The SNP Genotyping And Analysis Market Propelled By Growing Consumer Demand For Personalized Medicine
The SNP genotyping and analysis market enables genomic analysis and is witnessing increased adoption owing to its applications such as disease risk assessment and pharmacogenomics. SNP genotyping helps determine the genetic variation between individuals, which assists in understanding predisposition to diseases. Consumer awareness regarding predictive, preventive, and personalized care is stimulating the growth of personalized medicine and thereby driving the demand for SNP analysis.
The Global SNP Genotyping and Analysis Market is estimated to be valued at US$ 23.28 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the SNP genotyping and analysis market include The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, and Honeywell International Inc. These players are focusing on new product launches and partnerships to expand their product portfolio and global presence.
The growing demand for personalized medicine across the world is a major factor fueling the growth of the SNP genotyping and analysis market. Genotyping helps determine the genetic makeup of an individual and enables tailored diagnosis and treatment based on the genetic profile. Moreover, government initiatives to promote precision medicine are further driving the adoption of SNP genotyping.
The global expansion of key market players through acquisitions and partnerships with regional diagnostic laboratories and healthcare facilities is expected to enhance the regional scope and access of SNP genotyping and analysis. This is anticipated to boost the overall market during the forecast period.
Market Drivers
Growing geriatric population globally is one of the key drivers of the SNP genotyping and analysis market. Age-related health conditions require a better understanding of an individual's genetic make-up for appropriate clinical management. SNP genotyping aids in such assessment through identification of genetic variations linked to increased disease risk among the elderly population. Increasing life expectancy has led to a surge in the proportion of aged people worldwide, thereby propelling the need for predictive diagnostics using SNP analysis.
Impact of geopolitical situation on SNP Genotyping and Analysis Market growth
The ongoing geopolitical tensions and uncertainties have significantly impacted the growth prospects of the SNP genotyping and analysis market. Restrictions on technology imports and exports between major trading partners like the US and China are limiting collaborations between research institutes and laboratories. This is hampering innovation in genomics research. Conflicts and political instabilities in various regions are also disrupting supply chains and delaying project deployments. For instance, the war between Russia and Ukraine has caused disruptions in goods movement affecting the European SNP genotyping market. To sustain growth, market players must look at diversifying their supplier and manufacturing networks across different geographies. They need to focus on local sourcing, production and collaborations to insulate themselves from future supply chain disruptions arising from geopolitical factors. Adopting advanced technologies like blockchain for transparent record keeping can help sustain cross-border research partnerships even during turbulent times.
Geographical regions where market is concentrated in terms of value
North America accounts for the largest share of the global SNP genotyping and analysis market in terms of value. Advanced research infrastructure, presence of leading genomic research institutes and pharmaceutical companies, growing focus on precision medicine drive high adoption of SNP genotyping tools and services in the US and Canada. Following North America, the markets in Europe and Asia Pacific regions collectively hold over 50% share in the overall market value. Countries like China, Japan and India are witnessing increasing healthcare investments to build indigenous diagnostic capabilities through genomic research programs.
Fastest growing region for SNP Genotyping And Analysis Market Demand and Analysis Market
The Asia Pacific region is expected to witness the fastest growth in the SNP genotyping and analysis market during the forecast period. There is a rising focus on biomedical research to address the growing burden of chronic diseases. Countries are establishing national level biobanks and genomic databases to enable population-level genomic studies. Singapore, South Korea, Taiwan are emerging as hubs for precision medicine and genomics startups. Favorable government funding for life science R&D and initiatives such as "Made in China 2025" are promoting local innovation. Increasing collaborative projects between Asian and global market players will help drive higher adoption of advanced genotyping technologies in the region. Initiatives to develop skilled workforce will further aid the regional market expansion.
For more insights, read- SNP Genotyping And Analysis Market
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