Why Does Europe Dominate Single-Cell Analysis Market?
A number of factors such as the mounting healthcare expenditure, booming geriatric population, and surging incidence of infectious diseases and cancer are expected to drive the single-cell analysis market at a CAGR of 18.1% during the forecast period (2016–2022). Moreover, the rising technological advancements in the domain of single-cell analysis and escalating focus of patients and medical professionals on personalized treatments will also contribute to the market growth in the foreseeable future.
The increasing prevalence of cancer and infectious diseases is one of the major growth drivers for the market. According to the World Health Organization (WHO), 18.1 million new cancer cases were recorded in 2018, and the number of new cancer cases will reach around 29.4 million by 2040. As per the organization, 1 in 6 deaths is caused due to cancer worldwide. The WHO further estimates that by 2030, nearly 7.3 million human lives will be lost due to this life-threatening disease.
In recent years, the soaring number of product launches, collaborations, and partnerships has become a key trend in the single-cell analysis market. Key market players, such as Bio-Rad Laboratories Inc., Fluidigm Corporation, Dickinson and Company, Merck KGaA, and Fluidigm Corporation, are constantly engaging in partnerships and collaborations to expand their geographical presence and develop new and innovative products. For instance, in August 2016, Illumina Inc. entered into a partnership with FlowJo LLC to develop and co-market an analysis software for single-cell next-generation sequencing (NGS) data.
Geographically, Europe accounted for the largest share in the single-cell analysis market between 2012 and 2015, and it is expected to retain its dominance throughout the forecast period as well. This can be attributed to the rising healthcare expenditure, improving healthcare infrastructure, and surging prevalence of chronic and infectious diseases in the region. Besides, the booming geriatric population will also propel the market growth in the region in the coming years.
Thus, the rising cases of cancer and infectious diseases and mounting healthcare expenditure will supplement the market growth in the foreseeable future.
Source: P&S Intelligence