The global genotyping market size is expected to reach USD 37.1 billion by 2024 according to a new report by Grand View Research, Inc. The increasing demand for genotyping tests to evaluate drug efficacy and safety is one of the major drivers for the genotyping market. Genotyping tests are widely used in selecting a highly responsive, patient population subset against a specific drug candidate before initiating clinical trials. The rising need for affordable genotyping services coupled with the high demand for personalized medicines is also expected to propel the market growth.
Major pharmaceutical companies are collaborating with diagnostic manufacturers for the development of novel biomarker-based therapeutics. Significant opportunities for the growth of this market are anticipated due to the above-mentioned collaborative initiatives.
The increasing awareness for prenatal genetic testing pertaining to early detection of chromosomal abnormalities in the high-risk population, the introduction of technological advancements, and the increasing R&D funding are the other factors accentuating the market growth over the forecast period.
The rising prevalence of genetic diseases, such as Parkinson’s, turner syndrome, and Alzheimer’s is the high impact rendering driver for the market growth. Genotyping facilitates rapid sequencing and the early diagnosis of these aforementioned diseases further aid healthcare professionals to decide on probable treatment options.
Companies are undertaking R&D initiatives for the development of advanced products to cater to the increasing demands of the target population. For instance, in 2014, Fluidigm Corporation introduced the Juno 96.96 Genotyping IFC that analyzes a large number of DNA samples for Single Nucleotide Polymorphisms (SNPs) in a short time span.
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