Global Single Nucleotide Polymorphism (SNP) Genotyping Market to Reach $11.5 Billion in 2019
(PRWEB) October 15, 2014
Wellesley, Mass., October 14, 2014 – BCC Research (http://www.bccresearch.com) reveals in its new report, SINGLE NUCLEOTIDE POLYMORPHISM (SNP) GENOTYPING: TECHNOLOGIES AND GLOBAL MARKETS, the global single nucleotide polymorphism (SNP) genotyping market is expected to grow to more than $11.5 billion by 2019, with a five-year compound annual growth rate (CAGR) of 21.9%. The Asia-Pacific region is anticipated to move at a significant 24.1% CAGR.
SNPs, the most widely used form of genotyping around the world, help in understanding the correlations between genotype and behavior exhibited by a living organism. While generally used as a tool for identifying genomic variations, increasing applications of SNPs in numerous areas are expected to drive its future market. However, diagnostics and pharmacogenomics remain the most attractive application areas for the technology.
North America, the largest regional market, is predicted to reach $4.9 billion in 2019 and register a healthy CAGR of $21.8%. Increasing commercial research in animal breeding, livestock, personalized medicine and data services are major contributors to this increase.
However, the Asia-Pacific region, which was valued at just $627.9 million in 2013, is the fastest moving market with the expectation to jump to nearly $2.3 billion by 2019. Consequently, driven by countries like India and China, the global SNP genotyping market is expected to maintain its growth through increasing demand from emerging economies.
"In addition to being used in diagnostics and pharmacogenomics, SNP genotyping has been gaining acceptance in the agriculture industry," said BCC Research biotechnology analyst Vijay Laxmi. "Increasing number of R&D activities for its usage in crops such as wheat, oat, rice and corn/maize is expected to hold immense opportunities for market participants over the next couple of years and is believed to drive the market for SNP genotyping."
SINGLE NUCLEOTIDE POLYMORPHISM (SNP) GENOTYPING: TECHNOLOGIES AND GLOBAL MARKETS provides an overview of the global SNP genotyping market. It includes analyses of global market trends, with data from 2013, estimates for 2014, and projections of CAGRs through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
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