SNP Genotyping and Analysis Market Size to Worth USD 80.7 billion by 2030, Says Coherent Market Insight

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SNP Genotyping and Analysis Market Size to Worth USD 80.7 billion by 2030, Says Coherent Market Insight

According to
Coherent Market Insights, the global SNP
Genotyping and Analysis Market size was valued at US$ 20.2 billion in 2023
and is projected to reach US$ 80.7 billion by 2030, registering a CAGR of 21.9%
from 2023 to 2030.

The increasing
demand for genotyping in clinical diagnostics is expected to drive the growth
of the SNP genotyping and analysis market over the forecast period. Clinical
diagnostic genotyping helps in disease risk assessment, drug development by
facilitating therapeutic development, and personalized medicine.

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Key Market
Trends:

Rising adoption
of personalized medicine: Personalized medicine uses a person’s genetic makeup
and profile to tailor medical treatment, prevention strategies and health
outcomes to that individual. Genotyping is a crucial tool in personalized
medicine approach and its rising adoption is expected to drive the market
growth over the forecast period.

SNP
Genotyping and Analysis Market Report Coverage

Report Coverage

Details

Market Revenue in
2023

US$ 20.2 billion

Estimated Value by
2030

US$ 80.7 billion

Growth Rate

Poised to grow at a
CAGR of 10.2%

Historical Data

2018–2022

Forecast Period

2023–2030

Forecast Units

Value (USD
Million/Billion)

Report Coverage

Revenue Forecast, Competitive
Landscape, Growth Factors, and Trends

Segments Covered

By Technology, By
Applications

Geographies Covered

North America,
Europe, Asia Pacific, and Rest of World

 Growth Drivers

The growing demand
for precision medicine

Advancement in agricultural
biotechnology

Restraints &
Challenges

Limitations on
sensitivity of SNP arrays      

Market
Opportunity

The technology
segment dominated the market in 2019 and is anticipated to continue its
dominance over the forecast period. The high accuracy and specificity of
technology-based genotyping methods such as microarrays and sequencing have
increased their adoption in research and diagnostic applications.

The application
segment is anticipated to witness the highest CAGR during the forecast period.
SNP genotyping analysis finds extensive application in pharmacogenomics,
agricultural biotechnology, and linkage analysis studies. It is widely used in
identifying genetic variations associated with drug responses and disease
susceptibility. Rapidly growing applications are expected to drive the demand.

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Key Market
Takeaways

The global SNP
genotyping and analysis market is anticipated to witness a CAGR of 21.9% during
the forecast period 2024-2031, owing to the growing application of SNP
genotyping in drug development and precision medicine. On the basis of technology,
the microarray segment is expected to hold a dominant position, due to their
widespread adoption for large-scale genotyping. By application, the
pharmacogenomics segment is anticipated to register the highest growth rate,
due to rising focus on personalized medication.

On the basis of
region, North America is expected to hold a dominant position over the forecast
period, due to well-established pharmaceutical industry and rising healthcare
expenditure.

Competitor
Insights:

Novacyt

Twist Bioscience

Illumina

Recent
Developments

In June 2023
unveiled an ML-driven precision oncology platform to match cancer patients to
therapies based on polygenic risk scores derived by analyzing millions of SNPs.
This rising convergence of genomics with AI is expected to transform
interpretation of genomic variants.

In July 2023,
Guardant Health reported successful SNP detection in plasma cfDNA down to
allele fractions of 0.1%. Similarly, genotyping from other novel sources like
organoids, exosomes and microbiome are actively explored. This wider
adoptability of genotyping solutions to varied input material types is making
genomic applications much more accessible and convenient.

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