The global transcriptomics market is expected to witness robust growth owing to an increasing number of global companies attempting to tap into the vast potential of this market. With an increasing number of companies attempting to establish synergies in order to enter the market and an increasing number of products acquiring approvals from regulatory bodies, this market will witness tremendous dynamicity.
In 2020, the global transcriptomics market for drug discovery and development was valued at $1.35 billion, which is expected to reach $10.28 million by 2031, growing at the CAGR of 20.22% during the forecast period, 2021-2031.
Growth in this market is driven by increasing awareness toward the application of NGS and RNA-sequencing in transcriptomic research, increase in adoption of personalized medicine, and continuous advancement in the products for transcriptomics research. In addition, an overall rising disposable income in the region is also leading to higher adoption of novel healthcare technologies, thereby bolstering the market for genetic testing. On the other hand, high cost and maintenance of next-generation sequencing and RNA-sequencing platforms and lack of tools for computational analysis are expected to limit market growth in the coming years.
However, significant challenges restraining the market growth include high cost and maintenance of next-generation sequencing and RNA sequencing platforms and lack of tools for computational analysis. Transcriptomics approach has been able to decipher the mechanism of complex bulk tissue, giving us a deep understanding of heterogeneous cell populations. With the co-analysis of molecules, such as RNA, and protein, at the single-cell level, the researchers can unearth the regulation mechanism associated with RNA transcription and protein translation.
Several companies, including global leaders such as Illumina Inc and QIAGEN, and various regional companies such as Akoya Biosciences, Inc., and Dolomite Bio, are focusing on the development of RNA-sequencing analysis to enable better diagnosis and monitoring of diseases.
Fastest-Growing Region in the Global Transcriptomics Market
In conjunction with the ongoing efforts in the U.S. and Europe, the study of genomics and its sequencing application within the pharmaceutical sector has become an increasingly active and global initiative in Asia-Pacific.
With a large geographic area and substantial ethnic, cultural, and genetic diversity, the region has become a focus area for a growing number of genomic and sequencing studies, which is significantly increasing the adoption of robust software solutions for data analysis to derive clinical and research insights. In addition, there have been significant concerns regarding the under-representation of Asia-Pacific (APAC) populations in the global transcriptomics market, further attracting global focus upon the region.
Key Competitors in the Global Transcriptomics Market
For the years 2019 and 2020, the market share of the global transcriptomics market was calculated on the basis of the views of industry experts, product portfolios, and competitive strategies followed by manufacturers. The market dominance was attributed to the company’s role of RNA sequencing in manufacturing. Moreover, the company’s offerings specifically cater to academic and research institutions, which further bolstered its dominance in the market.
The companies clubbed under the “other companies” category primarily include the emerging companies that have mushroomed in the industry. These companies have come into the forefront owing to massive investments from capital ventures and legacy companies in the healthcare industry due to their unique positioning in the market. Companies such as Acea Biosciences Inc RareCyte, Inc. Dolomite Bio., and Menarini Silicon Biosystems have all been instrumental in propelling the growth of the global transcriptomics market.
Key Growth Strategies in the Global Transcriptomics Market
Product launch activities in the market have witnessed an overall growth trend, largely attributable to increased interest in all regions. The market witnessed approximately 96 significant key developments between January 2018 and August 2021.The number of merger and acquisition activities also grew steadily during January 2018-August 2021.
This growth is attributed to large players acquiring mid-sized players with dedicated manufacturers to provide next-generation sequencing.
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