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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The 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.
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.
Increased use of drug delivery and rise in genome mapping programs boost the growth of the market. In addition, surge in demand for genetic testing, increased demand for specific genes & various assay technologies, rise in genetic variation, and increased use of personalized medicine are the factors that drive the growth of the market. Thus, rise in development of transcriptomics by key players propels the growth of the market.
The global transcriptomics market is segmented on the basis of type, technology, application, and region. On the basis of type, the market is divided into consumables, instruments, software, and services.
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The consumables segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of product approvals, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of transcriptomics products. Depending upon technology, the market is divided into microarrays, q PCR, and sequencing technology. QPCR segment dominated the market.
North America accounted for a majority of the global transcriptomics market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in production of transcriptomics, increase in number of approvals for transcriptomics products, presence of key players, and development in technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in new technological advancement in the region and growth in health care expenditures.
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