Spatial Genomics & Transcriptomics Market to Generate Revenue worth $1,348.5 Million by 2030
- Published: February 2024
The global spatial genomics & transcriptomics market will generate USD 1,348.5 million revenue by 2030, advancing at a CAGR of 18.2% during 2024–2030. The key factor driving the growth of the market is rising use of spatial omics for the diagnosis of diseases and drug discovery & development.
Moreover, the rising prevalence of cancer drives the market growth, because scientists are rapidly adopting these technologies for its detection, for their accuracy and fast results. Furthermore, the development of effective, portable, and simple-to-use next-generation sequencing (NGS) platforms with shorter turnaround times has been made possible by the advancements in sequencing technologies.
Overall, the advance of the market is driven by the rising prevalence of infectious and neurodegenerative diseases, which is why researchers are taking initiatives to find novel biologics. This is why scientists are adopting these technologies for genome sequencing and accurate cell profiling.
Academic and Research Institutes Are Expected To Hold Largest Share
On the basis of end user, the academic and research institutes category accounted for the largest market share, of 40%, in 2023, and it will maintain its dominance in the future. This is due to the fact that spatial genomic studies are being performed more frequently in academic research facilities for a thorough analysis of various disorders. Moreover, the use of these techniques has given new opportunities to study the dynamics of gene expression to university researchers. Further, the collaboration among market players and universities for the development of novel approaches to curing chronic disorders through genetic medicines drives the market.
Furthermore, this approach is important for academic researchers looking at the morphological status of cells for genetically derived disorders, including cancer, diabetes, and Alzheimer’s. As a result, spatial genomics & transcriptomics have found application in huge research initiatives, such as the Human Cell Atlas.
Geographically, the APAC is predicted to have the highest CAGR over the forecast period. This is due to an increase in the investment by both domestic and overseas businesses in region in life science research, increasing prevalence of chronic and infectious diseases, growing geriatric population, and advancing healthcare infrastructure, driven by government initiatives to improve public health. Moreover, the use of this technique in the development of new drugs, personalized medicine, and molecular diagnostics has sparked many research-based pharmaceutical companies’ interest in developing novel drugs.
China will continue to be the largest market in the APAC region, driven by the surging chronic disease incidence, advancing technologies, and launch of cell therapies for different types of cancer.
Some of the major market players are NanoString Technologies Inc., 10x Genomics Inc., Illumina Inc., Bio-Rad Laboratories Inc., PerkinElmer Inc., Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Cantata Bio LLC, S2 Genomics Inc., Natera Inc., and Seven Bridges Genomics Inc.