by The SNP Genotyping and Analysis Market is estimated to be valued at US$ 20.2 Billion in 2023 and is expected to exhibit a CAGR of 21.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
SNP refers to single nucleotide polymorphism which involves variations in the genetic sequences of individuals. SNP genotyping is a technique used for detecting variations in genomic DNA sequences by using molecular genotyping methods. This process helps in detecting associations of genetic variations with particular diseases or phenotypes. SNP genotyping helps in identifying the genetic variants responsible for complex disease conditions and understand pharmacogenomics. It plays a crucial role in personalized medicine by helping physicians choose the right treatment based on the genetic profile of patients.
Market Dynamics:
The increasing adoption of personalized medicine across the globe acts as a key driver for the SNP genotyping and analysis market growth. Persistent research in pharmacogenomics to develop targeted therapeutics based on an individual’s genetic makeup also aids market expansion. Additionally, rising prevalence of various genetic disorders and chronic diseases have increased the demand for effective diagnostics using SNP analysis. Further, heavy funding and investments from private and public organizations in genomics research are fueling the market growth. However, limitations of current genotyping technologies pose significant challenges to widespread clinical applications. Also, stringent regulations and ethical issues regarding genetic data management restrain the market to a certain extent.
Segment Analysis
The global SNP Genotyping and Analysis Market is dominated by microarray segment due to its high-throughput genotyping capabilities and cost-effectiveness. Microarrays allow the simultaneous analysis of hundreds or thousands of SNPs in multiple samples, making them a popular tool for large-scale studies of genetic variation.
PEST Analysis
Political: Favorable government funding for genetic research and initiatives to support precision medicine adoption are boosting market growth.
Economic: Rising research spending on genetic analysis by pharmaceutical and biotechnology companies is fueling market revenue.
Social: Increasing awareness about personalized medicine and genomics is positively impacting the demand for SNP genotyping products and services.
Technological: Advancements in high-throughput sequencing and microarray technologies have enhanced genotyping speed, accuracy, and throughput.
Key Takeaways
The global SNP Genotyping And Analysis Market is expected to witness high growth, exhibiting a CAGR of 21.9% over the forecast period 2023-2030, due to increasing R&D investments and clinical trials for personalized medicine development. The North American region currently dominates the market due to strong government support and presence of leading genomics companies in the US and Canada.
Regional analysis: The North American regional market is expected to remain the largest as well as the fastest growing regional market over the forecast period. This is mainly attributed to the strong government support for genomics research in the form of funding and initiatives to promote precision medicine in the region.
Key players: Key players operating in the SNP Genotyping and Analysis Market include Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, Nucleome Informatics Private Limited, Azenta Life Sciences, and Bio-Rad Laboratories Inc. among others. Agilent Technologies Inc. held the leading market share in 2022 owing to its robust product portfolio for SNP detection and genotyping.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
