/EIN News/ -- Chicago, July 08, 2024 (GLOBE NEWSWIRE) -- The "Genotyping Assay Market Size, Share & Trends by Product & Services (Kits, Instruments, Bioinformatics), Technology (PCR, Sequencing, Microarray), Application (Pharmacogenomics, Animal Genetics), End User (Pharma & Biotech Companies, Diagnostic Labs) & Region - Global Forecast to 2029" report highlights substantial growth projections. It anticipates the market to escalate from $19.4 billion in 2024 to $37.1 billion by 2029, at a notable CAGR of 13.8%. This growth is driven by advancements in technology, reduced DNA sequencing costs, and the rising prevalence of genetic disorders. The increasing importance of genotyping in personalized medicine and drug development is also fueling market expansion. However, high costs associated with genotyping instruments pose a restraint. Opportunities are emerging in agricultural biotechnology and animal genetics, while challenges include managing large volumes of data. In 2023, the reagents and kits segment dominated the market, with the PCR technology and pharmacogenomics applications holding significant shares. North America is the largest regional market, with major players like Thermo Fisher Scientific, Illumina, Danaher Corporation, QIAGEN, and Eurofins Scientific leading the industry due to their extensive product portfolios and strong market presence.

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Thermo Fisher Scientific Inc.: Leading Market Position with Diverse Product Range

Thermo Fisher Scientific Inc. held the leading position in the genotyping assay market in 2023. This top rank is primarily due to its vast product range, which includes genomic profiling, PCR, microarray analysis, instruments, and kits & reagents. The company has a significant geographical presence covering North America, Europe, Latin America, the Middle East, the Asia Pacific, and Africa. To maintain its top rank in the market, Thermo Fisher is committed to launching new products and partnering with other market players.

Illumina, Inc.: Innovation and Strategic Partnerships

Illumina, Inc. secured the second position in the genotyping market in 2023. Known for its flagship NGS platforms in the sequencing market, Illumina offers reagents such as TruSeq sample preparation kits and sequencing services, including whole genome sequencing and custom-targeted resequencing. To maintain its position, Illumina is focused on signing agreements and partnerships with smaller players and launching innovative products to strengthen its portfolio.

Danaher Corporation: Expanding Through Strategic Acquisitions

Danaher Corporation is a prominent player in the genotyping assay market, known for its robust portfolio of single-use bioreactors, filtration systems, and consumables. Following its acquisition of Pall Corporation, Danaher has reinforced its market position through strategic agreements, acquisitions, and expansions, including partnerships with Austar LifeSciences, Servier Laboratories, and General Electric-Life Sciences.

QIAGEN: Comprehensive Solutions and Global Reach

QIAGEN, a leading player from the Netherlands, excels in the genotyping assay market with its comprehensive solutions spanning sample and assay technologies. The company’s extensive product portfolio includes PCR, NGS, and bioinformatics tools. QIAGEN’s strategic focus on expanding its global presence and continuous product innovation positions it for sustained growth in the market.

Eurofins Scientific: Diversified Offerings and Market Expansion

Eurofins Scientific, based in Luxembourg, has established a strong position in the genotyping assay market through its diversified offerings in genomic services, including DNA sequencing and molecular biology. The company’s strategy includes expanding its market presence across various regions and continuously enhancing its service portfolio to meet evolving market demands.

F. Hoffmann-La Roche Ltd.: Leading Innovations and Strategic Growth

F. Hoffmann-La Roche Ltd., headquartered in Switzerland, is a key player in the genotyping assay market, recognized for its innovative solutions in diagnostics and pharmaceuticals. The company’s strategic growth initiatives, including new product launches and expanding its market presence, have reinforced its leadership position in the industry.

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Reagents & Kits Segment Dominates Genotyping Assay Market

By product & service, the genotyping assay market is primarily segmented into reagents and kits, instruments, genotyping assay services, and bioinformatics. The reagents & kits segment accounted for the largest share in 2023, driven by the accessibility of a wide range of reagents, increasing genotyping assay test volumes globally, and the relatively smaller capital investment required for adopting reagents and kits in pharmaceuticals and diagnostic centers.

PCR Segment Leads Genotyping Assay Technologies

By technology, the market is segmented into polymerase chain reaction (PCR), microarrays, capillary electrophoresis, sequencing, MALDI-TOF, and other technologies. The PCR segment held the largest market share in 2023, propelled by the emergence of new PCR technologies, advancements in PCR instruments and reagents, and the increasing application of PCR in personalized medicine, genetics, prenatal testing, life sciences research, and forensics.

Pharmacogenomics Dominates Genotyping Assay Applications

By application, the market is segmented into pharmacogenomics, diagnostics & personalized medicine, agricultural biotechnology, animal genetics, and other applications. The pharmacogenomics segment accounted for the largest share in 2023, driven by the increasing demand for pharmacogenomics to study adverse drug reactions (ADRs) in clinical trials, the need to reduce drug development costs, the growing demand for personalized medicine, and the rising incidence of genetic and life-threatening diseases.

Biopharmaceutical & Pharmaceutical Companies Lead Market Growth

By end user, the market is segmented into biopharmaceutical & pharmaceutical companies, diagnostic laboratories, academic & research institutes, and other end users. The biopharmaceutical & pharmaceutical companies segment accounted for the largest share in 2023, attributed to the increasing demand for pharmacogenomics in drug discovery and development, new product launches, FDA recommendations, and rising collaborations and investments in pharmacogenomics studies.

North America Dominates, Asia Pacific Shows Highest Growth Potential

The global genotyping assay market is segmented into North America, Europe, the Asia Pacific, Latin America, the Middle East & Africa, and GCC Countries. North America was the largest regional market in 2023, driven by the adoption of advanced genotyping assay products, government and public funding for genotyping assay-based research projects, growing applications in pharmacogenomics, increasing investments in DNA-based testing, and the presence of leading market players. The Asia Pacific region shows the highest growth potential due to increasing pharmaceutical R&D activities, rising demand for biosimilars, and significant investments by biopharmaceutical companies in emerging countries.

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