Single Nucleotide Polymorphisms (SNP) genotyping is that the observe of screening and examining of genetic variations of SNPs between members of a species. The utilization of SNP genotyping is quickly growing from customized genetic testing to plant and animal biotechnology. Since, it helps in characteristics the correlations between the genotype and behavior revealed by all living organisms. Further, SNP genotyping additionally provides an inspiration regarding the human genome classification and transfer of hereditary diseases. Thus, it’s gaining a large worth within the pharmaceutical and medical fields, because it predicts disease association and also the individual’s response for specific medication. Not like the conventional time-consuming, labor-extensive and expensive detection technologies, SNP technology is considering as an extremely economical, relatively economical, and automatic technology for genetic screening.
According to the study, ‘Global SNP Genotyping and Analysis Market is valued approximately at USD 15 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 21% over the forecast period 2020-2026’ categorical that there square measure some corporate that presently functioning several successfully for dominant the prime effective growth of the market and obtaining the productive competitive edge whereas acceptive the productive moneymaking ways in throughout which policies like joint ventures, partnership, merger, mergers and acquisitions and merchandise includes Life Technologies Corp., Douglas Scientific LLC, Luminex Corp., Sequenom, Inc., Promega Corporation, Affymetrix, Inc., PREMIER Biosoft, Thermo Fischer Scientific Inc., Fluidigm Corporation, Illumina, Inc.. Growing prevalence of incurable diseases like cancer, diabetes and more, escalating demand for genetic analysis in animal and plant feedstock, and also the high accessibility of personal and public funding programs for genetics are the few factors chargeable for high CAGR of the market over the forecast period. As per the International Diabetic Federation (IDF), the amount of adults with diabetes was calculable around 415 million in 2015, and this range is projected to grow to nearly 578 million by 2030, globally. Similarly, IDF additionally calculable that the amount of diabetic patients in Europe is probably going to rise from nearly 33 million in 2010 to 38 million in 2030. This, in turn, is predicted to increase the demand for SNP Genotyping and Analysis, therefore contributing to the expansion of the global market. However, lack of standardization and privacy issues in SNP method are the few factors expected to hamper the expansion of the market over the forecast period of 2020-2026.
The regional investigation of global SNP Genotyping and Analysis market is taken into the account for the key regions like Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is that the main country over the world in terms of market share owing to the favorable government policies towards proper diagnosis and treatment of fatal diseases, along with the presence of extreme advanced technologies in the country. Whereas, Asia-Pacific is additionally expected to exhibit highest rate of growth over the forecast period 2020-2026, because of increase in incidences of targeted diseases and growing healthcare facilities in the countries like China and India.
The growth of the market is attributed primarily to the increasing demand from diagnostic research, Pharma co genomics and animal breeding at the side of technological drivers like reducing cost of sequencing and introduction of innovative technologies. There’s an increasing chance in developing and developed countries for genotyping services which will be among the reach of a standard man which 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). A number of the opposite driving factors for this market are growing prevalence of fatal diseases like cancer, diabetes, and others, increasing demand for genetic analysis in animal and plant feedstock, the presence of personal and public funding programs within the field of genetics. Thus, the SNP Genotyping and Analysis Market can increase in upcoming years.
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Ankur Gupta, Head Marketing & Communications