Albany, NY -- (SBWIRE) -- 11/28/2017 -- The introduction of new SNP genotyping technologies will have a far-reaching impact on the overall growth of the market, says TMR's report. The positive impact of this trend will be visible in the robust growth projected to be exhibited by the market. The market is on course to exhibiting a compounded annual growth rate (CAGR) of 21.8% from 2013 to 2019. The heightened research interest in pharmacogenomics and livestock breeding has created opportunities of high economic value for companies in the SNP genotyping and analysis market.
The falling prices of sequencing have fanned research and development in SNP genotyping and analysis. Moreover, an increasing demand for breeding livestock will prove conducive to the growth of the global SNP genotyping and analysis market, says TMR in a new market research report. According to the report, titled, 'SNP Genotyping and Analysis Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,' the market will exhibit strong growth over the next three years. The market, which approximated US$2.38 bn in 2012, is expected to grow in value to reach US$9.48 bn by 2019.
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Many of these opportunities will also make it possible for the average consumer in both developed and developing economies to access genotyping. However, the dynamics of the market are affected by the fact that there are nearly eight to 10 different kinds of SNP genotyping techniques, including Microarray, aqMan, MALDI-TOF, and SNPlex. What also aids the market's growth is that over two million SNP genotypes have been added to a global database as part of the Human Genome Project. That has spurred numerous R&D activities in the genotyping and analysis market. Companies have invested bullishly in understanding how new diagnostic techniques similar to companion diagnostics can be developed so as to understand genome behavior as individuals age.
Food crops such as corn, oats, rice, wheat, and maize are undergoing intensive research after SNP genotyping in the agriculture sector having gained widespread acceptance. Several widely accepted products have been launched on the market as a result of this. A case in point is Affymetrix's 44K array that is now extensively used for rice genotyping and helps farmers identify factors impacting yield.
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The report segments the global genotyping market based on the following criteria: Technology, application, and geography. By technology, the market is segmented into Taqman Allelic Discrimination, SNP by Pyrosequencing, AB SNPlex, SNP GeneChips and Microarrays, MassARRAY MALDI-TOF. Likewise, by application type, the market is divided into the following segments: Breeding and animal livestock, pharmaceuticals and pharmacogenomics, agricultural biotechnology, and diagnostic research.
Furthermore, on the basis of geography, the market has been segmented into: Europe, North America, Asia Pacific, and Rest of the World. Regionally, North America represents the largest market for SNP technologies. A strong demand from the pharmacogenomics and livestock breeding sectors is likely to positively impact the global genotyping and analysis market. However, the highest growth is expected to come from the Asia Pacific region, which has been projected to report a CAGR of 23.1% through the report's forecast period.
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