The increasing demand for genotyping in clinical diagnostics is expected to drive the growth of the SNP genotyping and analysis market over the forecast period. Clinical diagnostic genotyping helps in disease risk assessment, drug development by facilitating therapeutic development, and personalized medicine.
Request for a sample of this research report @ https://www.coherentmarketinsights.com/insight/request-sample/3972
Key Market Trends:
Rising adoption of personalized medicine: Personalized medicine uses a person's genetic makeup and profile to tailor medical treatment, prevention strategies and health outcomes to that individual. Genotyping is a crucial tool in personalized medicine approach and its rising adoption is expected to drive the market growth over the forecast period.
SNP Genotyping and Analysis Market Report Coverage
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
US$ 20.2 billion |
|
Estimated Value by 2030 |
US$ 80.7 billion |
|
Growth Rate |
Poised to grow at a CAGR of 10.2% |
|
Historical Data |
2018–2022 |
|
Forecast Period |
2023–2030 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Technology, By Applications |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Growth Drivers |
The growing demand for precision medicine Advancement in agricultural biotechnology |
|
Restraints & Challenges |
Limitations on sensitivity of SNP arrays |
Market Opportunity
The technology segment dominated the market in 2019 and is anticipated to continue its dominance over the forecast period. The high accuracy and specificity of technology-based genotyping methods such as microarrays and sequencing have increased their adoption in research and diagnostic applications.
The application segment is anticipated to witness the highest CAGR during the forecast period. SNP genotyping analysis finds extensive application in pharmacogenomics, agricultural biotechnology, and linkage analysis studies. It is widely used in identifying genetic variations associated with drug responses and disease susceptibility. Rapidly growing applications are expected to drive the demand.
Immediate Delivery is Available | Get Full Report Access@ https://www.coherentmarketinsights.com/insight/buy-now/3972
Key Market Takeaways
The global SNP genotyping and analysis market is anticipated to witness a CAGR of 21.9% during the forecast period 2024-2031, owing to the growing application of SNP genotyping in drug development and precision medicine. On the basis of technology, the microarray segment is expected to hold a dominant position, due to their widespread adoption for large-scale genotyping. By application, the pharmacogenomics segment is anticipated to register the highest growth rate, due to rising focus on personalized medication.
On the basis of region, North America is expected to hold a dominant position over the forecast period, due to well-established pharmaceutical industry and rising healthcare expenditure.
Competitor Insights:
Novacyt
Twist Bioscience
Illumina
Recent Developments
In June 2023 unveiled an ML-driven precision oncology platform to match cancer patients to therapies based on polygenic risk scores derived by analyzing millions of SNPs. This rising convergence of genomics with AI is expected to transform interpretation of genomic variants.
In July 2023, Guardant Health reported successful SNP detection in plasma cfDNA down to allele fractions of 0.1%. Similarly, genotyping from other novel sources like organoids, exosomes and microbiome are actively explored. This wider adoptability of genotyping solutions to varied input material types is making genomic applications much more accessible and convenient.
Customize this study as per your requirement @ https://www.coherentmarketinsights.com/insight/request-customization/3972
Transform your Strategy with Exclusive Trending Reports:
Global personalized cell therapy market is estimated to be valued at USD 14.12 Bn in 2024 and is expected to reach USD 65.01 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 24.4% from 2024 to 2031.
Global bone marrow transplant market is estimated to be valued at USD 10.72 Bn in 2024 and is expected to reach USD 14.4 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.3% from 2024 to 2031.
Global immunotherapy drugs market is estimated to be valued at USD 166.55 Bn in 2024 and is expected to reach USD 351.73 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 11.3% from 2024 to 2031.
Global cold laser therapy market is estimated to be valued at USD 118.1 Mn in 2024 and is expected to reach USD 161.3 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.5% from 2024 to 2031.
