The global SNP genotyping market is expected to register a CAGR of 21% druing the forecast period. The analysis of SNPs is widely utilized in different disciplines of genetics and related studies, 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, such as cancer, cardiovascular, Alzheimer's, and asthma, among others.
In addition, SNPs are essential markers in various human ailments and are intensely employed in pharmacogenomics to customize personalized medicine in a better way. Therefore, rising applications of SNPs in several life sciences and biotechnology aspects are driving the SNP genotyping market.
Key Market Trends
Pharmacogenomics Led the End-user Segment of the SNP Genotyping Market
Under end users, pharmacogenomics is the leading segment. The large share of pharmacogenomics is primarily due to the increasing pipeline for personalized medicine and novel drug delivery systems, which are extensively exploiting SNP in genetic materials for drug development applications. According to the Journal of Personalized Medicine, upto June 2019, there were around 132 pharmacogenimic guidlines for the available drugs and also, pharmacogenomic information is added in around 309 medication label. Hence, the growing demand for pharmacogenomics is expected to propel the SNP Genotyping market in this segment.
North America had Largest Share in the Global SNP Market, while Asia-Pacific is the Fastest-growing Region
North America is the dominating region in the SNP genotyping market, due to rising commercial research in personalized medicines and animal breeding, among others.In addition, Asia-Pacific is the fastest-growing market, due to the rising demand for SNP genotyping in emerging economies like China and India, across different fields, which is largely propelling the market's growth.
The SNP genotyping market is highly competitive and consists of several major players. In terms of market share, a small number of the major players currently dominate the market. Key strategies adopted by major players in this market include product launches, collaborations, and agreements.
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