by The Spatial Omics Market is estimated to be valued at US$ 292.1 Mn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The spatial omics market deals with technologies and products that enable spatial mapping of various biological molecules such as DNA, RNA, proteins etc. within tissues and cells. Spatial omics techniques provide localization information along with molecular identification and quantification data from tissues and wholemounts. Technologies such as spatial transcriptomics, in situ sequencing and mass spectrometry based imaging help in understanding tissue architecture, cellular heterogeneity and molecular organization at a spatial level. These technologies are finding wide applications in fields like immunology, neuroscience and oncology research.
Market key trends:
One of the major trends in the spatial omics market is the increasing R&D investment by pharma and biotech companies in spatial biology. Spatial mapping of genes, proteins and other molecules help understand disease mechanisms, progression and heterogeneity at a detailed tissue and cellular level. Many big pharma players are investing in spatial omics startups to leverage their technologies for drug development and discovery. For example, AstraZeneca invested $25 million in 10x Genomics to advance spatial biology applications in oncology and inflammation research. Similarly, Roche Diagnostics acquired spatial proximity ligation company Akoya Biosciences to strengthen its spatial profiling portfolio. Such strategic deals indicate growing focus of industry on spatial techniques to accelerate precision medicine programs.
Porter’s Analysis
Threat of new entrants: The spatial omics market requires huge capital investments for research and development activities which poses high entry barriers for new companies. Bargaining power of buyers: The presence of several established players in the spatial omics market makes buyers have moderate bargaining power. Bargaining power of suppliers: Suppliers have moderate bargaining power as they offer proprietary technologies and tools required for the production of spatial omics products. Threat of new substitutes: Currently there are limited substitutes available for spatial omics technologies. Competitive rivalry: Intense competition exists among key players in the market.
SWOT Analysis
Strengths: Advanced technologies, large customer base, global presence.
Weaknesses: Huge R&D costs, high capital requirements for production facilities.
Opportunities: Increasing adoption across genomics research, healthcare, drug discovery applications. Growing focus on precision medicine provides ample growth prospects.
Threats: Stringent regulatory policies, cost sensitivity for technologies, threat from emerging alternative techniques.
Key Takeaways
Global Spatial Omics Market Demand is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing R&D investments in life sciences globally. The North America region currently dominates the spatial omics market due to significant research funding and presence of key market players in the US and Canada.
Regionally, Asia Pacific is expected to grow at the fastest rate during the forecast period driven by increasing research expenditures and rising healthcare standards in emerging economies of China and India.
Key players operating in the spatial omics market are 10x Genomics, Akoya Bioscience Inc., Biognosys AG, BioSpyder Technologies, Bio-Techne, Bruker, Brooks Automation Inc., Danaher Corporation, Diagenode. The market is highly competitive with the top players focusing on new product launches and strategic collaborations to expand their footprint.
*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.
