Report : North America Genotyping Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product and Services (Instruments, Reagents and Kits, Bioinformatics, and Genotyping Services), Technology [Microarrays, Capillary Electrophoresis, Sequencing, Polymerase Chain Reaction (PCR), Matrix-Assisted Laser Desorption/Ionization-Time of Flight (Maldi-Tof) Mass Spectrometry, and Others], Application (Pharmacogenomics, Diagnostics and Personalized Medicine, Animal Genetics, Agricultural Biotechnology, and Others), and End User (Pharmaceutical and Biopharmaceutical Companies, Diagnostic and Research Laboratories, Academic Institutes, and Others)
At 21.4% CAGR, the North America Genotyping Market is speculated to be worth US$ 37,599.28 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America genotyping market was valued at US$ 11,734.10 million in 2022 and is expected to reach US$ 37,599.28 million by 2028, registering an annual growth rate of 21.4% from 2022 to 2028. The rising focus on personalized medicine and use of genotyping in drug development for genetic and rare diseases are the critical factors attributed to the market expansion.
According to the study, personalized medicine is the customization of medical treatment to each patient's unique traits. The method is based on scientific advances in understanding how a person's unique molecular and genetic profile influences susceptibility to diseases and predicts which medical treatments are safe and effective and which are not. Senior government officials, corporate leaders, healthcare practitioners, and the general public have embraced genomics and personalized medicine over the last decade. Genomic medicine is a fundamental component of personalized medicine, a fast-growing health care branch guided by each person's unique clinical, genetic, genomic, and environmental information. The fundamentals of genomic and personalized medicine will require the development, standardization, and integration of several essential tools into health systems and clinical workflows as medicine embraces genomic tools that enable more precise disease prediction and treatment, such as "whole-genome" interrogation of sequence variation, transcription, proteins, and metabolites. Among the techniques available are health risk assessment, family health history, and clinical decision assistance for complex risk and predictive information. When combined with genomic data, these tools will enable a paradigm change toward a holistic strategy that will detect individual risks and guide clinical treatment and decision making, laying the groundwork for a more informed and effective patient care approach. Genome-guided therapy, dose selection, DNA-based risk assessment for common complex diseases, and molecular signatures for cancer diagnosis and prognosis are examples of how genome information has already enabled personalized health care along the continuum from health to disease. For instance, genome-guided treatment is perhaps the most well-studied effect of precision medicine on health care today. Clinicians have used genotype data as a guideline to calculate the correct warfarin dose. To assist doctors in optimizing pharmacological therapy based on genetic test results, the Clinical Pharmacogenetics Implementation Consortium produced genotype-based drug guidelines. For individuals with breast or lung cancer, genomic analysis of tumors can help guide tailored therapeutic approaches. When precision medicine is integrated into healthcare, it can provide more accurate diagnoses, anticipate disease risk before symptoms appear, and provide individualized treatment plans that maximize safety and efficiency. The trend toward establishing data repositories to enable the use of precision medicine is not limited to the US. Furthermore, data from individual genomes, a rapidly developing technology area, is causing a social and information revolution among customers, undoubtedly influencing healthcare decision-making. Although these and other scientific discoveries are making their way from the lab to the clinic, widespread acceptance of genomic and personalized medicine will necessitate significant changes in regulatory and reimbursement procedures and legislative privacy laws. Thus, customized health care challenges will be met and overcome with the assurance that the research behind genetic medicine is decent and that the practice of medicine that it informs is evidence-based. Over time, there has been a steady trend away from the old 'one pill fits all' strategy and toward a more individualized, patient-centered approach. Patients, health, and diseases are now treated with a more predictive, preventive, participatory, and individualized approach in medicine. This so-called P4 medicine has numerous problems and roadblocks, but it also presents numerous opportunities for improving care and therapeutic outcomes; therefore, such developments will represent a demand for personalized medicine, offering a growth curve for the market over the study period.
On the contrary, high cost of equipment and shortage of skilled professionals required for genotyping process hurdles the growth of North America genotyping market.
The North America genotyping market, based on product and services, has been segmented into instruments, reagents and kits, bioinformatics, and genotyping services. The reagents and kits segment held 35.9% market share in 2022, amassing US$ 4,211.90 million. It is projected to garner US$ 13,852.24 million by 2028 to expand at 21.9% CAGR during 2022–2028.
The North America genotyping market, based on technology is segmented into Microarrays, Capillary Electrophoresis, Sequencing, Matrix-Assisted Laser Desorption/Ionization-Time of Flight (Maldi-ToF) Mass Spectrometry, Polymerase Chain Reaction (PCR), and others. The Polymerase Chain Reaction (PCR) segment held 27.8% market share in 2022, amassing US$ 3,264.43 million. It is projected to garner US$ 10,856.66 million by 2028 to expand at 22.2% CAGR during 2022–2028.
The North America genotyping market, based on application is segmented into pharmacogenomics, diagnostics and personalized medicine, animal genetics, agricultural biotechnology, and others. The diagnostics and personalized medicine segment held 32.1% market share in 2022, amassing US$ 3,765.21 million. It is projected to garner US$ 12,167.09 million by 2028 to expand at 21.6% CAGR during 2022–2028.
The North America genotyping market, based on end user is segmented into pharmaceutical and biopharmaceutical companies, diagnostic and research laboratories, academic institutes, and others. The diagnostic and research laboratories segment held 45.6% market share in 2022, amassing US$ 5,345.66 million. It is projected to garner US$ 17,601.57 million by 2028 to expand at 22.0% CAGR during 2022–2028.
Based on country, the North America genotyping market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.0% market share in 2022. It was assessed at US$ 9,383.91 million in 2022 and is likely to hit US$ 30,711.09 million by 2028, exhibiting a CAGR of 21.8% during the forecast period.
Key players dominating the North America genotyping market are BioTek Instruments, Inc.; Eurofins Genomics; F. Hoffmann-La Roche Ltd.; Illumina, Inc.; Integrated DNA Technologies, Inc.; MERCK KGaA; QIAGEN; Thermo Fisher Scientific Inc; and TrimGen Corporation among others.
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email id: firstname.lastname@example.org