The spatial genomics & transcriptomics market will show rapid growth due to the emerging potential of spatial genomic analysis as cancer diagnostic tool, and advent of the fourth generation of sequencing. Genome positioning is an attractive novel biomarker required in many cancer types. Spatial patterns of genome have been identified for several medical conditions, which resulted in the implementation of spatial information as a diagnostic biomarker for various diseases. There is a growing demand for biomarkers, which enable differentiation of benign tumor from the malignant tumor with higher accuracy. This factor is boosting the demand for spatial genomics analysis as a cancer diagnostic tool.
According to a study published in January 2020, breast cancer is the most common cancer and records the highest incidence of all cancers in women, with an incidence rate of over 1.6 million cases per year. The identification of both intra- and inter-tumor heterogeneity in breast cancer poses a significant challenge due to its genomic evolution that occurs during the progression of breast cancer. The study suggested that spatial transcriptomics signatures can be used to identify breast cancer regions in whole tissue sections.
There are also various developments seen in genetic instruments as well as increasing investment in genomics and transcriptomic research that are found to be important drivers of market growth. In addition, the new and start-up genomic businesses are found working to meet the growing demand for sophisticated methods to study spatial patterns through new goods.
Key Market Trends
Consumables Segment is Expected to Witness Healthy Growth During the Forecast Period
The segment is expected to grow due to the rising incidences of infectious diseases and cancer cases globally. Owing to an increase in the rising incidences, investments in R&D in the filed of genomics are increasing, which is expected to propel the market growth.
Over the last 10 years, budgets allocated to R&D have also increased steadily. The R&D spending remains consistently high in the United States, with more than half of the global R&D expenditure spent by US pharmaceutical giants. In the United States, the pharmaceutical R&D expenditure grew from USD 2 million in 1980 to USD 71.4 million in 2017. As a result, rising R&D activities may fuel the demand for these new technologies in the coming years. In addition, the consumables available are highly efficient and preferred by biotechnology and pharmaceutical companies, which may positively impact the segmental growth.
North America is Anticipated to Dominate the Spatial Genomics & Transcriptomics Market
North America is found dominating the market by revenue due to increasing adoption of solutions for spatial profiling in cancer research, coupled with rising focus on genomics-based R&D. The increasing investment by both government and private companies in the US region also helps in the growth of the overall market. The largest share is attributed to massive investments in cancer research to address the high demand for advanced diagnostic & treatment methods in U.S.
Asia-Pacific is expected to exhibit the fastest growth over the forecast period. Developing economies in the region are equipped with inexpensive manufacturing & operating units, thereby increasing the geographical expansion of companies operating from established regions.
There has been a presence of a considerable number of companies that are significantly contributing to market growth which include 10x Genomics, Dovetail Genomics, Illumina, S2 Genomics, NanoString Technologies, and Seven Bridges Genomic. These manufacturers are found offering technologically advanced genomics-based techniques and platforms for better understanding of disease biology and introduction of novel therapeutics.
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