The growth of this market is majorly driven by the increasing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure and government funding for omics, and the increasing applications of RNA sequencing in the transcriptomics market.
The increasing focus on biomarker discovery and toxicogenomics, along with the increasing interest in outsourcing services, is expected to offer significant growth opportunities for the players operating in the global RNA analysis/transcriptomics market. On the other hand, the requirement of high capital investments and data management issues are expected to restrain the growth of this market to a certain extent.
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With the increased need for faster testing and research, the demand for transcriptomic technologies has also increased, especially in the areas of NGS and PCR. The FDA has approved various oncology profiling tests, such as PCR testing panels and drugs, for emergency use in COVID-19 testing and diagnostics.
Personalized medicine, which has become a core area of research in the healthcare industry, has entered mainstream clinical practice and is changing how many diseases are identified, classified, and treated.
These advancements are particularly evident in the area of oncology. According to the Personalized Medicine Coalition report (2017), the number of personalized drugs, treatments, and diagnostic products has increased since 2006, and this trend is expected to continue in the coming years.
With the widespread implementation of novel applications, the use of transcriptomics research extends all the way from the discovery of novel drugs, vaccines, and diagnostic targets, toxicology, and identification of surrogate markers of activity in clinical research to the ability to provide information on the mechanisms of drug action. This requires the use of different types of platforms and instruments as well as laboratory documentation systems, contributing to the high cost of analytics.
The microarray technology used in transcriptomic analysis offers the promise of widespread study of diseases at the genomic level. It also aids in developing novel clinical biomarkers, identifying novel molecular abnormalities, and investigating drug efficacy.
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