Single Cell RNA Sequencing Market is Anticipated to Reach a Value of $2,931.3 million in 2031

The single cell RNA sequencing technology is developed to detect genome, transcriptome and other multi-omics of single cells. It has an advantage of analyzing single cells comprehensively that has created unprecedented opportunities for resolving the cell heterogeneity by expanding gene expression. Further, the commercial availability of next generation sequencing and increased focus on single cell analysis along with the maturing bioinformatics approaches has allowed researchers to incorporate the technology in making discoveries. The dramatic improvement within the technology has allowed it for a better usage in embryonic development, cancer biology, and immunology research.

North America represented one of the most attractive markets amongst all the markets in the world for single cell RNA sequencing in 2020. However, Europe is anticipated to gain more market shares in the coming years, which can be attributed to a large number of biotechnology based firms present in the region. Also, the demand for single cell RNA sequencing is higher in European countries. However, India is expected to be the fastest-growing nation globally, with growing affordability and awareness in the region.

The single cell RNA sequencing market is anticipated to reach a value of $2,931.3 million in 2031 from $386.7 million in 2020, witnessing a compound annual growth rate (CAGR) of 17.08% during the forecast period 2021-2031.

Market Growth Drivers

•  Rising Applications of Single Cell RNA Sequencing in Cancer Studies and Treatment

•  Increasing Awareness and Acceptance of Personalized Diagnostics on a Global Level

•  Decreasing Cost of Sequencing

•  Increasing Government Funding for Healthcare

Market Challenges

•  Computational Challenges in Data Analysis of ScRNA Sequencing

•  High Capital Requirement

•  Lack of Infrastructure and Expertise

Market Opportunities

•  Expansion into Emerging Markets

•  Expansion into New Research Application

•  Expansion of the Product Portfoli

Competitive Landscape

By tracking and analyzing the major developments witnessed in the past five years (January 2017- December 2021), the global single cell RNA sequencing market witnessed approximately 23 notable key developments. These included seven product launches, three mergers and acquisitions, nine synergistic developments (partnerships, collaborations, agreements, and business expansion activities), and four business expansion and others. Most of the companies are significantly undertaking product launches and synergistic activities activities to expand their product portfolios and trying to enter untapped markets to increase their global footprint. Therefore, product launches, enhancements, and synergistic activities constitute the dominant contributor’s strategies. The following figure depicts the share of key strategies undertaken by the leading companies in the global single cell RNA sequencing market.

Based on region, North America holds the largest share of the single cell RNA sequencing market due to standardised regulatory scenario and a large number of companies offering such single cell RNA sequencing services and products. Further, substantial investments made by biotechnology companies to improve the manufacturing facilities and advancing sequencing technologies along with the rise in per capita income in the region are also fuelling the growth of the respective market. Apart from this, the Asia-Pacific region is anticipated to grow at the fastest CAGR during the forecast period.

Key Questions Answered in this Report:

•   What are the key applications of single cell RNA sequencing technology?

•   What are the competitor technologies of single cell RNA sequencing technology?

•   What are the major drivers, challenges, and opportunities of the global single cell RNA sequencing market?

•   What are the key developmental strategies implemented by the key players to stand out in this market?

•   Who are the leading companies dominating the global single cell RNA sequencing market? What is the share of these companies in the global single cell RNA sequencing market?

•   What are the regulations pertaining to the global single cell RNA sequencing market? What initiatives are implemented by different government bodies regulating the development and commercialization of single cell RNA sequencing?

•   How is each segment of the global single cell RNA sequencing market expected to grow during the forecast period, and what will be the revenue generated by each of the segments by the end of 2031?

•   How will the industry of global single cell RNA sequencing evolve during the forecast period 2021-2031?

•   What is the market scenario for the global single cell RNA sequencing market in different regions?

•   What are the key trends of different regions in the single cell RNA sequencing market? Which country would contribute to the highest sales of the single cell RNA sequencing market during the forecast period 2021-2031?

•   What has been the impact of COVID-19 on the single cell RNA sequencing market?

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Within the research report, the market is segmented based on product, workflow, application, end-user and region. Each of these segments covers the snapshot of the market over the projected years, the inclination of the market revenue, underlying patterns, and trends by using analytics on the primary and secondary data obtained.

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