Genotyping market is growing with a CAGR of 23% owing to growing prevalence of genetic diseases such as haemophilia, thalassemia, etc. across globe. Moreover, the increasing adoption of personalized medicine is also propelling growth in the global genotyping market. North America held the largest market share of around 30% in 2015 owing to presence of some key players such as Illumina, Thermo fisher, etc. who are investing a huge amount for the development of new technology in the genome development which is leading North America share in the global genotyping market.
Biotech investments are expected to continue to gain traction in the life sciences sector. The biotech companies such as Agilent, Biogenic-Q are looking forward for various developments in drug discovery and development. Rising treatments for rheumatoid arthritis, Hepatitis C, and cancer figures are most prominently added in the list of the most sold genetic drugs. Biotech investments were around $325 billion in 2015 and are projected to grow to about $430 billion by 2019. In addition, biotech's share globally on the basis of prescription drug and over-the-counter pharma sales is likely to increase from 23% in 2015 to 26% in 2019. The growing DNA sequencing segment is having huge impact on the growth of the genotyping market. DNA sequencing finds its most of the applications in drug discovery and as the biotechnological investment is rising this can positively affect genotyping market revenue in the near future. Moreover, the key players such as ME, Agilent, Biogenic-Q, etc. are developing new products in the market to capture more market potential, July 2016, 23 and Me launched its new Genotyping Services for Research (GSR) platform, providing scientists with an end-to-end service. June 2016, Agilent Technologies Inc. introduced a wide range of systems, software and technologies designed to improve both the speed and accuracy of mass spectrometry.
The demand for personalized medicine is increasing day by day. In 2015 oncology diseases amounted a large share of 38% for the demand of personalized medicines followed by psychiatry at 17%, infectious diseases 10%, cardiology 7% and neurology 6%. In 2015 1 out of 5 FDA approvals of personalized medicines were for targeted therapies. Personalized medicines are very effective around 62% effectiveness in having Depression followed by 60% in Asthma, 57% in Diabetes, Alzheimer is accounted at 30%. The rising funding by government and private firms in the research in 2015, biotech investment accounted at around $325 billion and development of personalized medicine is propelling the growth in the global market. However, the increasing aging population is having a huge impact on the demand of personalized medicine that is impacting the growth of global genotyping market. According to WHO the world aged population by the end of 2050 is expected to reach 2 billion that is 900 million in 2015. Now around the world 125 million people are aged 80 years or more and it is expected that by the end of 2050 almost 125 million people would reach the age of 80 years or more in China alone and 434 million people across the globe.
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