The global SNP genotyping and analysis market is expected to reach US$9.48 bn by the end of 2019. The market is expected to show strong growth as it has for the past few years since it was pegged at US$2.38 bn at the end of 2012. Between 2013 and 2019, this market is expected to expand at a CAGR of 21.8%, a tremendous growth rate for a highly interesting market for pharmacogenomics companies. This growth rate is broken down and explained in brief by Transparency Market Research by answering three key questions surrounding the global market.
What are the Economic Opportunities Presented by SNP Genotyping?
The global SNP genotyping and analysis market currently centers around the introduction of new technologies into this field of study while simultaneously applying the results in pharmacogenomics and livestock breeding, the two key end users of this market. Given the above CAGR for the global SNP genotyping and analysis market and the extremely high value of research and development in SNP genotyping, we can safely say that players in this market can look towards a successful future if they play their cards right.
Are External Studies and Projects Contributing to the Development of SNP Genotyping?
The advantages presented by developments in the global SNP genotyping and analysis market are also starting to trickle down to the average consumer pool, a massive and relatively untapped base of end users for the market. The market is still, however, at an incredibly dynamic and precarious state owing to the large number of techniques available in the market itself. The future of the global SNP genotyping and analysis market is likely to be governed by additions made by the Human Genome Project. More than two million SNP genotypes have so far been added to the global SNP genotyping and analysis market’s global repository by the Project and this is providing its related companies with a significant boost in development speed.
Will Players from Asia Pacific Rise in Rank for SNP Genotyping?
An extremely solid scope of opportunities lie in store for both globally prominent players as well as regional players in the Asia Pacific region. Between 2013 and 2019, the SNP genotyping and analysis market in Asia Pacific is expected to expand at a CAGR of 23.1%. This is a staggering accelerated growth rate and is primarily attributed to the growing need for SNP based research and development in livestock breeding and pharmacogenomics. In the meantime, players are still finding a positive scope of growth in the developed economies from North America and Europe, of which North America has consistently been leading the global SNP genotyping and analysis market over the recent past.
With players such as Fluidigm, Affymetrix, Inc., Sequenom, Life Technologies Corporation, Roche, and Illlumina, Inc., leading the global SNP genotyping and analysis market currently, the overall market seems poised to make the most of what is currently known as a greatly important and interesting field of study.