by Market Overview:
Single cell genome sequencing technology involves isolating single cells and analyzing their genomic material such as DNA, RNA. This helps in studying heterogeneity at single-cell level which was previously impossible with bulk sequencing techniques. Single cell sequencing finds wide applications in cancer research, neuroscience, immunology and stem cell research. It helps understand cell-to-cell variability and discover rare cell types.
Market key trends:
The Single Cell Genome Sequencing Marketis witnessing high growth owing to rising investments in R&D of single-cell analysis techniques by biotechnology and pharmaceutical companies. Growing prevalence of diseases like cancer is fueling demand for precision medicine approaches requiring single cell level understanding of disease. Furthermore, advancement of high throughput single cell sequencing platforms along with declining costs of sequencing reactions is boosting the market. Continued development of computational analysis approaches for large single cell datasets is also augmenting the market growth.
Porter’s Analysis
Threat of new entrants: The threat of new entrants into the single cell genome sequencing market is moderate as it requires high capital investment and long product development cycles. However, the improving sequencing technologies may lower the entry barriers over time.
Bargaining power of buyers: The bargaining power of buyers is moderate in this market. However, large pharmaceutical and biotech companies can negotiate for better prices and additional services.
Bargaining power of suppliers: The bargaining power of suppliers is low given the availability of raw materials and instruments. Suppliers also have less influence over pricing.
Threat of new substitutes: The threat of substitutes is low as there are limited alternative technologies that can offer single cell genomic analysis at scale and high resolution.
Competitive rivalry: The competitive rivalry in the market is high due to the presence of global companies offering differentiated sequencing platforms and services.
SWOT Analysis
Strengths: Growing genomic research activities, technological advances in sequencing platforms, ability to precisely analyze genotype of cells.
Weaknesses: High infrastructure and asset requirement, complexity of data analysis, dearth of skilled workforce.
Opportunities: Increasing R&D investments in precision medicine, collaborations for clinical applications, emerging markets in Asia Pacific.
Threats: Ethical issues related to genomic data usage, stringent regulations, intense competition.
Key Takeaways
The global single cell genome sequencing market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing investments in genomic research and precision medicine. In 2023, the market size is estimated to reach US$ 2.28 Bn.
Regional analysis: North America dominated the single cell genome sequencing market in 2021 due to large biopharma industry and availability of funding for genomic projects in the US. However, Asia Pacific is expected to grow at the fastest pace during the forecast period supported by improving healthcare infrastructure and investments in India, China and Japan.
Key players: Key players operating in the single cell genome sequencing market are Oxford Nanopore Technologies plc (U.K.), 10x Genomics (US), Fluidigm Corporation (US), Pacific Biosciences of California, Inc. (US), Novogene Co. Ltd. (China), Qiagen N.V. (Germany), BGI Genomics Co. Ltd. (China), and Illumina Inc. (US). These companies are focusing on launch of innovative platforms and partnerships with research institutes for wider adoption of single cell sequencing solutions.
Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
