(PharmaNewsWire.Com, January 05, 2021 ) According to the new market research report Spatial Genomics Market is projected to reach USD 404 million by 2025 from USD 178 million in 2020, at a CAGR of 17.8% during the forecast period.
Market growth is largely driven by the increasing adoption of spatial genomics and transcriptomics analysis among small companies and startups, expanding applications in biomarker identification and drug discovery & development, and increasing investment in biopharmaceutical R&D. On the other hand, lack of awareness about these techniques in the emerging countries and the high cost of instruments are some factors limiting the market growth.
North America accounted for the largest share of the spatial genomics market
North America held the largest share in the global market, followed by Europe, with a share of 21.6%. The large share of the North American regional segment can be attributed to the presence of well-established as well as emerging market players operating in the spatial genomics market in this region.
Spatial Transcriptomics techniques accounted for the largest share of the spatial genomics market
Based on the technique, the spatial genomics and transcriptomics market is segmented into spatial transcriptomics techniques and spatial genomics analysis techniques. In 2019, the spatial transcriptomics techniques segment accounted for the largest share of the global spatial genomics market. Growth in this market segment can be attributed to the increasing demand for and high adoption rate of in situ sequencing techniques.
Academic & Research Institutes is the fastest-growing end-user segment of the market
Based on end-users, the spatial genomics market is segmented into academic & research institutes, contract research organizations (CROs), and pharmaceutical & biotechnology companies. In 2019, the academic & research institutes segment accounted for the largest share of the transcriptomics market. Market growth can largely be attributed to the increase in research intensity in this end-user segment and the availability of sufficient grants and funds for research.
10X Genomics (US), NanoString Technologies Inc. (US), Illumina Inc. (US), and Bio-Rad Laboratories (US) are the prominent players operating in the transcriptomics market. Product launches, collaborations, agreements, expansions, and acquisitions are the key growth strategies adopted by a majority of the leading players in the market to gain a competitive edge in the market.
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