MarketsandMarkets forecasts the Genotyping Assay market to grow from USD 11.8 billion in 2018 to USD 31.9 billion by 2023, at a Compound Annual Growth Rate (OTC:CAGR) of 22.0% during the forecast period.
The sequencing segment is expected to witness a faster growth rate in this Market due to factors such as, the Increasing Application Areas of DNA sequencing technologies, technological advancements, the availability of high-speed sequencing instruments, and the growing uptake of the hybrid approach of sequencing.
1. Low Prices of Reprocessed Medical Devices2. Pressure to Reduce Volume of Regulated Medical Waste
The report analyzes the market by product & service, type of medical device, application, and region. On the basis of product & service, the reprocessing support and services segment accounted for the largest share in 2016, owing to the increased adoption of third-party reprocessing services over in-house reprocessing services by hospitals, clinics, surgical centers, clinical pathologies, and other healthcare organizations.
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The pharmaceutical and biopharmaceutical companies segment is expected to witness the highest growth during the forecast period. The increasing demand for pharmacogenomics in the drug discovery and development process and recommendations from the FDA to include Genotyping and pharmacogenomics studies in the course of drug discovery have contributed to the growth of this market segment.
The geographical regions mapped in the report are:
North America is expected to hold the largest market size in the global genotyping market during the forecast period, followed by the European region. The increasing adoption of technologically advanced genotyping products, the high healthcare expenditure, presence of advanced healthcare infrastructure, highly developed healthcare systems in the US and Canada, large number of genotyping-based R&D projects, and the presence of a large number of leading genotyping manufacturers in the region, along with an increasing demand from pharmaceutical companies for genotyping products and rising investments by government bodies, are responsible for the large share of the North American genotyping market.
Some key players mentioned in the research report are:
Illumina (US), Thermo Fisher Scientific (US), QIAGEN (Netherlands), Agilent Technologies (US), Danaher Corporation (US), Roche Diagnostics (Switzerland), GE Healthcare (US), Fluidigm Corporation (US), PerkinElmer (US), Eurofins Scientific (Luxembourg), Bio-Rad Laboratories (US), Pacific Biosciences of California (US), GENEWIZ (US), and Integrated DNA Technologies (US).
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