Global SNP Genotyping Market Projected to Reach $85.5 Billion by 2029, Boasting a 21.7% CAGR

BCC Research's latest report on single nucleotide polymorphism (SNP) technologies forecasts substantial growth from 2024 to 2029, highlighting key market trends, strategic insights, and the critical role of ESG factors in market dynamics and investor interest.

BOSTON, Aug. 7, 2024 /PRNewswire/ -- According to the latest BCC Research study, the demand for "Single Nucleotide Polymorphism (SNP) Genotyping: Technologies and Global Markets" is expected to grow from $32.0 billion in 2024 and is projected to reach $85.5 billion by the end of 2029, at a compound annual growth rate (CAGR) of 21.7% during the forecast period of 2024 to 2029.

The report comprehensively analyzes the SNP genotyping market segmented by technology and application, with detailed estimates and trends projected through 2029. The market is divided into four key regions: North America, Europe, Asia-Pacific, and the Rest of the World (RoW), each with unique characteristics and market dynamics. Using 2023 as the base year, the report includes forecasts from 2024 to 2029, offering a clear view of the expected market trajectory. It employs analytical frameworks like PESTEL to assess external factors influencing the market, such as political, economic, social, technological, environmental, and legal aspects. The report also examines the competitive landscape, highlighting key players and their strategies, and explores emerging trends in ESG (Environmental, Social, and Governance) and funding, which are increasingly influencing investment decisions and market developments. This in-depth study offers valuable insights for stakeholders, including investors, industry participants, and policymakers, looking to understand the dynamics, challenges, and growth prospects of the SNP genotyping market. By thoroughly analyzing market trends, technological advancements, and external factors, the report aims to equip stakeholders with the knowledge needed to make informed decisions and capitalize on emerging opportunities in the SNP genotyping sector.

Several key factors are poised to impact the growth of the SNP genotyping market positively. The decreasing costs of DNA sequencing methods are making these technologies more accessible. The rising prevalence of diseases such as cancer, cardiovascular conditions, and diabetes is driving the need for personalized treatments, which, in turn, boosts the demand for SNP genotyping. Additionally, the increasing importance of SNP genotyping in the drug development process and the growing demand for genome analysis in both plant and animal livestock are significant contributors to market expansion.

Please click here for more details on "The global market for single nucleotide polymorphism (SNP) Report."

The following factors drive the global market for single nucleotide polymorphism (SNP):

Declining Prices of DNA Sequencing Methods: Technological advancements like DNA microarrays and next-generation sequencing (NGS) have significantly reduced the cost of DNA sequencing over the years. This has made SNP genotyping more accessible and affordable for various applications, including medical research, drug development, and consumer genetic testing.

Demand for Personalized Treatments: The increasing prevalence of diseases such as cancer and cardiovascular conditions has led to a growing demand for personalized medicine. Personalized treatments, which require a detailed understanding of an individual's genetic makeup, rely heavily on SNP genotyping to identify genetic variations that can influence a person's response to specific treatments. This approach enables more effective and targeted therapies.

Increasing Demand for SNP Genotyping in Drug Development: SNP genotyping is becoming an integral part of the drug development process. By identifying how different genetic variants affect individuals' responses to drugs, researchers can develop more effective medications with fewer side effects and tailor dosages to individual genetic profiles. This application not only enhances drug efficacy but also accelerates the introduction of new medications to the market.

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Report Synopsis 

Key Interesting Facts About the global market for single nucleotide polymorphism (SNP):

• Unlock DNA Mysteries: Genotyping can reveal undiscovered DNA mysteries, essential for clinical research and diagnostics.
• Agricultural Applications: Genotyping is used in agriculture to tackle issues like famine and climate change.
• Diverse Applications: Various genotyping techniques have a wide range of applications.
• SNP Frequency: Single Nucleotide Polymorphisms (SNPs) are found in every 1000 nucleotides in the human genome.
• SNP Count: Everyone has between 4 and 5 million SNPs in their DNA.
• Health Implications: Genotyping can identify SNPs, which help understand their impact on disease, traits, drug response, and other health-related variables.

The global market for single nucleotide polymorphism (SNP) report includes in-depth data and analysis addressing the following important queries:

1. What is the projected market size and growth rate of the market?
   •  The global SNP genotyping market is valued at an estimated $32.0 billion in 2024 and is projected to reach $85.5 billion by 2029, at an estimated CAGR of 21.7% during the forecast period of 2024 to 2029.
2. What are the key factors driving the growth of the market?
   •  Decline in the prices of DNA sequencing methods.
   •  Growing prevalence of cancer, and cardiovascular diseases propelling demand for personalized treatments.
   •  Increasing demand for SNP genotyping in the drug development process.
3. What segments are covered in the market?
   •  The report will provide information on SNP genotyping along with their growth projections in the coming years. Recent developments of companies operating in this market space have been covered. Information about technologies, applications, PESTEL analysis, funding scenario, and business strategies have been provided in the report. The report also identifies promising and emerging countries where the established players can expand their business.
4. By technology type, which segment will dominate the market by the end of 2029?
   •  The microarrays and gene chips segment dominate the overall SNP genotyping market and will continue to do so by 2029.
5. Which region has the highest market share in the market?
   •  North America holds the highest share of the market.

Some of the Key Market Players Are:

• BECKMAN COULTER INC. (SUBSIDIARY OF DANAHER CORP.)
• QIAGEN
• STANDARD BIOTOOLS
• THERMO FISHER SCIENTIFIC INC.
• AGILENT TECHNOLOGIES INC.
• BIO-RAD LABORATORIES INC.
• CYTIVA
• ENZO BIOCHEM INC.
• EPIGENDX
• F. HOFFMANN-LA ROCHE LTD.
• ILLUMINA INC.

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