Spatial Genomics & Transcriptomics Market: Opportunities, Challenges, and Future Outlook
According to research report the global spatial genomics and transcriptomics market is projected to reach USD 800 million by 2027 from USD 355 million in 2022, at a CAGR of 17.6% during the forecast period. Market growth is largely driven by the increasing development in the area such as neurodegenerative diseases and cancer. Along with this, launch of several advanced products are contributing towards the growth of the market. On the other hand, need of high initial investments, and dearth of skilled professionals are some factors limiting the market growth.
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The market for spatial genomics & transcriptomics is highly consolidated, with key players strategizing to capture the market. Prominent players in the market are NanoString Technologies, Inc. (US), 10X Genomics (US), Illumina (US), Bio-Rad Laboratories (US), Bio-Techne Corporation (US), Standard BioTools Inc. (US), Genomic Vision SA (France), Akoya Biosciences, Inc. (US), Danaher Corporation (US), Natera, Inc. (US), PerkinElmer, Inc. (US), Seven Bridges Genomics (US), S2 Genomics, Inc. (US), Cantata Bio (US), Vizgen Corporation (US), BioSpyder Technologies Inc. (US), Optical Biosystems Inc. (US), Miltenyi Biotec (Germany), Ultivue Inc. (US), Lunaphore Technologies SA (Switzerland), Rebus Biosystems LLC (US), Resolve Biosciences (Germany), Singular Genomics, Inc. (US), and Veracyte (US).
NanoString Technologies, Inc. (US)
NanoString provides life science tools for translational research. The company is engaged in developing, manufacturing, and commercializing instruments, consumables, and services for simultaneously profiling gene and protein activity from a single tissue sample. In 2019, the company launched the GeoMx Digital Spatial Profiler, enabling highly multiplexed spatial profiling of RNA and protein targets in various sample types, including FFPE tissue sections. The company operates in the spatial genomics and transcriptomics market through its Product segment.
CHALLENGES: Dearth of skilled professionals
Lack of knowledge regarding the underlying scientific principles and the right choice of technique may result in several direct and indirect expenses and, thereby, increase the workload and time pressure on researchers and service providers. Thus, there is a need for highly skilled personnel for method development, validation, operation, and troubleshooting activities. Lack of clarity around outcomes of transcriptomic research, coupled with the high equipment cost, has led to the lower adoption of transcriptomic technologies, thereby limiting the spread of technical knowledge related to transcriptomics research.
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North America accounted for the largest share of the spatial genomics & transcriptomics market
North America held the largest share in the global market, followed by Europe. The large share of the North American regional segment can be attributed to the rising focus on drug discovery & development, attributed to the growing incidence of chronic diseases and genetic diseases and the rapidly growing aging population, also supports the use of spatial genomics and transcriptomics operating in the spatial genomics and transcriptomics market in this region.
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