Transcriptomics Market refers to the field of study and market sector focused on the analysis of the entire set of RNA transcripts produced by the genome of an organism at a specific point in time, tissue or cell type, or under certain conditions. It involves the use of advanced technologies such as microarrays, next-generation sequencing, and quantitative PCR to quantify and characterize the expression levels, alternative splicing patterns, and post-transcriptional modifications of RNA molecules.
The applications of transcriptomics include drug discovery, biomarker identification, disease diagnosis, and personalized medicine, among others. The market for transcriptomics products and services includes research reagents, instruments, software, and services provided by companies, academic institutions, and contract research organizations. The transcriptomics market was estimated at US$ 5.8 billion in 2021 and is expected to grow at a CAGR of 6.8% during 2022-2028 to reach US$ ~11.40 billion in 2028.
Based on product type, technology, application, and geography, the market has been divided into segments. Consumables, instruments, and others are a few of the market segments for transcriptomics that have been created based on product type. The instruments segment is expected to grow at the fastest rate owing to high technological advancements.
The transcriptomics market has been divided into microarray, real-time quantitative polymerase chain reaction (q-pcr), sequencing technologies categories based on technology.
Based on application, the transcriptomics market has been divided into diagnostic and disease profiling, drug discovery, and others segments. The market's largest category is anticipated to be drug discovery segment. The main instrument for hastening disease diagnosis procedures is transcriptomics. There is a demand for better technology for diseases and diagnostics due to the fast rising global burden of chronic diseases including cancer and diabetes. For instance, the GLOBOCAN 2020 report states that there were around 19.2 million new cases and 9.9 cancer-related deaths worldwide. This rapidly expanding patient base will probably have a beneficial impact on the segment's expansion.
The transcriptomics market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America is anticipated to be the transcriptomics market's largest region. It is anticipated that the leading market players' new releases, product approvals, partnerships, and acquisitions would help the nation's market grow. For instance, a multi-year agreement was entered into in January 2022 between Illumina Inc. and Nashville Biosciences LLC, a division of Vanderbilt University Medical Center (VUMC), to expedite the development of drugs through the use of next-generation sequencing and the creation of a clinical-genomic resource. These collaborations are anticipated to fuel the regional transcriptomics market's expansion.
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In conclusion, the transcriptomics market is a rapidly growing field that is poised to make significant contributions to our understanding of gene expression and its role in health and disease. The demand for personalized medicine is driving the development of new technologies and applications in transcriptomics, such as single-cell sequencing, long-read sequencing, and bioinformatics tools for data analysis and interpretation. However, the high cost of sequencing and data analysis remains a significant challenge for many researchers and companies in the transcriptomics market.
As the field continues to advance, it is important to address these challenges in order to make transcriptomics more accessible and affordable for a wide range of applications and users. Overall, the transcriptomics market represents a promising area of research and development with significant potential to drive innovation and improve healthcare outcomes in the years to come.