Single Nucleotide Polymorphism (SNP) Genotyping Market Growth Potential: Key Insights for 2024-2033
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How Will the Single Nucleotide Polymorphism (SNP) Genotyping Market Grow from 2024 to 2033?
The market size of single nucleotide polymorphism (snp) genotyping has witnessed a substantial expansion in recent times. It is projected to increase from $8.48 billion in 2023 to $10.24 billion in 2024, with a compound annual growth rate (CAGR) of 20.7%. The acceleration in growth during the historic period is a result of factors such as escalation in genomics research, increasing instances of genetic disorders, the growth of personalized medicine, expansion of the pharmaceutical sector, and escalating demand for molecular diagnostics.
The market size for Single Nucleotide Polymorphism (SNP) Genotyping is predicted to expand considerably in the following years, with projections indicating a growth to $20.6 billion in 2028 and a compound annual growth rate of 19.1%. This anticipated growth over the forecast period is due to an increase in disease research applications, a rising demand for precision medicine, broader biobanking initiatives, a boost in genetic testing, and escalating use in agriculture for crop advancement. Key trends in this period include a growing reliance on next-generation sequencing, an increasing demand for SNP genotyping in pharmacogenomics, the emergence of consumer-based genetic testing, and the emphasis on automation and high-capacity genotyping platforms.
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What Aspects Are Influencing the Growth Rate of the single nucleotide polymorphism (snp) genotyping Market?
The growth of the single nucleotide polymorphism (SNP) genotyping market is anticipated to be fueled by the escalating prevalence of chronic conditions. These chronic conditions, typically lasting over a year, require ongoing medical attention and often limit everyday activities. SNP genotyping plays a key role in identifying genetic susceptibilities and facilitating personalized care, particularly with the rising incidence of chronic diseases. The National Center for Biotechnology Information (NCBI), a wing of the US National Library of Medicine, projected in January 2023 that there will be a staggering increase from 71.522 million individuals living with chronic diseases in 2020, to 142.66 million worldwide by 2050. Consequently, the surging chronic condition cases serve as a growth stimulant for the single nucleotide polymorphism (SNP) genotyping systems market.
What Are the Critical Segments of the Single Nucleotide Polymorphism (SNP) Genotyping Market?
1) By Product: Consumables, Instruments, services
2) By Technology: TaqMan SNP Genotyping, Mass Array SNP Genotyping, SNP Gene Chip Arrays, Other Technologies
3) By Application: Animal Genetics, Plant Improvement, Diagnostic Research, Pharmaceuticals And Pharmacogenomics, Agricultural Biotechnology, Other Applications
What Trends Are Redefining Consumer Expectations in the Single Nucleotide Polymorphism (SNP) Genotyping Market?
The increasing popularity of technological solutions is an emerging trend in the single nucleotide polymorphism (SNP) genotyping market. Many major players in the single nucleotide polymorphism (SNP) genotyping market are rolling out cutting-edge technologies to maintain their competitiveness. For example, Neogen Corporation, a US company dedicated to ensuring food safety in various industries including agriculture, animal protein, and food and beverage, teamed up with Gencove, another US-based firm specialising in sequencing solutions, in May 2022 to release InfiniSEEK. This comprehensive genome and genotyping tool for cattle breeders is the first of its kind, and thorough validation of InfiniSEEK confirms that its low-pass genome-wide sequencing is over 99% concordant with deep whole-genome sequencing, offering even higher clinical-grade precision in certain focal areas.
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What Are the Leading Regions in the Single Nucleotide Polymorphism (SNP) Genotyping Market Expansion?
North America was the largest region in the single nucleotide polymorphism (SNP) genotyping market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the single nucleotide polymorphism (snp) genotyping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Single Nucleotide Polymorphism (SNP) Genotyping Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the single nucleotide polymorphism (snp) genotyping market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Single Nucleotide Polymorphism (SNP) Genotyping Market Include
1. Single Nucleotide Polymorphism (SNP) Genotyping Market Executive Summary
2. Single Nucleotide Polymorphism (SNP) Genotyping Market Segments
3. Single Nucleotide Polymorphism (SNP) Genotyping Market Size And Template Market Growth Rate
4. Key Single Nucleotide Polymorphism (SNP) Genotyping Market Trends
5. Major Single Nucleotide Polymorphism (SNP) Genotyping Market Drivers
……
25. Key Mergers And Acquisitions In The Single Nucleotide Polymorphism (SNP) Genotyping Market
26. Top Single Nucleotide Polymorphism (SNP) Genotyping Companies
27. Single Nucleotide Polymorphism (SNP) Genotyping Market Opportunities And Strategies
28. Single Nucleotide Polymorphism (SNP) Genotyping Market, Conclusions And Recommendations
29. Appendix
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