Global Transcriptomics Market Highlights over 2022 – 2031
The global transcriptomics market is estimated to grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2031. Transcriptomics or RNA analysis, is the study of RNA transcripts in the genome, under specific circumstances. This method is used to manufacture highly potent personalized drugs and treatment methods, to cure complicated and severe cancers, and genetic diseases. The growth of the market can be attributed to the rising prevalence of rare cancers, including leukemia, lymphoma, and others. According to the data by World Health Organization (WHO), cancer is the second leading cause of death worldwide, accounting for nearly one in six deaths. In total, nearly 10 million deaths were caused due to cancer in 2020. Moreover, the growing incidences of cancer amongst children, is another major factor projected to drive the market growth. As per the WHO report, around 400,000 children from 0-19 years are diagnosed with cancer every year. Furthermore, the adoption of genomics in cancer care amongst the medical practitioners is anticipated to encourage the market growth. Likewise, the increasing investment in the research activities, and advancement in the healthcare sector is estimated to boost the market growth.
The market is divided by technology into microarray, real-time PCR, sequencing technology, and others out of which, the real-time PCR segment is anticipated to hold a substantial share in the global transcriptomics market over the forecast period on account of growing use of polymerase chain reaction (PCR) to study the genetic sample.
Based on end-user, the market is segmented into clinical research centers, hospitals, specialty clinics, and others, out of which, the clinical research centers segment is anticipated to gain notable share in terms of revenue during the forecast period, on the back of increasing investment in the medical research and development activities. According to the World Bank data, 2.204% of the global GDP was spent for R&D activities in 2018. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Transcriptomics Market Regional Synopsis
On the basis of geographical analysis, the global transcriptomics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of advancements in the healthcare sector, backed by rising healthcare expenditure across the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the rapidly developing biotech and diagnostic industry in the developed countries. For instance, in the U.S. around USD 100 billion were invested in biotech companies, in 2020. Moreover, the growing prevalence of rare cancers in the region is also estimated to boost the market growth. According to the data by the American Cancer Society, in the United States, about 60,650 new cases of leukemia were reported in 2021, with over 24,000 deaths caused from all kind of leukemia.
The global transcriptomics market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global transcriptomics market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Increasing personalized approach towards treatment of rare diseases is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., CD Genomics, F. Hoffmann-La Roche AG, GenXPro GmbH, Qiagen N.V., Illumina, Inc., The Merck Group, Siemens AG, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, application, end-user, and by region.
The real-time PCR segment is anticipated to hold largest market over the forecast period and display significant growth opportunities.
The low availability of skilled researchers is estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities for growth over the forecast period owing to the advancement in technology in the healthcare sector.
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