Genotyping Market: Current Analysis and Forecast (2021-2027)

Genotyping is a process for the determination of the DNA sequence at a specific location in one's genome. The variation in the sequence is marked as an indication of certain traits or diseases.

Genetics is of extreme importance to medical practice as it provides a definitive diagnosis for many clinically heterogeneous diseases. Consequently, it enables a more precise disease prognosis and provides guidance towards the selection of the best therapeutic choices for the affected patients. Much of its current promise comes from its ability to examine the human genome at various stages, from chromosome to single-base changes. Furthermore, Genetic testing assists with developing preventative health plans, reducing health care costs for patients such as chronic disease detection and management in the long run. Health systems reduce health care costs while still providing high-quality care by utilizing resources like Genome Medical.

Thus, the global genotyping market is projected to expand significantly with a CAGR of 20% from 2021 to 2027.

Based on product/services, the market is fragmented into Reagents & kits, genotyping services, instruments, and bioinformatics. The reagent & kits segment held significant growth in 2020 owing to the increasing demand for the reagents, sampling, and sequencing process of the genomes. However, during the forecast period, the bioinformatics segment is predicted to have witness lucrative growth due to the increasing demand for better and improved systems and solutions in healthcare as well as in the diagnostic sector to store the genetic information of the patient.

Based on technology, the market is segmented into PCR, sequencing, electrophoresis, microarray, and others. The PCR grabbed a major market share in the genotyping market in 2020. This is mainly due to the rapidly increasing incidences of genetic diseases among the population and the continuously developing infrastructure for medical diagnostics owing to the growth of the PCR segment. Furthermore, during the forecast period, the sequencing segment is predicted to have a considerable share in genotyping market due to the continuous enhancement in the sequencing technology and increasing investment in biotechnology.

Based on end-users, the market is fragmented into pharmaceutical & biotechnology companies, hospitals and clinics, academic & government institutes, diagnostic & research institutions, and others. The pharmaceutical & biotechnology companies are held a significant share in the market in 2020. This is mainly due to increasing the need for pharmacogenomics in the drug development process and the increasing demand for specific medicines is responsible for the segmental growth in 2020. During the forecast period, the diagnostic & research institution segment is anticipated to witness a significant growth in the genotyping market. The increasing cases of the chronic diseases such as cancer induce the demand for the proper diagnostic tests along with advancements in genetics attributed to the significant market size of the segment in the future.

For a better understanding of the market adoption of the genotyping, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America constitutes a major market for the genotyping industry owing to the presence of well-established market players and frequent product launches along with the presence of advanced diagnostic infrastructure in the region.

Some of the major players operating in the market are lllumina Inc., Thermo Fisher Scientific Inc., Qiagen Inc., F. Hoffmann-La Roche Ltd., Fluidigm Corporation, Danaher Corporation, Agilent Technologies, Eurofins Scientific Inc., GE Healthcare Inc., and Bio-Rad Laboratories Inc, among others. Several M&A's along with partnerships have been undertaken by these players to develop the new and advanced genotyping market.