Growing at a CAGR of 11.34% in 2022 – 2027, the global single nucleotide polymorphism (SNP) genotyping market will boost genotyping technology and the overall biotechnology market predicts Mordor Intelligence
Source- Mordor Intelligence
Hyderabad, Jan. 27, 2023 (GLOBE NEWSWIRE) -- The demand for SNP genotyping increased during the COVID-19 pandemic for the detection of SARS-CoV-2 variants. A few SNP genotyping assays provide useful viral genotype identification for SARS-CoV-2 positive samples. Such as PCR Allele Competitive Extension (PACE) SNP genotyping assays gained huge demand during the pandemic because they can be modified at a low cost on a regular basis and were recommended as a useful tool for COVID-19 epidemiological surveillance.
Increased multiplexing capacity garnered the utilization of SNP genotyping technologies. The analysis of SNPs is widely utilized in different disciplines of genetics and related studies. These are commonly associated with studying genetic determinants of many complex diseases. SNP technologies are extensively utilized for detection and are beneficial in the etiology of several human diseases. To address the burden of ever-growing chronic diseases, the demand for SNP genotyping is bolstering across the world.
Market players shifted their focus toward developing advanced genotyping technologies to fulfil the upsurging demand for SNP genotyping technologies. The global and regional players in the market majorly focused on diversifying their product portfolio with new product launches, approvals, and market expansion through mergers and acquisitions. This will complement the market growth. The market is predicted to continue this growth trend at a CAGR of 11.34% during the forecast period.
North America held a major market share in 2021 and accounted for nearly 34.5% of the global SNP genotyping market. The growing burden of chronic disease in the region is creating demand for SNP genotyping technologies. As genotyping techniques can be used for the early diagnosis and treatment of chronic diseases, the high burden of the disease is expected to create demand for the technologies among end users.
The growth of the global SNP genotyping market is largely driven by the increase in research and development (R&D) by government and private organizations in the biopharmaceutical industry worldwide. The SNP helps to predict an individual's response to certain drugs and susceptibility to environmental factors such as toxins, and risk of developing diseases. Also, these can be used to track the genetic inheritance of disease variants in families. Thus, the research related to SNP genotyping for the detection of rare diseases is expected to increase the demand in near future.
“Future market expansion is expected to be driven by the upsurge in demand for innovative products coupled with increasing demand for multiplexing capacity in pharmacogenomics and in disease diagnostics. The development of technologically advanced products further accelerates the market’s growth. Thus, global, and regional market players focus on developing advanced SNP technologies for disease diagnostics.”
As per the analyst, the shift in trend is due to increasing awareness and inclination toward genomics research and application as a diagnostic tool. In addition, growing research activities in the biotechnology research institutes for finding the advanced clinical significance of SNP genotyping also contribute to the market growth. For complex diseases with limited sample sizes or with limited evidence, genome-wide association studies (GWAS) offer a powerful tool for identifying genetic variants. These genome-wide study protocols generally include SNP genotypes for further research as a cost-effective approach. SNP genotypes also provide more accurate results than other multiplex technologies.
This will create scope for new entrants and existing market players to witness significant growth opportunities in the genotyping technology markets and biotechnology market. Pharmacogenomics, GeneChip arrays, whole-genome sequencing, and array-based genotyping, among other areas, are predicted to offer significant growth opportunities in the coming years.
The active involvement of major competitors in the market in research and development (R&D) created a revolution in the biopharmaceutical segment. Continuous investments by the government and market players are adding to the technical advancements in the SNP genotyping market.
The active engagement of market players in developing new products is creating new opportunities for the market. In May 2022, Illumina, Inc. a global life science technology company focused on DNA sequencing and array-based technologies, launched a companion diagnostic (CDx) indication to its CE-marked in vitro diagnostic TruSight Oncology (TSO) Comprehensive (EU) test. TSO Comprehensive (EU) is a comprehensive genomic profiling (CGP) test that combines less prevalent biomarkers with more prevalent ones in the same test, using a single biopsy specimen. Again, in May 2022, Thermo Fisher Scientific launched a new collection of qPCR biopharma offerings to accelerate drug development. The QualTrak comprehensive suite of qPCR tools is comprised of a premium selection of applied biosystem solutions, including QuantStudio 6 and 7 Pro Real-Time PCR Systems and TaqMan and TaqPath master mixes and assays.
About Mordor Intelligence -
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics. Get a glance at the SNP Genotyping Market or ask for a more customized report.
CONTACT: Company Name: Mordor Intelligence Private Limited Contact Person: Abhishek Email: email@example.com Phone: +1 617-765-2493 Address:5th Floor, Rajapushpa Summit, Nanakramguda Rd, Financial District, Gachibowli City: Hyderabad State: Telangana 500008 Country: India