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 $2,929.7 million in 2031 from $650.0 million in 2020, witnessing a CAGR of 14.48% during the forecast period 2021-2031. North America holds the largest share of the single cell RNA sequencing market due to standardised regulatory scenario and a large number 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.