The Global NGS-based RNA-seq Market in terms of revenue was estimated to be worth $2.5 billion in 2022 and is poised to reach $5.5 billion by 2027, growing at a CAGR of 17.2% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The key factors propelling the growth of this market are the advantages of RNA sequencing over conventional technologies, the decreasing costs of genome sequencing, increasing government funding to support genomics projects, growing research involving RNA sequencing, growing cancer cases, the increasing application of NGS in cancer research, and rapid growth in personalized medicine.
The NGS-based RNA-sequencing industry is expected to continue its growth trajectory in the near future, driven by the increasing demand for personalized medicine and drug development. RNA-sequencing technology has become more accessible and cost-effective, making it a popular tool in research and clinical settings. Advancements in NGS technologies, such as improvements in sequencing throughput, read length, and accuracy, are expected to further enhance RNA-sequencing workflows. As the field of personalized medicine continues to expand, RNA-sequencing will likely play an important role in identifying gene expression patterns unique to individual patients, which can inform personalized treatment plans. The pharmaceutical industry's investment in RNA-sequencing is also expected to increase, as it can be used to identify potential drug targets and monitor the effects of drugs on gene expression. Overall, the future looks bright for the NGS-based RNA-sequencing industry.
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The growth of the NGS-based RNA-sequencing market is largely driven by the advantages of RNA sequencing over conventional technologies, the decreasing costs of genome sequencing, increasing government funding to support genomics projects, growing research involving RNA sequencing, growing cancer cases, the increasing application of NGS in cancer research, and rapid growth in personalized medicine.
Key Market Players
The prominent players in the NGS-based RNA-sequencing market are Illumina, Inc. (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), Eurofins Scientific (UK), and Thermo Fisher Scientific, Inc. (US). These companies have adopted organic and inorganic growth strategies, such as product and service launches and acquisitions, to maintain their leading positions in the NGS-based RNA-sequencing market.
DRIVER: Decreasing costs of genome sequencing
In the last two decades, advances in genomics have resulted in a substantial reduction in the cost of genomic sequencing. For example, in 2019, the cost of whole human genome sequencing using Illumina’s technology was USD 1,000, compared to USD 14 million in 2008, and is expected to decline further in 2023. Pacific Biosciences of California provides human genome sequencing 10X coverage at ~USD 3,000 and 30X coverage at ~USD 10,000.
The cost of sequencing depends on the genome size, which varies from organism to organism. For instance, targeted sequencing is less expensive than whole-genome sequencing. Apart from genome size, data quality is another major factor associated with variations in the cost of sequencing. Sequencing cost also depends on the average number of times each base in the genome is actually read during the sequencing workflow. Due to the reduced costs, several companies are participating in RNA sequencing projects. The cost per raw megabase of RNA sequence has also declined in the last two decades. This has helped sequencing service providers to offer NGS-based RNA sequencing services at lower prices. Consequently, the application of these services is increasing with their affordability.
RESTRAINT: Standardization concerns of RNA-sequencing in diagnostic testing
A shift from research applications of RNA-sequencing to clinical diagnostic applications is expected due to the decreasing sequencing costs. Hence, there is a need to standardize tests to avoid discrepancies in understanding and studying reports of RNA-sequencing diagnostic applications. The US Food and Drug Administration (FDA) is working to establish regulations for RNA sequencing diagnostics to tackle uncertainties regarding the accuracy and reliability of NGS. The interpretation of RNA-sequencing data requires trained physicians as efficient RNA-sequencing data analysis is a critical factor for diagnosis. However, the complexity of NGS technologies and data presents significant challenges to its acceptance in clinical laboratory practices, quality measures, and compliance with regulatory and professional standards. There is a need to identify unmet gaps and processes for test validation, quality control, and quality assurance of NGS-based RNA-sequencing applications for clinical testing. Thus, the lack of standardization in RNA sequencing for diagnostic testing is expected to hamper the growth of the NGS-based RNA-sequencing market.
OPPORTUNITY: Adoption of blockchain technology and cloud computing
The adoption of blockchain technology in healthcare is still nascent. Still, it has a huge potential to transform the current healthcare industry, revolutionize public and private service delivery, and strengthen customer data transparency. The increasing adoption of Blockchain-as-a-Service (BaaS) with significant funding through venture capitalists and initial coin offerings (ICOs) creates growth opportunities. Companies such as Nebula Genomics (US) are working on projects to share genetic information available to researchers securely, and patients are expected to be paid for shared data. The UK-based EncrypGen did similar work in genomic data storage.
This report categorizes the NGS-based RNA-sequencing market to forecast revenue and analyze trends in each of the following submarkets:
By Technology
- Sequencing by Synthesis
- Ion Semiconductor Sequencing
- Single-molecule Real-time Sequencing
- Nanopore Sequencing
By Application
- Expression Profiling Analysis
- Small RNA-sequencing
- De Novo Transcriptome Assembly
- Variant Calling and Transcriptome Epigenetics
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Asia Pacific to witness the highest growth in the NGS-based RNA-sequencing market during the forecast period
Geographically, the NGS-based RNA-sequencing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. The high growth rate of the APAC region can be attributed to a significant focus on R&D, the decreasing costs of NGS products and services, and the increasing focus of major market players on strengthening their presence in the Asia Pacific.
Report Link: NGS-based RNA-seq Market
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 24)
- STUDY OBJECTIVES
- NGS-BASED RNA-SEQUENCING INDUSTRY DEFINITION
- MARKET SCOPE
- CURRENCY CONSIDERED
- RESEARCH METHODOLOGY (Page No. - 28)
- RESEARCH DATA
- MARKET ESTIMATION METHODOLOGY
- PRIMARY RESEARCH VALIDATION
- EXECUTIVE SUMMARY (Page No. - 38)
FIGURE 8 NGS-BASED RNA-SEQUENCING MARKET, BY PRODUCT & SERVICE, 2022 VS. 2027 (USD MILLION)
FIGURE 9 NGS-BASED RNA-SEQUENCING INDUSTRY, BY TECHNOLOGY, 2022 VS. 2027 (USD MILLION)
FIGURE 10 MARKET, BY APPLICATION, 2022 VS. 2027 (USD MILLION)
FIGURE 11 MARKET, BY END USER, 2022 VS. 2027 (USD MILLION)
FIGURE 12 REGIONAL SNAPSHOT OF NGS-BASED RNA-SEQUENCING INDUSTRY
- PREMIUM INSIGHTS (Page No. - 42)
- MARKET OVERVIEW (Page No. - 46)
- INTRODUCTION
- MARKET DYNAMICS
FIGURE 17 NGS-BASED RNA-SEQUENCING MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
6 NGS-BASED RNA-SEQUENCING MARKET, BY PRODUCT & SERVICE (Page No. - 55)
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