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Market Overview:
Spatial genomics transcriptomics is an advanced technology used for visualizing the gene expression patterns within intact biological tissues. This technique enables scanning and mapping large areas of tissue at single-cell resolution to generate high-dimensional molecular profiles of every cell in its spatial context. It helps to study important biological mechanisms like development, disease progression, and cell lineage tracing within native tissues. Spatial genomics transcriptomics finds wide applications in cancer research, neuroscience, immunology, and developmental biology.
The global Spatial Genomics Transcriptomics Market is estimated to be valued at US$ 262.7 Mn in 2023 and is expected to exhibit a CAGR of 13.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the spatial genomics transcriptomics market is the increasing development of spatial biology tools and technologies. Emerging players are focusing on developing innovative spatial transcriptomics solutions for a wide range of research applications. For instance, in January 2022, Abcam plc launched its Abcam Spatial Biology Service – an end-to-end tissue imaging and analysis service using Visiopharm’s cutting-edge scanning and analysis capabilities. Similarly, Dovetail Genomics launched its new immunofluorescence-compatible spatial transcriptomics platform in November 2021 that is suitable for multiplexed tissue analysis at single-cell resolution. Advancements in spatial biology techniques are expected to drive the growth of the global spatial genomics transcriptomics market during the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high initial costs in setting up research and development capabilities as well as manufacturing facilities for spatial genomics transcriptomics. Selling established brands to customers and building brand loyalty also pose significant challenges.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of alternatives and price sensitivity for high-priced instruments and consumables. However, switching costs limit bargaining power to some extent.
Bargaining power of suppliers: The industry depends on a limited number of raw material suppliers, giving them substantial bargaining power. Suppliers also possess resources to integrate into manufacturing.
Threat of new substitutes: Substitution threat is low as there is no alternative technology currently that can provide genome-wide expression information at single-cell resolution with spatial context.
Competitive rivalry: The market is highly competitive with major players competing on the basis of technological innovations, product portfolio expansion, and geographic reach.
Key Takeaways
The global spatial genomics transcriptomics market is expected to witness high growth, exhibiting CAGR of 13.% over the forecast period, due to increasing R&D investments in advanced transcriptomics platforms by pharmaceutical and biotechnology companies.
North America accounted for the largest share of the spatial genomics transcriptomics market in 2023 due to the presence of prominent players and availability of funding for genomics research. However, Asia Pacific is expected to grow at the fastest pace during the forecast period driven by increasing government initiatives in countries like China and India.
Key players operating in the spatial genomics transcriptomics market include 10x Genomics, NanoString Technologies, Illumina, Fluidigm Corporation, PerkinElmer, Akoya Biosciences (formerly known as CytoViva), Spatial Transcriptomics, Dovetail Genomics (Part of Illumina), S2 Genomics, Visiopharm, MGI Tech Co. Ltd., CARTANA, RareCyte, Horizon Discovery Group, IONpath. These players are focusing on product launches and partnerships with leading academic institutes to expand their presence in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
