Single-nucleotide polymorphism (SNP) genotyping refers to the examination of genetic variations that occur when a single nucleotide in the genome differs between members of a biological species or paired chromosomes in an individual. SNPs are the most common type of genetic variation among people and can affect how humans develop diseases. Common reasons for performing SNP genotyping include biomedical research, drug research and development, personalized medicine and nutrition, and ancestry testing.
The global SNP genotyping market is valued at over US$23.28 billion in 2024 and is expected to grow at a CAGR of 7.2% during the forecast period of 2024 to 2030.
Key Takeaways
Key players operating in the SNP genotyping and analysis market are The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Honeywell International Inc.
The key opportunities in the SNP genotyping and analysis market include growing applications of genotyping in pharmacogenomics, increasing demand for personalized medicines, and rising investment in agriculture and animal research. Next-generation sequencing technologies have enabled high-throughput and cost-effective genotyping methods which is fueling market growth.
Technological advancements such as next-generation sequencing platforms and lab-on-a-chip technologies have increased genotyping speed, throughput, and reduced costs, thereby driving the adoption of SNP genotyping in various industries. Bioinformatics tools are also improving for advanced data analysis from genotyping experiments.
Market Drivers
Increasing application of genotyping in drug discovery and development is a key driver for the SNP genotyping market. Genetic information from genotyping helps pharmaceutical companies develop targeted treatments and determine drug efficacy and safety for individual patients, accelerating clinical trials. Growing demand for personalized medicine and companion diagnostics is another major factor propelling the genotyping market growth.
Current Challenges in SNP Genotyping and Analysis Market:
The SNP genotyping and analysis market is facing several challenges currently. The high cost associated with SNP Genotyping And Analysis Market Demand procedures and analysis is a major barrier, restricting its use in clinical settings and biomedical research. Developing affordable and user-friendly genotyping technologies remains a challenge for market players. Sample preparation for genotyping also involves complex procedures, requiring skilled technicians, which adds to the overall cost. Accuracy and reproducibility of results obtained from different genotyping platforms is another issue that needs to be addressed. Lack of standardization and quality control measures across different labs hampers data analysis and interpretation.
SWOT Analysis
Strength: Robust R&D and advancements in genotyping technologies offering high throughput and automation. Growing applications in pharmacogenomics, personalized medicine, and disease association studies.
Weakness: High capital investment requirements for setting up genotyping facilities. Challenges in standardization and data management across different platforms.
Opportunity: Untapped emerging markets especially in Asia Pacific and Latin America. Increase in genotyping adoption for diagnosis of chronic diseases.
Threats: Stringent regulatory norms for validation of genotyping systems before clinical use. Intense competition from cheaper alternative technologies.
The North American region currently holds the major share of the SNP genotyping and analysis market, in terms of value, and is expected to continue its dominance during the forecast period. This is attributed to the growing research activities in pharmacogenomics, drug discovery, and disease association studies in the region. The presence of large pharmaceutical and biotechnology companies engaged in drug development in the US and Canada also supports market growth.
The Asia Pacific region is poised to witness the fastest growth during the forecast period owing to rising healthcare expenditure, increasing incidence of chronic diseases, growing awareness about personalized therapeutics, and expansion of genomics research infrastructure in China, India, and other Asia Pacific countries. The growing geriatric population base in Japan also contributes to regional market growth.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it.