According to Future Market Insights, the transcriptomics technologies market is estimated to secure a valuation of US$ 6.5 billion in 2023 and is estimated to rise to US$ 12.4 billion by 2033. As per the report, the market is anticipated at a CAGR of 6.7% during the forecast period. The factors accelerating the demand for transcriptomics technologies are as follows-
Expected Market Value of Transcriptomics Technologies in 2023
US$ 6.5 billion
Projected Market Value of Transcriptomics Technologies in 2033
US$ 12.4 billion
Growth Rate of the Transcriptomics Technologies Market (2023 to 2033)
CAGR of 6.7%
The transcriptomics technologies market is expected to witness steady growth during the forecast period. Increased demand for transcriptomics technologies in pharmaceuticals for developing a targeted and personalized drug for the identification of disease-specific biomarkers is expected to boost the demand for the market.
Moreover, the increased investment in research and development activity and improved healthcare infrastructure are likely to drive the transcriptomics technologies market during the forecast period. The increased application of SAGE and amplification of nucleic acid will augment the growth of the transcriptomics technologies market.
North America accounts for the largest market share of the transcriptomics technologies market owing to the increased technological innovations and increased drug discovery procedures performed by the healthcare sector. The presence of leading market players like Thermo Fisher Scientific and Agilent Technology drives the market growth in North America. Also, the increased government funding for genomic research in the region is expected to drive the transcriptomics technologies market during the forecast period.
Europe is expected to account for the highest market share of the transcriptomics technologies market during the forecast period. The key players in the region are investing in R&D activities which provides an opportunity for market growth.
The transcriptomics technologies market in the Asia Pacific is expected to grow during the forecast period owing to the technological innovation in pharmaceuticals & biotechnology in developing nations like India and China drives the growth of the transcriptomics technologies market in the region.
Some of the market players operating in Danaher Corp, Affymetrix Inc, Agilent Technology, bio-Red laboratories Inc, Qiagen N.V., Thermo Fisher Scientific, LC Sciences, Illumina Inc, f-Hoffmann La Roche Ltd, Life Technology Corporation, GenXPro GmBH, CD Genomics, Merck KGaA, Sequencia Biotech SL. Among others
The market players in transcriptomics technology are focusing on different strategies like mergers, acquisitions, and partnerships. Also, the market players are investing in new product launches and novel patent technology. The leading players are continuously involved in technological innovation to maintain their market position.
For instance, in November 2022 - Danaher Corporation announced it has entered into a strategic partnership with Duke University for forming Danaher Beacon for Gene Therapy Innovation. The program invests in product innovation with a focus on precision diagnostics, next-generation biomanufacturing, and genomic medicines to advance external R&D strategies.
The transcriptomics technology market is expected to flourish during the forecast period driven by a rising focus on the development of bioinformatic services as well as tools.
For instance, founded in 2020 - Alithea Genomics is the provider of transcriptomics solutions for research & biomarker discovery. The company offers proprietary technology for RNA - sequencing of multiplex RNA samples for sequencing. The mRNA sequencing services are also provided by the company.
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Transcriptomics is the study of transcriptomes and is a useful source for analyzing gene expressions and the functioning pattern of each gene in an organism.
According to the latest research by Future Market Insights, the Transcriptomics Technologies market is set to witness a high growth rate from 2023 to 2033. The transcriptomics technologies market is set to achieve this steady growth during the forecast period due to factors such as the rise in applications of RNA sequencing applied in transcriptomic research.
Growing funding by the government in genomic research also adds to the growth of the transcriptomics technologies market. Furthermore, the applications of transcriptomics in the discipline of toxicogenomics will fuel future demand.
A few driving factors for the demand of transcriptomics technologies market include the growth in the demand for personalized medicine and genetic testing for diseases and variation.
The global prevalence of diseases such as diabetes, hepatitis B and oncological disorders reinforces the importance of drug discovery and development and is a prime motivating factor for significant growth in the transcriptomics technologies market.
Apart from these factors, the rise in the incidence of genetic mutations transpiring in the global population due to the presence of carcinogens is considered as another major driving factor for the growth of the transcriptomics technologies market.
Through technological advancements and upgradations, there is an increased rise in automation and these features are applicable in the transcriptome analysis methods like SAGE and amplification of nucleic acids. The use of these mentioned technologies in the analysis of gene expression will further augment the growth and uptake of RNA interference technologies and sequencing.
A key factor in the technology segment owing to the increase in demand for whole RNA sequencing and targeted resequencing is Next-generation sequencing.
The USA dominates the transcriptomics technologies market in the region of North America. The factors contributing to the significant market share of the country USA are associated with revenue through increasing R&D activities in the pharmaceutical and biotechnology industry.
Subsequently, North America is set to witness the fastest growth over the forecast period of 2023 to 2033 owing to the presence of previously overlooked market opportunities and growing acceptance of expenditure and conductive government initiatives.
The government of Canada has subjected significant funding in terms of transcriptomics technologies through several bodies which include not-for-profit organizations such as Genome Canada and has hence emerged as a subjective regional presence in the market for North America.
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The European transcriptomics technologies market is expected to grow at a profitable rate over the forecast period. This growth is owed to the presence of an increasing number of key players and the opportunistic approach to new investments in the field of transcriptomics technologies.
Furthermore, rising investments in the R&D sector in this region are set to generate momentum for new-age innovation in the transcriptomics technologies market and wound account for global growth in market size for the same.
Some of the key players in the Transcriptomics Technologies market include
The major players in the transcriptomics technologies market are focusing on various organic strategies for growth such as new product launches and novel patented technologies. Apart from these, the strategy of acquisitions and collaborations within the key players in addition to technological advancements acting as a prime factor in maintaining their market presence.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.