The global Single Cell analysis market is expected to reach USD 5.0 billion by 2024, according to a new report published by Grand View Research, Inc. The rising adoption of Single Cell analysis tools owing to the improving healthcare scenario is fueling the growth of the market.
The continuous efforts in the R&D sector of the healthcare industry are resulting in the wide applicability of the Single Cell analysis technologies in the different disease areas, as a widespread diagnostic tool to address the complex heterogeneity observed in cells. Introduction of stem cell therapies and non-invasive techniques for prenatal analysis are some of the examples of the applications of the Single Cell analysis techniques. On the contrary, the high-cost and long shelf-life of the instruments is challenging the growth of the market.
In addition, the increasing pool of individuals suffering from target diseases, such as cancer, and neurological disorders, rising per capita income, and the government initiatives to encourage the R&D in healthcare sectors are augmenting the demand for Single Cell analysis in the developing countries. The extensive demand for non-invasive techniques for prenatal diagnosis to prevent the immunological and genetic disorders in fetuses is fueling the demand for Single Cell tests in the market. The penetration of advanced therapeutic tools for the treatment of chronic diseases, such as cancer related to the malfunctions of the Single Cells is proving to be a boon for the global market. Moreover, the adoption of stem cell therapy for treatments related to bone marrow transplants, hair regeneration, and other health-related issues is widening the scope of the Single Cell analytical technologies globally.
Geographically, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA). North America accounted for the largest market share and was followed by Europe in 2015.Well-developed healthcare and R&D infrastructure and the availability of skilled labor are pushing the adoption of Single Cell analysis in these regions.
AsiaPacificis expected to show the fastest growth rate during the forecast period. Factors, such as the booming medical tourism, availability of advanced healthcare treatments, and the availability of skilled healthcare professionals at a lower cost are some of the factors anticipated to accelerate the adoption of Single Cell analysis in the Asia Pacific region. Moreover, the increasing government expenditure for clinical research activities and the improvement of healthcare infrastructure are boosting the growth of the market. As a result, the Asia Pacific market is anticipated to capture around 21% of the global share during the forecast period.
Players are implementing strategies, such as partnerships, collaborations, and mergers to expand their market share. The collaborative agreement between Illumina, Inc. and Bio-Rad Laboratories, Inc. is one such example of the strategic endeavors undertaken by the market players.
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Further key findings from the study suggest:
- The consumables segment accounted for the largest market share and is expected to maintain its dominance owing to the repeat purchase of reagents, assay kits, beads, and microplates
- The instruments market segment is expected to show significant growth during the forecast period
- The applications segment of the market is further divided into cancer, neurology, immunology, prenatal diagnosis, and in-vitro fertilization. Increasing prevalence of the target diseases is propelling the growth of the market.
- North America captured the largest market share of around 38% in 2015 and is estimated to maintain its dominance throughout the forecast period. Speedy adoption of analytical techniques and the rising R&D efforts in the field of diagnostics are the major factors contributing to the largest market share of North America in the global market. The AsiaPacific region is expected to show significant growth from 2016 to 2024 due mainly to the flourishing clinical research sector, medical tourism, and the high government healthcare expenditure in the region.
- The major market players in this market include but are not limited to Thermo Fisher Scientific, Inc., Illumina, Inc., Qiagen N.V., Bio-Rad Laboratories, Inc., Merck Millipore GmbH, Beckman Coulter, Inc. (U.S.),Becton, Dickinson and Company (U.S.)
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About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.