Growing data analytics capabilities is anticipated to open up new avenues for Single Cell Genome Sequencing Market

Purvaja Jadhao

posted on 10 months ago — updated on 1 second ago

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The Single Cell Genome Sequencing Market is estimated to be valued at US$ 2.28 Bn or billion in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Growing data analytics capabilities is anticipated to open up new avenues for Single Cell Genome Sequencing Market

Market Overview:
Single cell genome sequencing is a next-generation sequencing technique that allows the study of DNA and RNA at single-cell resolution. It helps to understand genetic diversity, analyze rare cell types, and detect mutations at single-cell level. It plays a key role in various applications such as understand embryo development, cancer evolution, neurobiology, immunology and many more.

Market Dynamics:
Technological advancements in single cell sequencing technologies and reduction in genome sequencing costs are major drivers propelling growth of the market. Researchers and scientists are increasingly focusing on developing advanced, accurate and cost-effective single cell sequencing technologies. For instance, in 2018, researchers from the Wellcome Sanger Institute developed a novel single-cell sequencing technique called SCRB-seq which allows whole genome sequencing at very low cost. In addition, increasing R&D investments by both government as well as private sectors is another factor fueling demand for advanced genomic analysis tools including single cell genome sequencing.

Segment Analysis

Single Cell Genome Sequencing Market can be segmented based on product and services, application, and end user. Based on product and services, the market is segmented into instruments, reagents, and services. The instruments segment dominates the market owing to continuous upgrade and requirement of advanced instruments for maximizing accuracy and efficiency in sequencing.

PEST Analysis

Political: Governments across many countries are supporting various initiatives to promote precision medicine, which is positively impacting the growth of the market.

Economic: Advanced technologies such as single cell genome sequencing help reduce healthcare costs associated with treatment and diagnosis. This factor is driving greater government funding for research.

Social: With growing incidence of chronic diseases and rising focus on customized treatment, demand for advanced genome analysis at single cell level is increasing among consumers.

Technological: Continuous advancement in sequencing platforms, automation, and data analysis tools is enhancing throughput and efficiency of single cell genome sequencing. This is helping market players develop new applications.

Key Takeaways

The global Single Cell Genome Sequencing market is expected to witness high growth, exhibiting 14% CAGR over the forecast period, due to increasing demand for precision medicine and custom treatment. The market size is projected to reach US$ 16.05 Bn by 2030 from US$ 2.28 Bn in 2023.

North America dominates the market currently owing to presence of majority key players and availability of advanced healthcare facilities. Asia Pacific is expected to witness fastest growth fueled by rising disease burden, increasing healthcare expenditure, and growing focus on genomics research in countries like China and India.

Key players operating in the Single Cell Genome Sequencing market are Oxford Nanopore Technologies plc (U.K.), 10x Genomics (U.S.), Fluidigm Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), Novogene Corporation (China), Takara Bio Inc. (Japan), and Fluidigm Corporation (U.S.) among others. The companies are focused on developing new applications by leveraging advanced sequencing platforms.