Market Trends of SNP Genotyping Industry
This section covers the major market trends shaping the SNP Genotyping Market according to our research experts:
Pharmacogenomics Segment Expected to Witness High Growth Over the Forecast Period
Pharmacogenomics is a field of research that studies how a person's genes affect how someone responds to medications. The significant share of pharmacogenomics is primarily due to the increasing pipeline for personalized medicine and novel drug delivery systems, which extensively exploit SNP in genetic materials for drug development applications. For instance, according to an article published by MDPI, in 2021, the potential of the Estonian personalized medicine initiative was boosted by the Estonian biobank with over 200,000 participants. In the longer term, the plan is to genotype most of the population with a customized genotyping chip that includes Estonia-specific genetic variation, allowing the development of more precise genetic instruments for medical decision-making. Additionally, according to a CDC update, in April 2022, an examination of the Pharmacogenomics database showed significant translation and implementation science growth in the last decade. The number of published studies in these areas increased to 261 in 2021.
Furthermore, according to an article published by Frontiers Media SA in August 2021, SNP-based Pharmacogenomics testing was the most frequently used test in the clinical Pharmacogenomics profiling of individuals. Also, specific genotyping methods mainly utilize different types of SNP-based genotyping approaches, including real-time PCR with TaqMan probes and restriction fragment length polymorphism (RFLP) technique, and gene panel-based genotyping methods such as ADME arrays are used in everyday clinical practice.
Hence, the growing demand for pharmacogenomics is expected to propel the SNP genotyping market in this segment.
North America Expected to Dominate the SNP Genotyping Market Over the Forecast Period
Within North America, the United States is expected to witness significant growth. The continuously increasing burden of chronic diseases in the United States is expected to create demand for genotyping tools and services. For instance, according to the National Center for Chronic Disease Prevention and Health Promotion's Article updated in January 2021, 6 out of the 10 adults in the United States had a chronic disease, and 4 in 10 adults had two or more chronic diseases. Genotyping techniques can be used for the early diagnosis and treatment of chronic diseases. The high burden of chronic diseases is expected to boost the market growth.
Also, in the United States, the healthcare industry is deeply invested in applying innovative solutions, such as genotyping, in enhancing the development of advanced diagnoses for diseases to help in patient care. For instance, according to data from the National Institutes of Health (NIH), cancer genomics received increasingly higher funding. Up to USD 1,116 million in financing was given to it in total in 2021. The abundance of available money is a significant factor driving the market's growth.
Thus, the factors mentioned above are expected to witness significant growth over the forecast period.
