Portland, OR, May 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global transcriptomics market was accounted for $5.79 billion in 2020, and is expected to reach $11.39 billion by 2030, growing at a CAGR of 7.0% from 2021 to 2030.
Rise in demand for personalized medicine, government funding for omics, increase in pharmaceutical & biotechnology R&D expenditure, and surge in applications of RNA sequencing have boosted the growth of the global transcriptomics market. However, lack of skilled professionals hampers the market growth. On the contrary, presence of untapped potential in the developing countries would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic had a positive impact on the market due to increase in production of vaccines and rise in investment to study immune response in Covid-19 infected patients.
- Increase in number of product approvals and new innovations by key players supplemented the market growth yet more.
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The global transcriptomics market is segmented on the basis of type, technology, applications, and region. By application type, the diagnostics and disease profiling segment is projected to manifest the highest CAGR of 7.5% from 2021 to 2030. However, the drug discovery segment held the largest share in 2020, accounting for more than three-fifths of the global transcriptomics market.
By end user, the pharmaceutical & biotechnology companies segment is expected to register the highest CAGR of 7.8% from 2021 to 2030, due to surge in variety of applications in diagnostics and diseases analysis. However, the government institutes and academic centers segment held the lion’s share in 2020, accounting for around half of the global transcriptomics market, owing to surge in diagnosis of diseases.
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By region, the global transcriptomics market across North America dominated in 2020, accounting for more than two-fifths of the market, owing to robust infrastructure provided for research activities and presence of key players across North America. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 8.7% during the forecast period, owing to surge in use of transcriptomics for drug discovery, R&D activities for new product launch, and surge in investment in the healthcare sector.
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