July 24, 2024
Ict

Global SNP Genotyping And Analysis Market Poised For Substantial Growth

The global 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 genotyping and analysis involves identifying and locating differences in DNA sequences between members of the same species. It helps to detect variations in single nucleotide polymorphisms or SNPs between individuals. SNP genotyping provides insights into biological functions and mechanisms. It has applications in drug discovery, agriculture, animal breeding, evolution tracing, and genetic disease diagnostics. SNPs have emerged as an important tool in understanding how genes influence health, disease, and individual responses to therapies and environments.

Market key trends:

Some of the key trends in the global SNP genotyping and analysis market include growing investments towards genomic research, increasing demand for personalized medicine, technological advancements in genotyping techniques, and rising focus on pharmacogenomics. Genotyping costs have declined significantly over the years, increasing the affordability and accessibility of genomic research. Massively parallel sequencing techniques are being widely adopted for large-scale genotyping. Development of enhanced bioinformatics tools for big data analysis in genomics is further supporting market growth. Growing application areas such as clinical diagnostics, agricultural biotechnology, and drug development are expanding the market scope for SNP genotyping techniques globally.

Porter’s Analysis

Threat of new entrants: The high costs associated with R&D, manufacturing and equipment required for this market poses a barrier for new entrants.

Bargaining power of buyers: The presence of many established players in this market gives buyers higher bargaining power to negotiate on price and quality.

Bargaining power of suppliers: Specialised materials and technologies required gives existing suppliers a competitive edge over new suppliers.

Threat of new substitutes: Limited substitution threatens existing products in this market as genomic analysis techniques continue advancing.

Competitive rivalry: Intense competition exists between major players to dominate market share through innovations.

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 investments in genomic research and development.

The North American region currently dominates the market owing to presence of leading companies and growing research expenditures. However, the Asia Pacific region is expected to be the fastest growing market in the coming years led by increasing healthcare expenditure and growing genomics industry in countries like China and India.

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.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it