Market Trends of Spatial Genomics and Transcriptomics Industry
Consumables Segment is Expected to Witness Healthy Growth During the Forecast Period
Spatial genomics and transcriptomics consumables are expected to hold a significant share of the market over the forecast period owing to the rising number of cancer cases, as the consumables play a vital role in the advanced diagnosis of cancer. As per the World Health Organization factsheet published in February 2022, in 2021, there were an estimated 1.9 million new cancer cases diagnosed in the United States. The report also mentioned that each year, approximately 400 000 children develop cancer, and cervical cancer is the most common in 23 countries. The most common cancers are breast, lung, colon, rectum, and prostate cancers. Thus, the high burden of cancer cases is expected to drive demand for consumables, thereby fueling segment growth.
Also, the increasing market player activities, such as product launches, partnerships, and collaborations, are expected to contribute to the growth of the studied segment. For instance, in October 2022, Oxford Nanopore Technologies collaborated with 10x Genomics to make single-cell and spatial full-length isoform transcript sequencing consumables accessible to any laboratory. Such partnerships to develop advanced consumables are also expected to contribute to the growth of the studied segment.
Thus, the rising cancer cases and increasing strategies of market players are expected to contribute to the growth of the studied segment.
North America is Anticipated to Hold Significant Share in the Spatial Genomics and Transcriptomics Market Over the Forecast Period
North America is expected to hold a notable share of the market due to the increasing adoption of solutions for spatial profiling in cancer research, coupled with a rising focus on genomics-based R&D. The increasing investment by both government and private companies in the region also helps in the growth of the overall market. The largest share is attributed to massive investments in cancer research to address the high demand for advanced diagnostic and treatment methods in the United States.
For instance, according to the ACS, in 2021, there were an estimated 1.9 million new cancer cases diagnosed in the United States. In addition, according to the Public Health Agency of Canada data published in October 2021, an estimated 2 in 5 Canadians were diagnosed with cancer in their lifetime, and in 2021, an estimated 229,000 Canadians were diagnosed with cancer. The report also mentioned that lung, breast, colorectal, and prostate cancers were expected to remain the most commonly diagnosed cancers, accounting for 46% of all diagnoses in 2021. Such a high burden of cancer cases in North American countries is expected to drive the demand for advanced diagnostics such as spatial genomics and transcriptomics, thereby contributing to the growth of the market.
Also, the initiation by several general hospitals and other concerned organizations in the area of preventive disease through genomics will complement the growth of the market, as will newer advances and product launches. For instance, in November 2021, Illumina and the Genetic Alliance launched a USD 120 million global initiative to increase equity and improve outcomes for families affected by genetic diseases. Also, in March 2022, the National Institute of Health announced it had a dataset of nearly 100,000 highly diverse whole-genome sequences. This indicates that government organizations have a large focus on genomics in North America, thereby fueling the growth of the market over the forecast period.
