The Allied Market Research published a report on Transcriptomics Market 2021-2030, Interesting fact and figures (CAGR, Global Size, Shares and Revenue with Business Growth Support and Market Value and Volume with Supply Demand Scenario and Pipeline Projects). The transcriptomics market size was valued at $5,790.51 million in 2020, and is estimated to reach $11,397.08 million by 2030, growing at a CAGR of 7.0% from 2021 to 2030.
Transcriptomics is the study of transcriptome, a complete set of RNA, which is known as expression profiling. Transcriptomics encompasses everything related to RNAs. It includes their expression levels, functions, locations, and degradation. Transcriptome analysis enabled the study of how gene expression changes in different organisms and has been instrumental in the understanding of human disease.
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Increase in technological advancements and rise in research grants by various institutes is expected to drive the market growth. In addition, the potential of RNAs to act as candidates for diagnostic biomarkers and predictors of drug response are anticipated to further drive the demand for transcriptomics globally. However, standardization concerns over RNA sequencing and lack of skilled professionals restrict the market growth.
COVID-19 scenario analysis:
1) The COVID-19 impact on the Transcriptomics market is unpredictable and is expected to remain in force till the fourth quarter of 2021.
2) The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned import-export of nonessential items for most of 2021. This led to sudden fall in the availability of important raw materials.
3) Moreover, nationwide lockdowns forced manufacturing facilities to partially or completely shut their operations.
4) Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of reliable and innovative drone analytics systems globally.
Key findings of Transcriptomics market:
- By type, the consumables segment was the highest contributor to the market in 2020.
- By technology, the q PCR segment was the highest contributor to the market in 2020.
- On the basis ofapplication type, the drug discovery segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
North America accounted for a majority of the transcriptomics market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of inflammatory diseases, presence of key players, development of the healthcare sector, presence of numerous transcriptomics products. Asia-Pacific is anticipated to witness lucrative growth, owing to increase innumber of genetic testing and improvementin healthcare infrastructure.
List of Key Players Profiled in the Report:
The major players of the market includes QIAGEN (Exiqon), Thermo Fisher Scientific Inc., Illumina, Inc., Agilent Technologies, GE Healthcare Dharmacon Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Fluidigm Corporation, and Promega Corporation.
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