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SNP Genotyping and Analysis Market Valuation Will Reach US$ 9.48 Bn by the end of 2019

08-28-2018 08:58 AM CET | Health & Medicine

Press release from: Transparency Market Research

Transparency Market Research

Transparency Market Research

Due to the existence of a large number of players in domestic markets and few leaders at the global level, the global SNP genotyping and analysis market sees intense competition in two distinct arenas. Global players are entering into long-term contracts with hospitals to ensure that they have access to a captive market. This strategy has also proven useful in consolidating their position at the regional level. The top three companies, Life Technologies, Illumina Inc., and Affymetrix held approximately 66.4% of the global market in terms of revenue in the 2012

Moreover, with large companies entering into long term contracts with hospitals, smaller companies are focusing on the upgradation of their portfolio and competitive pricing to stay both relevant and competitive.

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Rising Demand from Breeding and Livestock Sector to Drive Demand for Genotyping Market

International organizations such as the WHO and UN Food and Agriculture Organization have recorded an increase in the level of meat and dairy consumption worldwide. There has been a considerable rise in meat consumptionin countries such as India where the population of vegetarians is more in comparison to non-vegetarians. . The rise in demand for meat has compelled researchers and institutions to invest in research and development activities to maintain a certain level of hygiene in meat and dairy products. The hygiene level can be maintained in meat and dairy products by a regular SNP analysis of animal livestock. The rise in this activity is expected to drive the demand for SNP genotyping in the upcoming years.

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Lack of Reimbursement Policies to Hamper Adoption of SNP Genotyping

The average cost of genotyping and DNA sequencing test is reported to be between US$1,000 and US$3,000. Moreover, insurance policies do not cover the expenses occurred by the patients for these tests, making them unaffordable for many people. The lack of proper reimbursement policies will thus hinder the market growth. The pending approvals by the FDA due to a lack of evidence for proving the tests’ accuracy is also likely to hinder the market growth.

Players in the global SNP genotyping and analysis market are anticipated to gain opportunities in developed and developing countries due to the increasing demand for affordable genotyping services. As a result of this, companies are working towards decreasing the cost of sequencing making it fall within the reach of the average consumer. The increasing awareness among consumers to understand their genetic makeup s projected to provide future growth prospects to market players.

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However, imperfect tools and protocols resulting in large redundant data and inaccurate results can hamper the market growth to some extent.

In spite of all these factors, the global SNP genotyping and analysis market is projected to grow at a CAGR of 21.80% between 2013 and 2019. The global SNP genotyping and analysis market is estimated to reach US$9.48 bn by the end of 2019 from a market worth US$4.30 bn in 2015. Asia Pacific is projected to witness the highest growth by 2019 with a CAGR of 23.1%. The diagnostics application segment is expected to maintain its lead in the market with an overall global share of 22.7% by 2019.

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