Spatial Genomics Market to be Worth $3.23 Billion by 2031

Meticulous Research®-a leading global market research company, published a research report titled, 'Spatial Genomics Market by Type (Genomics, Transcriptomics) Technology (Sequencing, Imaging) Application (Oncology, Neurology) Offering (Consumables, Instrument, Software) End User (Pharmaceutical & Biotechnology, CRO) - Global Forecast to 2031.'

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According to this latest publication from Meticulous Research®, the global spatial genomics & transcriptomics market is projected to reach $3.23 billion by 2031 at a CAGR of 27.8% from 2024 to 2031 The growth of the spatial genomics & transcriptomics market is driven by the increasing applications of spatial genomics in drug discovery & development, the growing use of spatial genomics in cancer research, advancements in Next-generation Sequencing (NGS), the increasing use of spatial genomics in biomarker detection, and the rising prevalence of cancer. However, the lack of standardized approaches in genomics and concerns over the security & privacy of genomic data restrain the growth of this market.

Furthermore, the rising adoption of personalized medicines and gene therapies and increasing investments in spatial genomics are expected to generate growth opportunities for the players operating in this market. However, complexities in data analysis and slow technology adoption are major challenges impacting market growth.

The key players operating in the global spatial genomics & transcriptomics market are NanoString Technologies, Inc. (U.S.), 10X Genomics, Inc. (U.S.), Illumina, Inc. (U.S.), Oxford Nanopore Technologies Plc. (U.K.), Akoya Biosciences, Inc. (U.S.), Revvity, Inc. (U.S.), S2 Genomics, Inc. (U.S.), Cantata Bio (U.S.), Vizgen Inc. (U.S.), Biospyder Technologies Inc. (U.S.), and Resolve Biosciences GmbH (Germany).

TOP 10 COMPANIES IN SPATIAL GENOMICS MARKET >> https://meticulousblog.org/top-10-companies-in-spatial-genomics-market/

Spatial Genomics & Transcriptomics Market: Future Outlook

The global spatial genomics market is segmented by Offering (Instruments, Consumables, and Software & Services), Type (Genomics and Transcriptomics), Technology (Imaging Based and Sequencing Based), Application (Oncology, Neurology, and Other Applications), End User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, and Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

Among all offerings studied in this report, the instruments segment is expected to grow at the highest CAGR during the forecast period. The growing market is fueled by rising demand for instruments capable of detecting transcriptional activity, user-friendly designs, and the presence of integrated software in some devices. Key industry players are responding to researchers' needs by introducing advanced instruments. For example, in June 2022, Resolve Biosciences (Germany) unveiled the Molecular Cartography platform. This multi-analyte, highly multiplexed spatial solution can visualize hundreds of genes with subcellular resolution in a single run. Leveraging high-quality optics for superior resolution, the platform enables the simultaneous assessment of hundreds of genes.

Among all types studied in this report, in 2024, the transcriptomics segment is expected to account for the largest share of the spatial genomics & transcriptomics market. The increasing need to understand the relationship between gene expression and its relative locations within tissue to study disease pathology and understand normal cell development is driving the demand for spatial transcriptomics.

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Among all technologies studied in this report, the sequencing based segment is expected to grow at the highest CAGR during the forecast period. NGS platforms offer superior sequencing capacity at substantially reduced costs, owing to which the use of NGS has increased in genomic studies to produce massive genomic sequencing data. Additionally, NGS-based spatial transcriptomics approaches ensure higher throughput compared to imaging-based methodologies as the entire transcript information is detected and massively parallel-processed, driving the market.

Among all applications studied in this report, the oncology segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing use of spatial genomics for oncology biomarker detection, increasing demand for spatial genomics products for oncology research applications, such as anti-cancer drug studies, drug discoveries, and personalized medicine, and the rising prevalence of cancer.

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Among all end users studied in this report, in 2024, the pharmaceutical and biotechnology companies segment is expected to account for the largest share of the spatial genomics & transcriptomics market. The growth of the segment is attributed to pharmaceutical & biotechnology companies allocating significant resources to their research activities. Spatial genomics has become increasingly important in maintaining precision and accuracy in drug research and development and gaining a detailed view of cell structure.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America, and the Middle East & Africa.

Among all regions studied in this report, Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The highest CAGR of the region is attributed to the rising research funding in the healthcare and pharmaceutical industry, the rising number of research laboratories, the advancing research framework, and the growing number of research laboratories in countries such as China, India, Japan, South Korea, and others.

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This release was published on openPR.