Increasing Adoption of Spatial Genomics Techniques for Drug Discovery - Spatial Genomics Market Development
Market growth influenced due to following factors-
- Increasing adoption of spatial genomics and transcriptomics analysis among small companies and startups.
- Expanding applications in biomarker identification and drug discovery & development.
- Increasing investment in biopharmaceutical R&D.
Global market size-
According to the new market research report Spatial Genomics and Transcriptomics Market is projected to reach $404 million by 2025, at a CAGR of 17.8% during the forecast period.
10X Genomics (US), NanoString Technologies Inc. (US), Illumina Inc. (US), and Bio-Rad Laboratories (US) are the prominent players operating in the transcriptomics market. Product launches, collaborations, agreements, expansions, and acquisitions are the key growth strategies adopted by a majority of the leading players in the market to gain a competitive edge in the market.
Top Market Segments-
Spatial genomics & transcriptomics market is categorized into major four product categories, techniques, product, application and end user. Among the techniques, spatial transcriptomics techniques segment is expected to grow at the highest CAGR during the forecast period. Growth in this market segmentis attributed to the increasing demand for and high adoption rate of in situ sequencing techniques.
Based on end-users, the spatial genomics market is segmented into academic & research institutes, contract research organizations (CROs), and pharmaceutical & biotechnology companies. In 2019, the academic & research institutes segment accounted for the largest share of the transcriptomics market.
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Geographic Overview -
In 2019, North America held the largest share of 55.6% of the global market, followed by Europe. The large share of the North American regional segment can be attributed to the presence of well-established as well as emerging market players operating in the spatial genomics and transcriptomics market in this region.