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Single-Cell Genome Sequencing Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Single-Cell Genome Sequencing Market
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According to The Business Research Company's, The single-cell genome sequencing market size has grown rapidly in recent years. It will grow from $2.17 billion in 2023 to $2.47 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to increased understanding of genetic heterogeneity, rising demand for precision medicine, increased cancer research, growth in prevalence of infectious diseases, increased healthcare spending.
The single-cell genome sequencing market size is expected to see rapid growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to increasing prevalence of autoimmune diseases, increasing neurological disorders, increasing government initiatives and funding, rise of contract research organizations (cros), increasing awareness of scrna-seq's potential. Major trends in the forecast period include advancements in single-cell sequencing technologies, development of single-cell multi-omics technologies, collaborative initiatives to accelerate advancements, innovative solutions, key players' partnerships.
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Market Drivers and Trends:
Increasing the prevalence of cancer is expected to propel the growth of the single-cell genome sequencing market going forward. Cancer is a broad category of illnesses where aberrant cells develop and divide out of control. It results from changes in the genes that regulate cell division and control the normal functioning of cells. Cancer is a disease characterized by genetic alterations, and single-cell genome sequencing can help uncover the genetic changes that occur in individual cancer cells. For instance, in January 2023, according to the American Cancer Society, a US-based cancer-fighting organization, there were around 1.9 million new cancer cases and 609,360 cancer deaths in the US in 2022. Further, approximately 27.5 million new cancer cases and 16.3 million cancer deaths are estimated to occur by 2040. Therefore, the increasing prevalence of cancer is expected to propel the growth of the single-cell genome sequencing market.
Technological advancements are a key trend gaining popularity in the single-cell genome sequencing market. Major companies operating in the single-cell genome sequencing market are focused on developing technologically advanced solutions to strengthen their position. For instance, in May 2023, Mission Bio Inc., a US-based single-cell multi-omics platform integrating genotype and phenotype for cancer research and biomarker development, introduced Tapestri Genome Editing Solution, a new end-to-end product for the analysis of genome editing. The novel method is anticipated to serve as a more effective analytical tool for developing next-generation gene-edited drugs by enabling single-cell insights that can change efficacy and safety.
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Major Key Players of the Market:
F Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., DH Life Sciences LLC., Becton Dickinson And Company (BD), Agilent Technologies Inc., Illumina Inc., Bio-Rad Laboratories Inc., QIAGEN GmbH, Bio-Techne Corporation, BGI Genomics Co. Ltd., Fulgent Genetics Inc., 10x Genomics Inc., Promega Corporation, Takara Bio Inc., Oxford Nanopore Technologies PLC, Pacific Biosciences of California Inc., Standard BioTools Inc., Singleron Biotechnologies, MGI Tech Co. Ltd, GENEWIZ Inc., Mission Bio Inc., Zymo Research Corporation, Menarini Silicon Biosystems SpA, Novogene Co. Ltd., RareCyte Inc., Fluxion Biosciences Inc., Single Cell Discoveries B.V., Parse Biosciences Inc., BioSpyder Technologies Inc., SeqWell Inc.
Single-Cell Genome Sequencing Market 2024 Key Insights:
• The single-cell genome sequencing market size is expected to see rapid growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Rising Cancer Prevalence Drives Growth In Single-Cell Genome Sequencing Market
• Technological Advancements Drive Innovations In Single-Cell Genome Sequencing Market
• North America was the largest region in the single-cell genome sequencing market in 2023
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