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Transcriptomics Market Volume to Expand at $7,954 Million by 2023, Globally

04-05-2019 01:10 PM CET | Health & Medicine

Press release from: Allied Market Research

Transcriptomics Market

Transcriptomics Market

Transcriptomics is the study of entire set of RNA transcripts produced by the genome of any organism. Increase in advancements in the field of transcriptomics such as extensive use of RNA-sequencing and rise in application of transcriptomics, which includes drug discovery is expected to drive the growth of the transcriptomics market. In addition, rise in funding and grants by various private and government organizations have further stimulated the market growth. However, certain drawbacks of RNA sequencing and lack of skilled professionals are expected to restrain the market growth.

Global transcriptomics market was valued at $3,212 million in 2016, and is projected to reach $7,954 million by 2023, growing at a CAGR of 13.8% from 2017 to 2023. Real-time PCR segment held more than two-fifths share of the total market in 2016.

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Instruments were valued at $874 million in 2016 and is estimated to reach at $2,135 million by 2023 at a CAGR of 13.5% during the forecast period. In addition, services segment is the fastest growing segment in the transcriptomics market, registering a CAGR of 16.0% during the forecast period.

Government institutes & academic centers segment is projected to maintain its lead in the overall transcriptomics market throughout the forecast period. This is primarily attributed to the increased research projects to test the ability of RNA as candidates of disease biomarkers. Furthermore, CROs is anticipated to exhibit the highest growth, with a CAGR of 14.1% during the forecast period.

North America accounted for the share of more than 45% of the overall market in 2016 and is expected to maintain its dominance throughout the forecast period. This is attributed to the increased funding for research institutes and increased incidence of chronic disorders such as cancer. However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period, at a CAGR of 15.7%.

Key Findings of the Transcriptomics Market:

• Drug discovery application led the overall transcriptomics market, and accounted for nearly three-fifths of the total market in 2016.
• Sequencing technology is projected to grow at highest CAGR of 15.1% during the forecast period.
• CROs are the fastest growing end user market for transcriptomics and are expected to witness CAGR of 14.1% during the forecast period.
• PCR technology segment occupied nearly half of the global transcriptomics market in 2016.
• Japan is the major shareholder, accounting for more than one-third of the Asia-Pacific transcriptomics market in 2016.

The major players of the market includes QIAGEN (Exiqon), Thermo Fisher Scientific Inc., Illumina, Inc., Agilent Technologies, GE Healthcare Dharmacon Inc., Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd., Merck & Co., Inc., Fluidigm Corporation, and Promega Corporation.

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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small & medium enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.

Allied Market Research provides one stop solution from the beginning of data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients to understand the significance and impact of market dynamics. The company amplies client's insight on the factors, such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligent support to aid the clients to turn into prominent business firm.

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