SNP Genotyping and Analysis Market is Estimated To Witness High Growth Owing To Rising Use of Personalized Medicine

SNP Genotyping and Analysis Market

SNP Genotyping and Analysis Market

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:


The SNP genotyping and analysis market involves methods and technologies for detection and study of single nucleotide polymorphisms. SNP genotyping helps in analyzing genetic variations and in turn aids in discovering disease-associated SNPs as well as in developing personalized medicines based on an individual's genetic makeup. Advancements in sequencing technologies have enabled rapid and high throughput genotyping, thus driving the market growth.

Market key trends:


The growing application of SNP genotyping in drug discovery and development, rising demand for personalized medicine, growing prevalence of chronic and infectious diseases, and technological advancements in high-throughput genotyping technologies are some of the major driving factors for SNP genotyping and analysis market growth. With advancements in next-generation sequencing and array-based technologies, it is now possible to genotype thousands to millions of SNPs rapidly and cost-effectively. This has enabled genotyping to be widely adopted in pharmacogenomics and development of precision medicines targeting disease-associated genetic variations in individuals.

Porter’s Analysis

Threat of new entrants: Low capital requirement for new players to enter the market pose threat of new entrants. However, established distribution channels and customer loyalty towards existing brands act as a barrier.

Bargaining power of buyers: Presence of many players in the market increases bargaining power of buyers. Buyers can negotiate on price and demand value-added services.

Bargaining power of suppliers: Suppliers of raw materials and technologies have moderate bargaining power due to availability of substitutes and fragmented nature of suppliers.

Threat of new substitutes: Threat of new substitutes is low as SNP genotyping and analysis solutions have applications across various industries.

Competitive rivalry: High competitive rivalry exists among existing players to gain market share.

SWOT Analysis

Strength: Growing application of SNP analysis across various industries like healthcare, agriculture etc. Technology innovations allowing high throughput analysis.

Weakness: High set-up and operation cost. Requirement of skilled workforce.

Opportunity: Untapped emerging markets. Increasing R&D investments and funding.

Threats: Stringent regulations. Threat from alternative technologies.

Key Takeaways

The global SNP Genotyping And Analysis Market size is expected to reach US$ 20.2 Billion in 2023, exhibiting a CAGR of around 21.9% during the forecast period of 2023-2030. Increasing application of SNP genotyping in diagnostics, bioinformatics studies, population genetics etc. is driving the market growth.

The North America region dominated the global market in 2022 with over 35% share. Growing healthcare expenditure and rising adoption of personalized medicines are propelling the demand in the region. Asia Pacific is expected to witness fastest growth with CAGR over 24%. Rising initiatives to promote genomics research and growing patient pool provides market opportunity in the region.

Key players operating in the SNP Genotyping and Analysis Market are Agilent Technologies Inc., F. Hoffmann-La Roche Ltd, Nucleome Informatics Private Limited, Azenta Life Sciences, Bio-Rad Laboratories Inc., Danaher Corporation, Douglas Scientific LLC, AllGenetics & Biology SL, Illumina Inc., Life Technologies Corp., Consultative Group on International Agricultural Research, Avance Biosciences, Genotypic Technology Pvt Ltd, Xelect Ltd, Taconic Biosciences, Inc., Luminex Corp., Promega Corporation, CD Genomics, Synbio Technologies, Thermo Fischer Scientific Inc., Sequenom, PREMIER Biosoft, Fluidigm Corporation, Novacyt, Twist Bioscience, Regeneron Pharmaceuticals, Inc, NRGene, and LGC Biosearch Technologies, among other prominent players.

Read More : https://www.newswirestats.com/digital-genomics-for-precision-medicine/

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