Updated on 19 August 2016
(Photo Courtesy: www.nar.oxfordjournals.org)
The global genotyping market is expected to reach $ 37.1 billion by 2024 according to a new report by business consulting firm, Grand View Research.
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.