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 (CAGR) of 22.0% during the forecast period.

Northrook, IL -- (SBWire) -- 04/22/2020 --The major factors that are expected to be driving the genotyping assay market are technological advancements and the decreasing prices of DNA sequencing. The increasing incidence of genetic diseases and rising awareness of personalized medicine, growing importance of genotyping in drug development, and the increasing demand for bioinformatics solutions in data analysis are also expected to promote market growth in the coming years.

The objective of the report is to define, describe, and forecast the genotyping assay market size based on product & service, technology, application, end user, and region.

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Market Segmentation in Detailed:

By product & service, the reagents and kits segment is expected to grow at the highest growth rate during the forecast period

Among the product & service, segment, the reagents and kits segment is expected to grow at the highest CAGR during the forecast period. The factors attributing to the high growth are, the accessibility of a wide range of reagents, the increasing demand for reagents owing to the increasing genotyping test volumes across the globe, and the relatively smaller capital investment required to adopt reagents and kits for genotyping in pharmaceuticals and diagnostic centers.

By technology, the sequencing segment to record the highest CAGR 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.Res

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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.

Key Market Players;

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).