The growth of the single cell analysis market is attributed to the technological advancements in single cell analysis products, increasing investments in cancer research, and rising biotechnology and biopharmaceutical industries in recent years.
Cancer is one of the major causes of death across the world. The disease has witnessed significant growth in the past few decades and is expected to rise rapidly over the forecast period. According to the National Institutes of Health (NIH), in 2018, an estimated 1,735,350 new cases of cancer will be detected in the United States and 609,640 people will die from the disease. Circulating tumor cells are gaining increasing clinical attention since they are likely to enable the monitoring of cancer progression and adjustment of treatment. In such cases, the single cell sequencing analysis has found its application in search of better diagnostic and prognostic biomarkers.
In clinical diagnostics, the single cell analysis is expected to standardize and automate workflows with valuable information for real-time monitoring of cancer and eventually new therapeutic strategies for the benefit of patients. This is expected to lead to more efficient and better analysis. Therefore, increasing investments in cancer research are considered as one of the major driving factors for the market over the forecast period.
Key Market Trends
Research Applications Segment Expected to Grow at Good Rate Over the Forecast Period
The research applications segment held the maximum share, owing to the high prevalence of cancer, and the increasing need for stem cell research, initiatives for early detection of chronic diseases, and increasing awareness regarding commercially available cancer diagnostics. In the research segment, cancer and immunology is of growing interest among the scientific communities. According to cancer.gov, 1.8 million people were estimated to be diagnosed with cancer for the year 2019. With this sort of prevalence of cancers, there is a high requirement of analysis of the cancer cells, which is boosting the market.
Immunology studies aid in the early detection of therapeutic complications including many cancer and hematology based indications and increase the efficiency of the treatment. Furthermore, invasion of the metabolic activities of single cells is increasing the adoption of its analytical tools, thus propelling the growth of the research segment.
North America Region Holds the Largest Market Share of Single Cell Analysis Market
The large share of the North American single cell analysis market is attributed to factors, such as increasing collaborations among prominent players, technological advancements, and expanding biotechnology and pharmaceutical industries. In recent years, several government initiatives have been launched that are supplementing the growth of the single cell analysis market in the region. For example, in 2015, the Precision Medicine Initiative was introduced to revolutionize the treatment of chronic diseases, including cancer.
The Asia-Pacific market is expected to witness the fastest growth during the forecast period, which is attributed to numerous government initiatives undertaken to improve healthcare infrastructure, availability of skilled professionals to operate advanced analytical instruments, and rising healthcare expenditure.
The single cell analysis market consists of several major players. The companies are implementing certain strategic initiatives, such as mergers, new product launches, acquisitions, and partnerships that help them in strengthening their market position. For instance, Illumina Inc. and Bio-Rad Laboratories Inc. entered into a strategic collaboration in 2016, to co-develop a comprehensive solution for single cell genomics.
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