Spatial Genomics and Transcriptomics Market to Reach Valuation of USD 450.1 Million by 2028 - Increase in Demand for Biomarkers for Cancer and Neurological Diseases to Flourish Market

Vantage Market Research

Feb 17, 2022

In terms of revenue, the Global Spatial Genomics and Transcriptomics Market is expected to reach USD 450.1 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 17.1% from 2022 to 2028. The Global Spatial Genomics and Transcriptomics Market growth is attributed to the factors such as increasing adoption of spatial genomics and transcriptomics analysis among small companies and startups as well as increasing investment in biopharmaceutical Research and Development (R&D). However, a lack of awareness about these techniques may hinder the market growth.

Key Findings:

  • Under the product segment, the consumables sub-segment is anticipated to dominate the segment for Spatial Genomics and Transcriptomics Market and grow at a substantial Compound Annual Growth Rate (CAGR). The growth is attributed to the increasing application of spatial genomics and transcriptomics in various fields such as drug discovery & development and biomarker identification.
  • Translational research sub-segment held a market significant share in 2021 of the application segment for Spatial Genomics and Transcriptomics Market. Increasing use of spatial genomics and transcriptomics to determine high-throughput data on the organizational structure of cell content from tissue and cell species is propelling market growth.
  • North America is the largest regional segment. The market growth in the region is attributed to, an increased focus on transcriptomics R&D, as well as the presence of major players in the region.

Some of key players in Spatial Genomics and Transcriptomics Market include - 10x Genomics, SPATIAL TRANSCRIPTOMICS, NanoString Technologies, Inc., Dovetail Genomics, S2 Genomics, Inc. are the major companies operating in Spatial Genomics & Transcriptomics Market..

In the past decade, infectious as well as chronic disease prevalence across the globe has increased significantly. Whereas, an outbreak of the COVID-19 pandemic has witnessed a steep growth in disease prevalence numbers. Thus, surging the need for advanced technologies for drug discovery and development. According to World Health Organization (WHO), nearly one in six deaths or around 10 million death worldwide are consequences of cancer. Whereas, about 422 million people worldwide are suffering from diabetes. In 2019, diabetes was the ninth leading cause of death with an estimated 1.5 million deaths directly caused by diabetes. As there is no precise treatment/cure available for diabetes and cancer, the need for new treatment and advanced technologies for drug discovery and development is increasing. As Genomics and transcriptomics are major tools for accelerating drug discovery & development processes, consequently, increasing the Spatial Genomics and Transcriptomics market growth over the forecast period.

North America is expected to emerge as potential market for Spatial Genomics and Transcriptomics Market. The market growth is attributed to the presence of major players such as 10X Genomics, NanoString Technologies Inc., Illumina Inc., Bio-Rad Laboratories in the region. Additionally, the rising number of people suffering from chronic diseases, as well as increasing investment in the R&D sector is further propelling the market growth in the region over the forecast period.