The global transcriptomics technologies market is expected to reach USD 6.9 billion by 2022, according to a new report by Grand View Research Inc. The increasing demand for genetic identification and growing investment in R&D innovation along with the technological advancements across the product portfolio are the vital driving forces of this market. The increasing R&D investments are expected to highly influence biotechnological research and develop the commercialization over the forecast period. The rising investment is further anticipated to ensure positive growth and enhance business opportunities for pharmaceutical and biotechnological companies.
Furthermore, the rising demand for efficient diagnostic methods drives the need for personalized medicines. Transcriptomics tools and the offered services identify potential drug targets, which are effective methods for diagnostic methodologies. The shifting preference of pharmaceutical companies towards therapeutics results in rising demand for the disease specific biomarker identification. This change ensures a potential opportunity in the commercialization of transcriptome research results. The escalating demand for efficient diagnostics and treatment measures in the areas of oncology, HIV, Alzheimer’s disease, etc., also contributes significantly towards transcriptomics technologies market growth.
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Further key findings from the report suggest:
- Polymerase Chain Reaction (PCR) based transcriptomics technologies market is expected to account for over 40% market share by 2022 owing to its ability to enable amplification even from very small amounts of genetic material samples.
- Next Generation Sequencing based transcriptomics technologies market is expected to grow at a lucrative CAGR of over 17.0% over the forecast period owing to increased outsourcing of sequencing technologies, upgrading of technology enabling the analysis of cellular transcriptome from various dimensions, and wide application areas of NGS.
- North America dominates the transcriptomics technologies market in terms of revenue owing to the increasing R&D activities by the biotechnology and pharmaceutical companies.
- North America and Asia Pacific are expected to witness fastest growth of over 15.0% during the forecast period. The growth is due to the presence of untapped opportunities, rising expenditure level, and the introduction of favorable government initiatives.
- Key players of transcriptomics technologies market include Agilent Technologies, Affymetrix, Thermo Fisher Scientific, Illumina, Life Technologies, and F. Hoffmann-La Roche.
- Market participants are constantly engaged in strategic collaborations such as mergers and acquisitions along with technological advancements in an attempt to improve presence and ensure sustainability.
- For instance, in May 2015, Agilent Technologies announced the acquisition of Cartagenia that provides services and software for clinical genetic analysis. Their products are supplied to pathology laboratories and clinical research institutes. The acquisition is expected to provide higher integration and support customer satisfaction.
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