What is the best practice to set and update Transient value of API data in every minute?

There is no way to do that. You need to design a push solution instead of a pull one, and if you can’t and must have to use pull…. well than it sucks to be you :(.

Web servers and web software is not designed to be used for “heavy lifting” in such frequent interval. You need to rethink your requirements. For example, just to process 1300 items can easily take more than a minute, especially on a busy server.

One path of possible solution, is to have an update server which is not your wordpress app server (you can run wordpress on it if it makes coding easier, but the only thing that server should do is to update the DB, probably should use WP-CLI for that, and not a web server).