The initiatives taken by various biotech and healthcare companies to capitalize on the lucrative avenues in emerging market are evaluated in the report. The study takes a closer look at the investments trends in major countries and makes an assessment of the impact of key technological advancements on the strategic landscape.
The increasing incidence of genetic diseases, rapidly emerging demand for personalized medicines, price reduction of DNA sequencing, and intensive researches in genes and gene variants associated with rare diseases are the key factors driving the global genotyping analysis services market. In addition, increased application of single nucleotide polymorphisms (SNP) genotyping in drug development and genotyping of animal and plant livestock is aiding the market’s expansion. The growing demand for genotyping services from pharmacogenomics, diagnostic researches, and animal breeding is driving the market.
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Genotyping of viruses or bacteria can be a useful tool in tracing the origin of diseases outbreak and controlling their spread. Intensive interest in personalized genomic analysis among the scientific fraternity and increased focus of various biotech and healthcare companies toward the discovery of personalized therapies are expected to fuel the steady growth of the market along the forecast period.
A spate of advanced technologies in genotyping analysis that allows researchers to make multiplex and parallel analysis of biological systems at all levels—cells, protein, and gene level-facilitates assessing a person’s risk of developing a rare disease. However, owing to substantial costs associated with whole-genome sequencing of any organism, genotyping of rare variants has emerged as a key challenge hindering the growth of the market to an extent. Nevertheless, development of microarrays that are cost-effective and have higher-throughput will open exciting opportunities for the market players in various regions.
North America is a prominent market for the genotyping analysis services. The significant growth in the regional market is attributed to an advanced healthcare infrastructure, rapid advances in genetic engineering, and high demand for services related to genetic testing. In addition, the soaring demand for personalized therapies is expected to boost the market over the forecast period.
Asia Pacific region is expected to rise at an impressive CAGR along the forecast period. Rise in various healthcare reforms, increasing discretionary spending on healthcare, and the large presence of untapped opportunities have bolstered the demand for genotyping analysis services in Asia Pacific.
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Several companies provide a diverse portfolio of genotyping analysis services such as human whole genome sequencing, microarray services, long-read sequencing services, and certified service provider programs to generate significant revenue. Key market players are opting for mergers and acquisitions to increase their market shares. Some of the major companies operating in the genotyping analysis services market include Illumina, Inc., Affymetrix, Inc., Fluidigm, Harlan Laboratories, Sequenome, Roche Diagnostics, and Life Technologies.
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