In terms of revenue, the Global Single Cell Analysis Market is expected to reach USD 4.18 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 15.1% from 2022 to 2028. Cancer is considered to be one of the major causes of death around the world. This disease has had significant growth in the past few decades, and it is rising rapidly over the forecast period. In 2020, according to the World Health Organisation (WHO) an estimated 21 million new cancer cases were diagnosed worldwide, with nearly 15 million fatalities. The market growth is attributed owing to the technological advancements in single-cell analysis research, rising investments in cancer research, and growing pharmaceutical industries in recent years.
- The research application sub-segment is anticipated to dominate the segment for Single Cell Analysis Market and growing at a substantial Compound Annual Growth Rate (CAGR). This is owing to the increase in the prevalence of cancer, and the demand for stem cell research, the inventiveness for early detection of chronic diseases, and awareness for commercially available cancer diagnostics and precision medicine are some factors driving the segment growth.
- The academic and research laboratories segment is accounted for the largest market share in 2021. The need for research and development in the Single Cell Analysis area is majorly contributed by the research institutions and academic facilities.
- North America is the largest regional segment. This surge is attributed to the rising demand of Single Cell Analysis research in developed economies such as the U.S. and Canada. This region dominated owing to its abundance availability of skilled research professionals and the highest number of scientific research institutions.
Some of key players in Single Cell Analysis Market include - Bio-Rad Laboratories Inc. (US), Illumina Inc. (US), Beckman Coulter Inc. (US), Danaher Corporation (US), Becton (US), Dickinson and Company (US), Fluidigm Corporation (US)..
The use of single-cell analysis in the research of SARS-CoV2 viral infection is gaining importance during the COVID-19 pandemic, which is expected to significantly impact the studied market growth. Some of the key technological advancements in the medical sector by Single Cell Analysis to overcome cancer are fueling the growth of the market. Circulating tumor cells are also gaining increasing healthcare attention since they are likely to enable the monitoring of cancer progression and adjustment of treatment. In such cases, single-cell sequencing analysis has found its application in search of better diagnostic and prognostic biomarkers. These enhanced advancements are expected to generate revenue for the Single Cell Analysis Market.
North America is expected to dominate the Global Single Cell Analysis Market in 2021 and is likely to continue the same trend during the forecast period. An increase in government initiatives and support for Single Cell Analysis is likely to generate demand in this region. Increasing Research and Development (R&D) facilities in countries such as U.S. & Canada are further adding spotlight on the development of Single Cell Analysis. Significant improvements in the healthcare infrastructure, especially in the developing economies, are providing a thrust to the Single Cell Analysis Market growth.
For instance, in 2018, the National Institute of Health (NIH) began the common funding named Human Biomolecular Atlas Program (HuBAP) for preparing a dataset with the molecular profiles of proteins that can help in the identification of certain kinds of cells. This further can be used to predict the relationship and interactions between healthy and tumor samples.