New York, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Cancer prevalence has increased dramatically over the decades. In 2020, an estimated number of about 18 million cancer cases were witnessed around the world. As the second leading cause of death worldwide, according to the World Health Organization (WHO), cancer accounted for approximately 10 million deaths in 2020, which was nearly one in six deaths.
Research Nester has evaluated the current market opportunities in ‘Global Transcriptomics Market’ for the period, i.e., 2022 – 2031 including the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players along with worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
Transcriptomics is the study of transcriptomes which is the complete set of mRNA transcripts. It is also known as expression profiling, as it studies the expression levels of mRNAs in a given cell population. RNA sequencing has become a paramount approach for transcriptome profiling and has been utilized in many aspects of cancer research and therapy, including biomarker discovery. As the world is witnessing a surge in cases of rare cancer, RNA sequencing analyzes the expression of specific cancer genes and provides strand orientation for a complete view of expression dynamics. It is estimated that nearly 20 out of every 100 cancer cases each year, globally, is a rare type. Rare cancers such as leukemia and lymphoma have become highly prevalent. According to World Cancer Research Fund (WCRF), in 2020, Hodgkin and non-Hodgkin lymphoma cases were 83,087 and 5,44,352 in number, respectively, around the world. Leukemia, however, resulted in 4,74,519 cases in the same year, contributing to 2.6% of the total number of new cases diagnosed.
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Backed by the rising cases of cancer and the utilization of transcriptomics for the manufacture of highly potent personalized drugs and treatment methods to cure complicated and severe cancers, and genetic diseases, the global transcriptomics market is estimated to grow at a CAGR of ~14% over the forecast period. Besides the above factors, genomics is gaining large-scale adoption in cancer treatment which is expected to boost the market growth. Also, growing investments towards R&D initiatives globally, backed by rising healthcare expenditure are perceived to favor market growth significantly. In the US, in 2020, total healthcare expenditure toppled over USD 4.4 trillion. The US federal Medicaid expenditure by 2030 is expected to be worth USD 700 billion.
On the basis of geographical analysis, the transcriptomics market in the North America region is projected to hold the largest market share throughout the forecast period owing to the rapidly developing biotech and diagnostic industry in the region. For instance, in the U.S. around USD 100 billion were invested in biotech companies, in 2020. Additionally, in recent years, there has been a spike in the prevalence of rare cancers which is projected to push the growth of the market in the region. In 2021, the National Cancer Institute in the United States estimated that about 61,090 new cases of leukemia were witnessed in the country, while the number of new cases of Hodgkin and non-Hodgkin lymphoma were estimated to be 8,830 and 81,560 respectively.
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Furthermore, the market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of advancements in the healthcare sector, backed by rising healthcare expenditure across the region. According to the data by the World Bank, healthcare expenditure in East Asia & Pacific, and South Asia were 6.68% and 3.10% of the GDP, respectively, in 2019.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global transcriptomics market is segmented based on end-user into clinical research centers, hospitals, specialty clinics, and others, out of which, the clinical research centers segment is anticipated to gain a notable share in terms of revenue during the forecast period, on the back of increasing investment in the medical research and development activities. According to the World Bank data, 2.204% of the global GDP was spent on R&D activities in 2018. According to the World Health Organization's (WHO) International Clinical Trials Registry Platform (ICTRP) report on clinical trials, the total number of clinical trials comprising observational and interventional trials surpassed 20,000 in 2021.
The global transcriptomics market is also classified on the basis of technology into real-time PCR, microarray, sequencing technology, and others. Out of these, the real-time PCR technology segment is expected to grow promisingly during the forecast period. During 2020-2021 the real-time PCR segment witnessed tremendous growth owing to the global pandemic. The need for fast-track diagnosis and therapeutics helped the segment to expand significantly in the last two years. The segment is expected to grow further during the forecast period owing to the prevalence of other health concerns such as monkeypox, a rare disease that has recently been declared a global health emergency by the World Health Organization (WHO). Several leading players in the transcriptomics market are investing in real-time PCR technologies to improve performance. For instance, in July 2022, Quest Diagnostics affirmed its investment in monkeypox testing based on real-time PCR tests by obtaining patient swabs.
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The global transcriptomics market is also segmented on the basis of application
Global Transcriptomics Market, Segmentation by Application
- Clinical Diagnostics
- Drug Discovery
- Others
Some of the prominent players and their company profiling included in the global transcriptomics market research report are Thermo Fisher Scientific Company, Agilent Technologies, Inc., Bio-Rad Laboratories, Inc., CD Genomics, F. Hoffmann-La Roche AG, GenXPro GmbH, Qiagen N.V., Illumina, Inc., The Merck Group, Siemens AG, and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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