Spatial Genomics & Transcriptomics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spatial Genomics & Transcriptomics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Spatial Genomics & Transcriptomics Market is poised to grow at a CAGR of 8.2% during the forecast period (2022-2027).

The spatial genomics & transcriptomics market had a slight adverse effect during the COVID-19 pandemic. As a routine clinical diagnostic test, genomics is becoming more and more popular during the present COVID-19 pandemic, which is anticipated to have a favourable effect on the market under consideration. For instance, Illumina's COVIDSeq test, which is used to sequence the whole genome of the new SARS-CoV-2 virus, acquired Emergency Use Authorization (EUA) from the FDA in June 2020. This test can process more than 3,000 samples and provide findings in less than 24 hours thanks to Illumina's high-throughput NovaSeq 6000 technology. The Helix COVID-19 NGS Test for the identification of SARS-CoV-2 infections was also granted EUA by Helix OpCo LLC in August 2020. However, because the majority of elective operations and treatments were postponed in order to reduce COVID-19 transmission and free up healthcare resources for COVID-19-infected patients, genomics in cancer care has been greatly impacted. This is because cancer therapies were also delayed. According to a research study titled "Impact of the COVID-19 Pandemic on the Diagnosis of New Cancers: A National Multicenter Study of the Veterans Affairs Healthcare System," the COVID-19 pandemic significantly decreased the procedures used to diagnose cancer and, as a result, the number of new cancer diagnoses throughout the United States. The COVID-19 pandemic had a detrimental effect on the diagnosis of new cancer cases, as seen by the 13% to 23% decline in new cancer diagnoses. This has a negative impact on the market studied. Thus, the pandemic is expected to have a positive impact on COVID-19-based genomics. However, a slightly declining trend was observed with respect to the studied market.

The spatial genomics & transcriptomics market will show rapid growth due to the emerging potential of spatial genomic analysis as cancer diagnostic tool, and advent of the fourth generation of sequencing. For instance, in 2021, according to Illumina, the cost of next-generation sequencing (NGS) has decreased at a dramatic rate since the completion of the Human Genome Project. Illumina has helped reduce the cost of NGS, enabling the USD 1000 human genome. For another instance, in 2021, the article titled ‘Performance assessment of DNA sequencing platforms in the ABRF Next-Generation Sequencing Study’, reported that the Association of Biomolecular Resource Facilities (ABRF) Next-Generation Sequencing Study benchmarks the performance of a set of sequencing instruments. NovaSeq 6000 using 2 × 250-bp read chemistry was the most robust instrument for capturing known insertion/deletion events, and HiSeq 4000 and X10 provided the most consistent, highest genome coverage, while BGI/MGISEQ provided the lowest sequencing error rates. Thus, the NGS technique study serves as a benchmark for current genomics technologies and a resource to inform the experimental design and next-generation sequencing variant calling. Moreover, owing to the advancements and benefits of genomics, governments are making favorable policies and supporting R&D in the genomics field. For instance, in 2020, the Department of Biotechnology (DBT), India, launched its first genome mapping project initiative called the Genome India project. Through this, the Department of Biotechnology plans to catalog the genomic data of 10,000 Indians and use the data for predictive analysis, diagnostics, and the development of therapeutics.​ In another development, in May 2021, the Government of the United Kingdom announced the implementation plan for its National Genomic Healthcare Strategy launched in September 2020. The National Genomics Healthcare Strategy is a ten-year vision with many initiatives aiming to improve the position of the United Kingdom as a global leader in genomics.​ The genomics market is expected to grow due to the innovations and new launches by the key players in the market, along with new collaborations and other agreements for the R&D of genomics technology. Furthermore, Illumina Inc. announced in July 2020 the launch of TruSight Software Suite, a full-featured, integrated platform for whole-genome sequencing for rare genetic diseases. Thus, the above-mentioned factors are estimated to increase market growth.

However, slow implementation of technology and well-established workflows for conventional genomics & transcriptomics analysis are expected to hinder the market growth.

Key Market TrendsConsumables Segment is Expected to Witness Healthy Growth During the Forecast Period

Factors such as the increasing prevalence of cancer coupled with initiatives by key market players are expected to increase market growth. According to GLOBOCAN 2020, the new cancer cases that were diagnosed amounted to19,292,789 in 2020 globally, with 9,958,133 deaths due to cancer. Among all cancers, breast cancer accounted for 2,261,419 new cancer cases, followed by lung cancer with 2,206,771, prostate cancer with 1,414,259, and colon cancer with 1,148,515 new cases in 2020. According to GLOBOCAN 2020, the number of cancer cases is currently 19,292,789, and it is anticipated that this number will rise to 28,887,940 by the year 2040. Thus, the rising cancer burden could increase the demand for diagnoses and lead to market expansion. Product launches are another factor in market growth. For instance, in August 2020, Thermo Fisher Scientific Inc. launched hematology-oncology assays for the Ion Torrent Genexus System, which helps in the analysis of DNA mutations and RNA fusion transcripts in myeloid samples. Similarly, in September 2020, Illumina Inc. entered into a definitive agreement to acquire GRAIL, which helps expand Illumina’s Product portfolio in Clinical Genomics and increases the adoption of NGS-based early Multi-Cancer Detection Tests. Thus, the abovementioned factors are expected to increase market growth.

North America is Anticipated to Dominate the Spatial Genomics & Transcriptomics Market

North America is found to dominate the market by the revenue 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 & treatment methods in the United States. According to the estimates of the American Cancer Society, in 2020, about 1.8 million new cancer cases were diagnosed. In addition, 606,520 people died due to cancer in the United States. Also, more than 16.9 million people in the United States were living with a history of cancer and were alive as of January 2020.​ Also, the initiation by several general hospitals and other concerned organizations in the area of preventive disease by genomics will complement the growth of the market, as well as newer advances and product launches. For instance, in March 2020, the Massachusetts General Hospital announced the launch of new preventive genomics clinics to assist patients in better understanding, preventing, and predicting diseases using their genetic information. In November 2021, Illumina and Genetic Alliance launched USD 120 million global initiative to increase equity and improve outcomes for families affected by genetic diseases. In March 2022, the National Institute of Health announced to have a dataset of nearly 100,000 highly diverse whole-genome sequences. This indicates that government organizations have a large focus on genomics in the United States.

Thus, the abovementioned factors are expected to increase the market growth.

Competitive Landscape

The spatial genomics & transcriptomics market is moderately fragmented. There has been a presence of a considerable number of companies that are significantly contributing to market growth which include 10x Genomics, Dovetail Genomics, Illumina, S2 Genomics, NanoString Technologies, and Seven Bridges Genomic. These manufacturers are found to offer technologically advanced genomics-based techniques and platforms for a better understanding of disease biology and the introduction of novel therapeutics.

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