Portland, OR, March 28, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the Global Cytogenetics Market accounted for $1.54 billion in 2017 and is expected to attain $3.21 billion by 2025, growing at a CAGR of 9.5% during the forecast period, 2018-2025.
Growth Drivers and Industry Trends
Increased incidences of cancer & genetic disorders, growth in geriatric population across the globe, and rising awareness of personalized medicine are factors that drive the growth of the global cytogenetics market. However, the high cost associated with cytogenetic instruments impedes market growth. Nonetheless, a shift from fish to array-based techniques is anticipated to provide lucrative opportunities to emerging market players in the future.
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By product, the software & services segment is poised to grow at the highest CAGR of 11.0% during the forecast period. However, the consumables segment is expected to maintain its dominance in the future and occupy more than half of the global share. By techniques, the comparative genomic hybridization segment is not only expected to dominate the market in the future but also register the highest CAGR of 10.5% from 2018 to 2025.
By application, the genetic disorders segment generated two-fifths of the global revenue in 2017 and is expected to continue its dominance throughout 2025. Meanwhile, the personalized medicine segment is expected to witness the highest growth rate during the forecast period, a CAGR of 11.4%.
By end user, the clinical & research laboratories segment would continue dominating the global market through 2025. Meanwhile, the pharmaceutical & biotechnological companies segment is expected to register the highest CAGR of 11.1% during the forecast period. By region, Asia-Pacific is projected to grow at the highest CAGR of 12.1% during the forecast period. However, North America would continue its dominance of the global market and occupy almost half of the total shares by 2025.
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Industry Key Players
The key players analyzed in the report include Abbott Laboratories, Agilent Technologies, Inc., Applied Spectral Imaging, Inc., Empire Genomics, LLC., Illumina, Inc., Irvine Scientific., OPKO Health, Inc. (GeneDx.), PerkinElmer Inc., Sysmex Corporation (Oxford Gene Technology), and Thermo Fisher Scientific, Inc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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