According to a new report published by Allied Market Research, titled, “Transcriptomics Market by Type, Technology, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” 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.
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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.
Covid-19 scenario:
- The Covid-19 pandemic had a positive impact on the market due to increase in production of vaccines and rise in investment to study immune response in Covid-19 infected patients.
- Increase in number of product approvals and new innovations by key players supplemented the market growth yet more.
he factors that drive the growth of the transcriptomics market include advancements in technology and increase in research grants by various institutes. In addition, the potential of RNAs to act as candidate for diagnostic biomarkers and predictors of drug response are anticipated to further drive the demand for transcriptomics globally. Transcriptomics applications earlier were only confined to basic gene expression profiling and other research applications such as to study the quantity of RNA in a biological sample and gene expression. However, it is only after the streamlining of transcriptomics technologies, reduction in technology costs, and rise in awareness about transcriptomics technologies among both scientific intelligentsia and populace that other more prominent transcriptomic applications are reported.
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By application, it is subdivided into drug discovery, diagnosis and disease profiling. The research drug has been ranked number one in the market in 2020 and this trend is expected to continue over the forecast period, due to the number of elite products and the increased use of discovery drugs of drugs.
Moreover, rise in investment in R&D owing to the genome projects is being initiated throughout the world. The UK launched GENE Consortium, a premiere whole genome sequencing program in Europe, which aimed at sequencing up to 100,000 genomes from patients with cancer, rare diseases, and their families from 11 genomic medicine centers. These aforementioned factors fuel the growth of the market. However, lack of skilled professionals impede the market growth. Conversely, presence of untapped market in emerging economies are expected to provide lucrative growth opportunities for the market.
North America accounts for the majority of the global market in 2020 and is expected to hold the leading position during the forecast period. This is due to the advancement of evidence, the advancement of approved equipment, the presence of major players and the development of medical equipment in the region. The Asia-Pacific region is expected to experience significant growth, driven by the growth of new technologies and increased healthcare spending.
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