PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497729
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1497729
Key Highlights
The spatial genomics & transcriptomics market was valued at USD 420.5 million in 2023, and it will rise to USD 1,348.5 million, powering at an 18.2% compound annual growth rate, by 2030.
This development is mainly because of the rising demand for these technologies for clinical diagnostics, carrier screening, and drug discovery, and the surging occurrence of genetic disorders.
Over the years, the main applications of spatial genomics and transcriptomics have shifted from research to drug discovery & development.
Now, spatial methods are being employed to enhance the understanding of cancer, neurological illnesses, and infections.
The need for predictive biomarkers of response, which are a key unmet clinical requirement of cancer patients, is also likely to be addressed by these technologies.
By improving the knowledge of the tumor microenvironment, these biomarkers assist in developing immunotherapies.
With the rising research activities in life sciences, the total pipeline activity in terms of underdevelopment drugs as well as clinical trials has increased.
Governments are funding in life sciences research & development projects because of the increasing incidence of chronic and infectious illnesses, which require efficient treatments.
Life sciences research undertakings are getting exceptional investment and resulting in scientific improvements like never before, with which substantially more medications than before have made it to the industry in the last few years.
Market Insights
North America was the largest contributor to the industry in 2023, with around 45% share, and it is likely to further propel at a robust rate in the coming years.
This is because of the significant R&D activities in the biotechnology and pharmaceutical industries, along with the increasing risk of chronic illnesses in this continent.
This expansion is also because of the presence of reputable healthcare organizations and a robust government emphasis on the development of R&D facilities in this continent.
APAC will propel at the fastest rate in the years to come. This will be because of the rising investment from both global and domestic firms in this region in life science research, and the surging incidence of infectious and chronic diseases.
The drug discovery category will advance at a faster CAGR, of approximately 20%, in the coming years.
The broad biotech and pharma research on track for the finding of new drugs and the increasing number of partnerships between the academic institutes and industry players for drug development.
Diagnostics and illness profiling will propel at the highest compound annual growth rate in the coming years. This is because of the development of specialized software and tools for diagnostics.
The consumables category led the industry in 2023, with a 60% share, and it will remain leading throughout this decade.
The increasing utilization of kits, reagents, and various other consumables for many associated applications further boost this category expansion.
The academic and research institutes category was the largest contributor in 2023, with a 40% share, and it is likely to continue this trend throughout this decade.
This can be because spatial genomic studies are being conducted more often in academic research facilities for a comprehensive analysis of different illnesses.