Monday, 20 February 2017

Global SNP Genotyping and Analysis Market to Rise at 20% CAGR from 2019


SNP genotyping and analysis is used mainly as a research tool to identify genomic variations that lead to different morphological traits and can determine the health and ancestry of plants and animals. The growth of the market is attributed mainly to the increasing demand from diagnostic research, pharmacogenomics and animal breeding along with technological drivers such as reducing cost of sequencing and introduction of innovative technologies. There is an increasing opportunity in developing and developed countries for genotyping services which will be within the reach of a common man and that will represent several billion dollars worth of business since people want to understand their genetic make-up in terms of aesthetic awareness (height, weight, obesity) or for serious diseases (diabetes, cancer, cardiovascular and others).
The market products are internally affected by power of substitution since there are around 8 to 10 different efficient techniques to carry out SNP genotyping such as TaqMan, SNPlex, Microarray, MALDI-TOF etc. With the completion of the Human Genome Project, over 2 million SNP’s have been added to global databases which in turn have initiated a series of research and development projects to understand potential of developing diagnostic tests through rapid genotyping techniques. A considerable amount of revenue is spent on research to developing diagnostic products similar to companion diagnostics which would enable to give us a preview of how a genome would unfold as an individual grows older. There is a high intensity of research in food crops such as rice, wheat, oats, corn, maize and other grasses. SNP genotyping in agriculture gained acceptance long before other applications. The GeneChip Rice 44K array offered by Affymetrix is one of the most popular platforms for rice genotyping which identifies variants that impact yield. Fluidigm’s SNPtype assays have been utilized by International Rice Research Institute which holds the world’s largest ex-situ collection of rice germplasm and plays a very large role in maintaining this repository.
Overview of the SNP Genotyping and Analysis Market
The global SNP genotyping and analysis market stood at US$2.3 bn in 2012. Aided by declining prices of sequencing, a factor that has consequently trigged R&D activities in SNP genotyping and analysis, the market is likely to exhibit a CAGR of 21.80% over the period from 2013 to 2019 and reach US$9.4 bn by the end of the forecast period.
The SNP genotyping and analysis market in North America leads the global market as the region has a first-mover advantage in various significant SNP technologies. The rising awareness and augmenting demand for SNP genotyping from the animal breeding industry and the pharmacogenomics sector is likely to propel this regional market during the forecast period.
On the other hand, the Asia Pacific SNP genotyping and analysis market is projected to report the highest CAGR of 23.1% over the forecast period on account of advancements in the healthcare infrastructure in the region.
The global market for SNP genotyping and analysis is experiencing a phase of immense growth at present. However, the lack of appropriate reimbursement policies is hampering the market from growing steadily and is expected to create a severe challenge for this market over the forecast period.
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