Growing developments in technologies, declining prices of DNA sequencing, growing prevalence of genetic diseases such as hemophilia, thalassemia etc., rising importance of SNP genotyping for the drug development process and growing demand for genome exploration in animal and plant livestock are the major factor that are increasing the growth in the global genotyping market. Moreover, the growing demand for personalized medicine due to increasing aging population across the globe is also impacting the growth of the global market. The world is currently on the edge of undertaking a demographic milestone. Subsequently the establishment of history being recorded, young children previously were ahead of the number of people aged 65 or more will go down in the coming future. The change is motivated by dropping fertility rates and noteworthy rise in life expectancy, population aging is expected to continue, even accelerate in the next 10 years. The total people aged 65 or older are projected to raise from an assessed 524 million in year 2010 to almost 1.5 billion in year 2050, with most of the increase in developing countries. As per WHO the world aged population is estimated to reach 2 billion by the end of 2050 that is 900 million in 2015. The remarkable improvements in life expectancy over the past century were part of a shift in the leading causes of disease and death. The rising prevalence of chronic life style oriented diseases is also increasing the growth in the global genotyping market. Cancer is the major disease which is increasing with a huge pace, according to WHO, by the end of 2020 there are around 15 million people is projected to suffer from cancer which increases by around 50%. Although, Nonexistence of Suitable Reimbursement Policies, Lack of Technical Expertise and High Cost of research and development are the major factor that are hampering the growth in the global genotyping market. Moreover, there are some factors such as growing access to healthcare & rising investment in emerging markets, growing demand for reasonably priced genotyping services, growing application extents of genotyping and growing demand from emerging economies are creating huge opportunity in the global market in the near future.
The global Genotyping market is estimated to register robust growth and is expected to grow at CAGR of 23% during 2016-2022. The Genotyping market is segmented on the basis of technology, product, application and geography. The technology segment is segmented into Polymerase Chain Reaction(PCR), Capillary Electrophoresis, Mass Spectrometry, Sequencing, Microarray and Other. The application segment is segmented into Diagnostics, Drug Discovery and Development, Personalized Medicine, Academic Research, Agriculture and Others. The product segment is segmented into instrument, reagents and kits and services. Polymerase Chain Reaction (PCR) is the important technology that is being used by researchers and healthcare professionals for precise and fast detection of genetic changes. The introduction of innovative Polymerase Chain Reaction (PCR) technologies in combination with computer programs, such as inverse PCR, reverse transcription PCR, assembly PCR and Quantitative PCR (Q-PCR) is also anticipated to driving the market growth. Sequencing is anticipated to be the fastest growing technology segment. Numerous advances in the present sequencing technologies have changed sequencing into a flexible, multilayered molecular tool.
On the basis of geography North America, Europe, Asia Pacific and ROW are the major segments. The North America hold the largest market share around 32% in 2015 and dominated the global market followed by Europe, Asia Pacific and ROW in the global Genotyping market. The growth in North America market is majorly driven by the presence of some key player of genotyping who are investing a huge amount for the development of new technology in the genome development which is increasing the North America share in the Global genotyping market. The growth of North America is driven by number of factors such as Declining Prices of DNA Sequencing, Growing Prevalence of Genetic Diseases, rising funding from private and government for new technological advancement in genotyping technology and increasing demand for the personalized medicine in the North American region. Asia Pacific market is expected to grow with a high CAGR in forecasted period. The demand in the Asia Pacific region is majorly driven by rising demand for personalized medicine for the treatment due to increasing number of patient population in the region and increasing prevalence of chronic owing to change in the lifestyle and increase in the disposable income of the people. Moreover, the growing aging population in the emerging countries such as India and China is creating huge demand for the low cost treatment in the region and driving the growth in the global market.