Single cell genome sequencing is a form of nucleic acid sequencing technology that analyzes the genomic sequence derived from a single cell to study its microenvironment as opposed to conventional sequencing technologies that use the mixture of genome isolated from a group of cells. The single cell genome sequencing market is expected to witness significant growth in the upcoming years owing to increasing prevalence of the genetic disorders, growing demand for targeted sequencing technologies, and recent advancement in DNA sequencing technology around the globe. In 2019, the market accounted for USD 1,133.48 million and is expected to reach USD 4,405.78 million by 2028, by registering a CAGR of 16.25% over the forecast period, i.e., 2021-2028.
Regional Growth Highlights during 2019–2028
The single cell genome sequencing market in North America accounted for market share of 42.31% in 2019 and is expected to dominate the market, over the forecast period. The growth in the region can be attributed to the increasing investments towards biotechnology, life-sciences, pharmaceutical, and medical device technologies from government and private entities to maintain the highest quality of services. The U.S. is the major country driving the growth of the market in the region on the back of rising adoption of innovative research practices in the country.
Europe is expected to attain second highest market size by 2028. It has been observed that with the availability of innovative technologies for genomics studies, there has been a rise in demand for effective products and solutions in the region for accurate sequencing of whole genome. Primarily driven by the demand from Germany, UK, France, & Italy, this region is expected to showcase high demand over the forecast period.
The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). CLICK TO DOWNLOAD SAMPLE REPORT
Market Segmentation Synopsis
Based on the product segment, the market is divided into reagents and instruments. Out of these, the instruments segment is presently capturing the largest market and is expected to grow with a CAGR of around 15% over the forecast period. This segment is further segmented into next generation sequencing systems, PCR instruments, microarrays and others, out of which, the next generation sequencing instruments segment is expected to occupy the largest market in the year 2020 by generating a revenue of around USD 450 million.
On the basis of application, the market is segmented into circulating tumor cells, cell differentiation/reprogramming, genomic variation, subpopulation characterization and others. The circulating tumor cells applications segment captured the largest market size of USD 472.61 million in the year 2019 and is expected to grow at a CAGR of 16.37% over the forecast period.
The market is segmented on the basis of end-user into hospitals, clinics, research & academic institutions and biotechnology & pharmaceutical companies. The research & academic institutions segment captured the highest market share in 2019 and is expected to reach a market size of around USD 830 million in 2020. This is primarily attributed to the rise in investment by government and private entities to improve the research capacities for enhancing genomics studies across the globe as part of academic research.
Market Drivers & Challenges
Growing Development in the Next Generation Sequencing Technology
The recent advancement in the Next Generation Sequencing (NGS) technology has created a positive impact on the single genome sequencing market by accelerating the rapid development of the single cell sequencing methods including single cell whole-genome sequencing, single cell whole-exome sequencing, single cell whole-transcriptome sequencing and single cell epigenomic sequencing.
Over the past few years, the single cell genome sequencing has been utilized in various fields of biology, thus raising the demand for the single cell genome sequencing technology. Additionally, the single cell genome sequencing technology offers cell-specific genetic information that cannot be obtained with the help of traditional genome sequencing methods.
Increasing R&D and Healthcare Expenditure
The increasing investment in various international research programs funded by the government as well as other organizations such as the World Health Organization is one of the major factors accelerating the market growth.
Furthermore, the healthcare spending has increased gradually over the years in various countries across the world, owing to the rising geriatric population and prevalence of chronic diseases, increase in the price of healthcare services, and others. Additionally, the increasing investment in the research and development sector is also expected to promote the market growth over the forecast period. For instance, according to the Health System Tracker, in U.S., the amount spent on health had more than doubled to USD 3.5 trillion in 2017 which include amount spent on healthcare and health-related activities comprising expenditures from both public and private funds. The advanced healthcare infrastructure of countries including the United States, Germany, UK, China, and others is also expected to aid the growth of the market.
Poor Healthcare Infrastructure in Low-Income Countries
In low-income countries, due to the low healthcare expenditure and poor healthcare infrastructure, the availability of screening platforms is limited. Such factors combined with low spending on research and development activities in these countries is expected to act as barriers to the growth of the market.
Stringent Government Regulations
There are extensive reimbursement challenges related to single cell genome sequencing procedures in the field of genetics. Several regulatory constraints associated with the development of the single cell genome sequencing technology are further expected to restrict the entry of new players, thus negatively impacting the market growth.
Some of the prominent industry leaders in the global single cell genome sequencing market are Qiagen, F. Hoffmann-La Roche Ltd., Agilent Technologies, Inc., Thermo Fisher Scientific, Illumina, Inc., Bio-Rad Laboratories, Inc., Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., and Novogene Co., Ltd.
Companies are also making various efforts to expand their product range offerings through acquisitions and expanding their regional presence. For instance, Roche Diagnostics underwent the acquisition of Flatiron Health for USD 1.9 billion in 2018. Roche continues to search for better ways to prevent, diagnose and treat diseases through single genome sequencing technique and has introduced a series of products in form of kits and reagents.
Along with bringing new capabilities and unique offerings in their product portfolio, companies are focusing to scale up their position in market and escalate the revenue by creating cost synergies.
Advancements in Next Generation Sequencing (NGS) technology, rising healthcare expenditure and increasing R&D activities are some of the major factors contributing to the growth of the market.
The market is anticipated to attain a CAGR of 16.25% over the forecast period, i.e., 2021-2028.
The major players in the market are Qiagen, F. Hoffmann-La Roche Ltd., Agilent Technologies, Inc., Thermo Fisher Scientific, Illumina, Inc., Bio-Rad Laboratories, Inc., Oxford Nanopore Technologies, Pacific Biosciences of California, Inc., and Novogene Co
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is majorly segmented by product, application, end-user and by region.
The circulating tumor cells applications segment is anticipated to hold largest market size in value and is estimated grow at a CAGR of 16.37% over the forecast period and display significant growth opportunity.
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