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P genotyping market was valued at USD 12.3 billion in 2018, and is estimated to be valued at USD 38.6 billion in 2024, witnessing a CAGR of 21%

NEW YORK, Sept. 11, 2019 /PRNewswire/ --

Market Overview
The global SNP genotyping market was valued at USD 12.3 billion in 2018, and is estimated to be valued at USD 38.6 billion in 2024, witnessing a CAGR of 21%. 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.



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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.

Scope of the Report
Single-nucleotide polymorphism (SNP) refers to mutations found at a specific locus or single base pair mutation containing two alleles. SNPs aid in understanding the correlations between the genotype and behavior indicated by all living organisms. It involves the measurement of variations that commonly occur in individuals. Unlike conventional time-consuming, expensive, and labor-extensive detection technologies, SNP technology is highly efficient, relatively inexpensive, and automated.

Key Market Trends
Pharmogenics Led the End-user Segment of the SNP Genotyping Market in 2018

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.

North America had Largest Share in 2018 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.

Competitive Landscape
The SNP genotyping market is highly competitive and consists of several major players. In terms of market share, a small number of 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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