Genotyping Market - An Overview
The global genotyping market is expected to witness strong growth during the forecast period between 2021 and 2031.
Genotyping refers to a technology, which helps in the detection of minute genetic differences which would impact the phenotype.
Human genotyping has proven beneficial in determining fatherhood and motherhood. Genotyping has proven beneficial in preventing the spread of different viruses by identifying their origin.
Technological innovations to existing genotyping process has led to the development of whole-genome genotyping which is expected to offer profitable revenue-generating opportunities for the prominent genotyping market players, in the years ahead.
Some of the application areas which have deployed genotyping include animal genetics, diagnostic research, pharmacogenomics, and agricultural biotechnology.
A few products deployed in the genotyping process include reagents and kits, instruments, and softwares and services. Rising number of application segments could play a key role in the growth of the overall genotyping market, in future.
Genotyping Market - Trends and Opportunities
Rising prevalence of genetic diseases in leading economies globally is the key growth driver for the genotyping market.
Also, increasing research conducted on personalized medicine could trigger the growth in the overall market, in the coming years.
In addition to this, rising government funding for aspects such as genome research could offer substantial revenue-generating opportunities for leading market players, in the years ahead.
Other factors such as rising number of patients suffering from different chronic diseases such as diabetes could also contribute to the growth of the genotyping market, in future.
Reagents and kits segment is expected to make the largest contribution, in terms of revenue, to the overall market because of rising demand for genetic testing and growing genotyping testing volumes in leading economies, globally.
PCR technology segment is anticipated to contribute the most to the overall genotyping market because of growing demand for advanced diagnostics techniques.
Genotyping Market - Competitive Landscape
With the presence of several prominent players, the competition in the global genotyping market is intense. Many of these players are expected to account for a large share in the overall market, in future.
Research and development undertakings could be a key, revenue-generating strategy for leading genotyping market players, in the coming years. Leading market players could also establish R&D centers in different parts of the world, which could help in their growth.
ThermoFischer Scientific, in August 2021, announced the expansion of their product capabilities, by updating its Applied Biosystems TaqMan SARS-CoV-2 mutation panels for the diagnosis of Delta and Lambda strains. The panels have proven beneficial for laboratories to detect the presence of mutations by choosing from a selection of 50 assays designed to screen different types of variants.
Collaboration with smaller players could help well-established genotyping market players expand their market presence and increase their revenue shares.
The smaller players will seek funding from private investors, which could help them in their long-term growth.
Some of the leading players in the global genotyping market include Qiagen Inc., ThermoFischer Scientific, Ilumina Inc., Agilent Technologies, and GE Healthcare Inc.
Genotyping Market - Regional Assessment
The global genotyping market is divided into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
North America is projected to be the dominant region in the global genotyping market because of the presence of several pharmaceutical and biopharmaceutical companies in countries such as US and Canada.
Europe is expected to offer lucrative revenue-generating opportunities for the global genotyping market because of growing pharma and biopharma industries in countries such as UK and Germany, contributing to market growth in the region.
Asia Pacific is expected to witness strong growth in the overall market because of rising number of trials conducted in different research laboratories in countries such as India.
Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness moderate growth in the overall market, in the coming years.
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