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How Big Is 10x Genomics' Total Addressable Market?

By Keith Speights - Apr 3, 2021 at 9:01AM

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Hint: It's large -- and growing fast.

10x Genomics (TXG 11.91%) generated sales of nearly $300 million in 2020. The genomics company's market cap now stands at close to $20 billion. But 10x is just getting started. In this video recorded on March 11, 2021, Motley Fool contributor Keith Speights talks with 10x Genomics CEO and co-founder Serge Saxonov about just how big the company's total addressable market could be.

Keith Speights: What is your total addressable market? I know that your acquisitions have actually increased your total addressable market, right?

Serge Saxonov: Yeah, they have. It's a good question. That's a question that's always a little challenging to answer. The reason it's challenging is because we're not replacing any particular previous technology.

We are seeking to address all of the life science research market and ultimately much of clinical diagnostics in the future. We're drawing customers and dollars right now from all across the life science research tools market. That total market right now is about $60 billion and it's growing in a pretty rapid clip as more investment in research and biological research is happening.

When you think about clinical diagnostics, that's a market potentially quite a bit larger than that, especially as we think about all new therapeutics that are going to be coming online that will entail also diagnostics to determine which drugs to give to which patients when. All these technologies, now if you think in terms of either near term or the large term, is really massive opportunities here in front of us.

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