What Does the Genotyping Global Market Report Forecast for Market Size and Growth?
The genotyping market size has seen rapid growth in recent years, expanding from $23.04 billion in 2024 to a projected $26.63 billion in 2025, marking a compound annual growth rate (CAGR) of 15.6%. This significant growth can be attributed to several factors, including government initiatives and funding, a rapid decline in genotyping costs, the expansion of biobanks and genetic databases, as well as the increasing prevalence of genetic disorders, pharmacogenomics, and drug development.
Furthermore, the genotyping market size is forecasted to witness even more dynamism in the forthcoming years, reaching a hefty $51.43 billion by 2029 at a CAGR of 17.9%. This predicted surge can be traced back to an increase in its adoption in clinical diagnostics, a growing demand for personalized medicine, a rise in research and development initiatives, and the expanding application of genotyping in agriculture and livestock. The key trends projected to shape the genotyping market in the forecast period include rising demand for pharmacogenomics, advancements in next-generation sequencing (NGS), expansion in precision medicine initiatives, growth in direct-to-consumer (DTC) genetic testing, and an increased focus on cancer genomics and personalized therapies.
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What Are the Principal Drivers of Genotyping Market Growth?
The growth of the genotyping market is propelled by the increasing prevalence of cancer and genetic disorders. Modern diseases such as cancer, which is caused by a variety of irregular cellular processes in virtually any organ or tissue, and genetic disorders, ailments wholly or partially caused by variations in the usual DNA sequence, serve to drive growth in the genotyping market. Genotyping enables scientists to explore genetic variances such as single nucleotide variations, copy number variations, and substantial structural changes in DNA, laying the foundation for significant breakthroughs in understanding and treating these diseases.
What Are the Main Segments of the Genotyping Market?
1) Product And Services: Instruments, Reagents And Kits, Bioinformatics, Genotyping Service
2) Technology: Microarrays, Capillary Electrophoresis, Sequencing, Polymerase Chain Reaction, Matrix-Assisted Laser Desorption Or Ionization (Maldi-Tof) Mass Spectrometry, Other Technologies
3) Application: Pharmacogenomics, Diagnostics And Personalized Medicine, Animal Genetics, Agricultural Biotechnology, Other Applications
4) End-User: Pharmaceutical And Biopharmaceutical Companies, Diagnostics And Research Laboratories, Academic Institutes, Other End-Users
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Which Companies Are Major Players in the Genotyping Market?
Major companies operating in the genotyping market include F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Laboratory Corporation of America Holdings, Eurofins Scientific SE, Agilent Technologies, PerkinElmer Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN NV, BGI Genomics, LGC Biosearch Technologies, GenScript Biotech, Inotiv, Takara Bio Inc., Integrated DNA Technologies Ltd., 23andMe Inc., Novogene Corporation, Oxford Nanopore Technologies, Macrogen Inc., Pacific Biosciences of California, Standard BioTools Inc., GENEWIZ, Transnetyx, Agena Bioscience Inc., Genotypic Technology Pvt Ltd., BMG LABTECH GmbH, Bioline, Biofortuna Limited, Xcelris Genomics.
What Are the Emerging Trends in the Genotyping Market Market?
Product innovations are key trends gaining popularity in the genotyping market. Companies in the genotyping market are adopting innovative solutions to sustain their position in the market.
Which Region is Leading the Genotyping Market?
North America was the largest region in genotyping market in 2024, including markets such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, Africa.
What Does The Genotyping Global Market Report 2024 Offer?
Genotyping, a lab procedure examining a person’s DNA to identify specific variations, such as single nucleotide variations and substantial structural alterations in DNA, is used across numerous fields, including agriculture, medicine, and fundamental science. The Genotyping Global Market Report 2024 by The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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