$79 Billion Genotyping Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product and Service, Technology, Application, End-User, and Geography - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Genotyping Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Product and Service, Technology, Application, End-User, and Geography" report has been added to ResearchAndMarkets.com's offering.
The global genotyping market is expected to grow from US$ 25,191.28 million in 2022 to US$ 79,407.14 million by 2028.
The use of genotyping in drug development for genetic & rare diseases and rising R&D investments in pharmaceutical & biotechnology boost the global genotyping market growth.
Genotyping compares a DNA sequence to another sample or a reference sequence to discover variations in genetic complement. It detects single-nucleotide polymorphisms (SNPs), which are minor differences in genetic sequence within the population. The human genome has about 660 million SNPs, making them the most prevalent kind of genetic variation.
The genotyping market witnessed a surge in the COVID-19 crisis owing to increased demand for COVID-19 genotyping kits. Single nucleotide polymorphism (SNP) genotyping has been used to detect genetic variants of the Covid-19 virus. As the SARS-CoV-2 virus continues to evolve, variants of concern (VOC) could increase transmissibility and impair the efficacy of COVID-19 vaccines. As a response, physicians across the globe began genotyping SARS-CoV-2 variations.
The COVID-19 pandemic increased the demand for genotyping-based research activities to develop COVID diagnostics, vaccines, and therapeutics. Scientists from Brazil and the UK formed the Center for Arbovirus Discovery, Diagnosis, Genomics, and Epidemiology (CADDE) team. Within 48 hours of the first verified case in early March 2020, the team in Brazil sequenced the genome of the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).
Further, increased product launches such as reagents & kits, bioinformatics, and genotyping services. For instance, In March 2020, Singapore-listed medtech company Biolidics launched its rapid test kit for COVID-19 detection. A manufacturing agreement was made with a manufacturer of a diagnostic kit manufacturer to customize and manufacture the rapid test kits. Biolidics has obtained provisional authorization from Singapore's Health Science Authority (HSA) for its rapid test kit to be used in Singapore.
In addition, In June 2022, CoviEasy"At-Home" self-test kit for COVID-19 was introduced by Genes2Me. One of the top IVD solution manufacturers in India, Genes2Me Pvt. Ltd., launched their CoviEasy Self-Test Rapid Antigen test kit for COVID-19, which is simple to use and provides fast results in 10 minutes. This IVD device offers high sensitivity and concordance of more than 90% accuracy and is supported by an AI-driven mobile app. Thus, the pandemic had a positive impact on the genotyping market.
Based on product and service, the genotyping market is segmented into instruments, reagents & kits, bioinformatics, and genotyping services. In 2022, the reagents and kits segment is estimated to hold the largest share of the market. The same segment is expected to register the highest CAGR from 2022 to 2028.
Based on technology, the genotyping market is segmented into microarrays, capillary electrophoresis, sequencing, matrix-assisted laser desorption/ionization-time of flight (Maldi-ToF), and mass spectrometry, polymerase chain reaction (PCR), and others. In 2022, the polymerase chain reaction (PCR) segment is estimated to hold the largest share of the market. The same segment is expected to register the highest CAGR from 2022 to 2028.
Based on application, the genotyping market is segmented into pharmacogenomics, diagnostics & personalized medicine, animal genetics, agricultural biotechnology, and others. In 2022, the diagnostics & personalized medicine segment is expected to account for the largest share of the market. Moreover, the pharmacogenomics segment is expected to register the highest CAGR from 2022 to 2028.
Based on end user, the genotyping market is segmented into pharmaceutical and biopharmaceutical companies, diagnostic and research laboratories, academic institutes, and others. In 2022, the diagnostic and research laboratories segment is expected to account for the largest share of the market. Moreover, the pharmaceutical and biopharmaceutical companies segment is expected to register the highest CAGR from 2022 to 2028
Key Market Dynamics
- Use of Genotyping in Drug Development for Genetic and Rare Diseases
- Technological Advancements and Rising R&D Investments in Pharmaceutical and Biotechnology
- High Cost of Equipment and Shortage of skilled Professionals required for Genotyping process
- Wide Applications of Genotyping
- Rising focus on Personalized Medicine
- F. Hoffmann-La Roche Ltd.
- Integrated DNA Technologies, Inc.
- MERCK KGaA
- Eurofins Genomics
- Thermo Fisher Scientific Inc
- BioTek Instruments, Inc.
- Xcelris Genomics
- TrimGen Corporation
- Illumina, Inc.
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