Know More About “Genotyping Market 2022-2030” Growth Worldwide…..|Grand View Research, Inc.Posted by Mrudula Karmarkar on October 14th, 2022 The global genotyping marketsize is expected to reach USD 46.5 billion by 2030, expanding at a CAGR of 15.6%, according to a new report by Grand View Research Inc. Factors such as the rising prevalence of genetic diseases, rising awareness and research for personalized medicine, and increasing R&D funding for genomics research is expected to contribute to this growth. Governments in multiple countries are taking various initiatives to provide support and funding to research organizations for personalized medicine, and genotyping research is anticipated to drive the market. For instance, in August 2022, NIH funded USD 4.6 million initial grants to Color, a health technology company, for precision medicine initiatives and development. Similarly, in 2018, the Government of Australia launched the Australian Genomics Health Futures Mission initiative. The government will provide USD 500 million over a period of 10 years for this mission, and the funding will be sourced from Medical Research Future Fund to improve the testing and diagnosis of genetic diseases and for the development of personalized medicine. An increase in the prevalence of diseases such as cancer, Alzheimer’s disease, and Parkinson’s disease is another factor that is anticipated to drive demand for genotyping-based diagnostic testing. For instance, Roche has products such as Cobas HCV GT products for cervical cancer diagnosis. Additionally, 23&Me provides genetic testing for medical conditions, such as Parkinson's disease and Alzheimer’s disease. Failed clinical trials cost companies millions of dollars and therefore companies group patients according to their genotypes. Single Nucleotide Polymorphisms (SNP) based genotyping is increasingly being used in pharmacogenomics to study the effect of genetic variations on the difference in response to therapeutics. Genotyping-based treatment administration also helps in overall cost savings. The COVID-19 pandemic increased the demand for genotyping-based research activities for the development of COVID diagnostics, vaccines, and therapeutics. Many companies, including Qiagen and Thermo Fisher Scientific, have now launched COVID-19 genotyping kits as a result of the growing demand. Key players leverage strategic partnerships and new product launches to increase their product offerings. For instance, in January 2020, Illumina and Roche entered into a partnership for improving patient access to oncology genomic testing by assay development. Similarly, in June 2021, the Center for Aquaculture Technologies collaborated with Neogen Corporation to provide high-quality genotyping services tailored to aquaculture producers’ specific demands. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/genotyping-market/request/rs1 The growth can be attributed to technological advancements, the rising prevalence of cancer & genetic disorders, and increasing R&D funding for precision medicine research. Furthermore, the COVID-19 pandemic witnessed a positive impact on the genotyping market, as the pandemic led to an increased demand for COVID-19 genotyping kits. SNP genotyping has been used for the detection of genetic variants of the Covid-19 virus. An increase in government funding, especially for genomic research, by government bodies and pharma & biotechnology companies to accelerate research is expected to drive the genotyping market. For instance, in September 2018, NIH granted USD 28.6 million to the “All of Us Research Program” for establishing three genome centers around the U.S. dedicated to precision medicine research. Genotyping Market Report Highlights
The prevalence of chronic diseases, such as cancer and genetic disease, is increasing worldwide and is expected to drive demand for genotypic-based diagnostic testing. For instance, according to WHO, 19.1 million new cancer cases were diagnosed globally in 2020. Cancer-causing viruses such as Human Papilloma Virus (HPV) and Hepatitis B Virus (HBV)/Hepatitis C Virus (HCV) are also responsible for about 20% of cancer deaths worldwide. The number of cancer cases is expected to increase by around 70% over the next two decades, estimated based on population growth and aging. Therefore, the rising prevalence of cancer is expected to be a high-impact rendering driver of this market. However, a lack of skilled technicians, especially in developing countries, could slow the market growth, as genotyping data analysis and management require a high level of technical expertise. At the moment, developing nations have a relatively low number of professionals and experts. Key players are adopting strategies, such as partnerships and new product launches to retain market share. For instance, in January 2020, Illumina and Roche collaborated to improve patient access to oncology genomic testing. Furthermore, in September 2021, Illumina under its Illumina Accelerator program invested in seven genomics companies across various countries. Some of the prominent players in the global genotyping market include:
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