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The transcriptomics market size was valued at $5,790.51 million in 2020, and is estimated to reach $11,397.08 million by 2030, growing at a CAGR of 7.0%.
PORTLAND, OREGON, UNITED STATES, August 19, 2022 /EINPresswire.com / -- As per the report published by Allied Market Research, the global transcriptomics market was accounted for $5.79 billion in 2020, and is expected to reach $11.39 billion by 2030, growing at a CAGR of 7.0% from 2021 to 2030.
Rise in demand for personalized medicine, government funding for omics, increase in pharmaceutical & biotechnology R&D expenditure, and surge in applications of RNA sequencing have boosted the growth of the global transcriptomics market. However, lack of skilled professionals hampers the market growth. On the contrary, presence of untapped potential in the developing countries would open new opportunities in the future.
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North America accounted for a majority of the transcriptomics market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in prevalence of inflammatory diseases, presence of key players, development of the healthcare sector, presence of numerous transcriptomics products. Asia-Pacific is anticipated to witness lucrative growth, owing to increase innumber of genetic testing and improvementin healthcare infrastructure.
Key Findings Of The Study
By type, the consumables segment was the highest contributor to the market in 2020.
By technology, the q PCR segment was the highest contributor to the market in 2020.
On the basis ofapplication type, the drug discovery segment dominated the market in 2020, and is expected to continue this trend during the forecast period.
Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
The Covid-19 pandemic had a positive impact on the market due to increase in production of vaccines and rise in investment to study immune response in Covid-19 infected patients.
Increase in number of product approvals and new innovations by key players supplemented the market growth yet more.
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By region, the global transcriptomics market across North America dominated in 2020, accounting for more than two-fifths of the market, owing to robust infrastructure provided for research activities and presence of key players across North America. However, the market across Asia-Pacific is anticipated to showcase the highest CAGR of 8.7% during the forecast period, owing to surge in use of transcriptomics for drug discovery, R&D activities for new product launch, and surge in investment in the healthcare sector.
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The global transcriptomics market is segmented on the basis of type, technology, application, and region. On the basis of type, the market is divided into consumables, instruments, software, and services.
The consumables segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of product approvals, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of transcriptomics products. Depending upon technology, the market is divided into microarrays, q PCR, and sequencing technology. QPCR segment dominated the market.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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