LONDON, April 02, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Genotyping Assay Global Market Report 2024, the global genotyping assay market has experienced exponential growth in recent years, driven by factors such as customization and personalization trends, rising demand for personalized medicine, and technological advancements in genomic research. According to the latest genotyping assay market analysis, the market size is expected to surge from $27.7 billion in 2023 to $33.98 billion in 2024, representing a compound annual growth rate (CAGR) of 22.7%. Furthermore, exponential growth is anticipated, with the genotyping assay market projected to reach $77.77 billion by 2028, at a CAGR of 23.0%.
Factors Driving Growth
Historically, the growth of the genotyping assay market can be attributed to traditional glassware usage, cultural influences, economic factors, and the growth of the hospitality and foodservice industries. Looking ahead, key drivers of market expansion include customization and personalization trends, health and wellness movements, and the growth of e-commerce platforms.
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Impact of Rising Demand for Personalized Medicine
The rising demand for personalized medicine is expected to be a significant driver of growth in the genotyping assay market. Personalized medicine tailors medical treatment to an individual's unique genetic makeup, offering more effective and precise healthcare interventions. Genotype assays play a crucial role in personalized medicine by analyzing an individual's genetic profile to tailor medical treatments and drug selection.
For example, in January 2023, the Center for Drug Evaluation and Research (CDER) approved 37 new molecular entities (NMEs), with approximately 34% classified as personalized medicines. This underscores the growing importance of genomic analysis in optimizing treatment outcomes.
Technological Advancements and Strategic Partnerships
Major companies operating in the genotyping assay market are focusing on technological innovations and strategic partnerships to enhance their product offerings and gain a competitive edge. Advancements such as CE-IVD marked assays for detecting treatment-resistant strains of HIV-1 demonstrate the industry's commitment to improving diagnostic capabilities.
For instance, Thermo Fisher Scientific launched the CE-IVD marked Applied Biosystems TaqPath Seq HIV-1 Genotyping Kit, designed to detect treatment-resistant strains of HIV-1 using Sanger sequencing technology. Additionally, strategic acquisitions, like Transnetyx Inc.'s acquisition of Laragen Inc., aim to expand service offerings and provide access to cutting-edge genetic services.
Market Segmentation
The genotyping assay market is segmented based on product and service, technology, and end-users, allowing for a comprehensive understanding of market dynamics. This segmentation enables stakeholders to tailor their strategies to specific market segments and capitalize on emerging opportunities.
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The genotyping assay market is poised for exponential growth, driven by increasing demand for personalized medicine, technological advancements, and strategic collaborations. With a focus on innovation and customization, major players in the industry are well-positioned to capitalize on this growth trajectory.
Healthcare providers, pharmaceutical companies, researchers, and policymakers can leverage this report to gain insights into market trends, growth drivers, and competitive dynamics. By understanding key genotyping assay market developments and emerging opportunities, stakeholders can make informed decisions regarding investment, product development, and strategic partnerships, ultimately contributing to the advancement of personalized medicine and genomic research.
Genotyping Assay Global Market Report 2024 by The Business Research Company provides insights on the genotyping assay market size, genotyping assay market segments, genotyping assay market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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