The Global NGS-based RNA-seq Market experienced substantial growth, with its revenue estimated at $2.5 billion in 2022 and projected to reach $5.5 billion by 2027, showcasing a remarkable CAGR of 17.2% during the period from 2022 to 2027. A comprehensive new research study has been conducted, encompassing various facets of the market, including industry trends, pricing analysis, patent evaluation, insights from conferences and webinars, identification of key stakeholders, and analysis of buying behavior within the market.
One of the primary drivers behind the market's growth is the distinct advantages offered by RNA sequencing compared to conventional technologies. NGS-based RNA-seq enables researchers to delve deeper into the genetic makeup and functioning of RNA molecules, providing valuable insights into various biological processes.
Moreover, the decreasing costs associated with genome sequencing have played a pivotal role in fueling market growth. As the expenses of conducting NGS-based RNA-seq continue to decline, more research institutions and biotech companies can afford to undertake genomics projects, thus boosting market demand.
The growing prevalence of cancer cases globally has led to an upsurge in research involving RNA sequencing, particularly in cancer research. The application of NGS in cancer studies has opened new avenues for understanding the disease's molecular mechanisms and developing personalized treatments, further driving market growth.
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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.
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Drivers:
Over the past twenty years, significant progress in genomics has led to a remarkable decrease in the cost of genomic sequencing. For instance, the expense of whole human genome sequencing using Illumina's technology was USD 1,000 in 2019, a substantial drop from the staggering USD 14 million recorded in 2008. This downward trend in costs is expected to continue in 2023. Human genome sequencing services provided by Pacific Biosciences of California now offer 10X coverage at approximately USD 3,000 and 30X coverage at around USD 10,000.
The cost of sequencing is influenced by the size of the genome, which can vary significantly between different organisms. Targeted sequencing tends to be less expensive compared to whole-genome sequencing. Additionally, the quality of the data obtained during the sequencing process is another crucial factor affecting the overall cost. The average number of times each base in the genome is read during the sequencing workflow is a key determinant of the final expense.
With the decreasing costs, numerous companies are now actively participating in RNA sequencing projects. Furthermore, the cost per raw megabase of RNA sequencing has also experienced a decline over the last two decades. This reduction in costs has enabled sequencing service providers to offer NGS-based RNA sequencing services at more affordable prices. As a result, the application of these services has witnessed a significant increase due to their enhanced accessibility and affordability.
RESTRAINT: Standardization concerns of RNA-sequencing in diagnostic testing
The decreasing costs of RNA sequencing have led to a shift from research applications to clinical diagnostics. However, this transition brings forth a crucial concern - the lack of standardization in RNA sequencing for diagnostic testing. Without standardized tests, discrepancies in understanding and interpreting RNA-sequencing diagnostic reports may arise.
To address these uncertainties and ensure the accuracy and reliability of NGS-based diagnostics, the US Food and Drug Administration (FDA) is actively working to establish regulations for RNA sequencing in clinical settings. Trained physicians are essential for the proper analysis of RNA-sequencing data as it plays a critical role in the diagnosis process. However, the complexity of NGS technologies and data presents challenges in adopting these practices in clinical laboratories, adhering to quality measures, and complying with regulatory and professional standards.
To overcome these obstacles, there is a pressing need to identify unmet gaps in processes such as test validation, quality control, and quality assurance of NGS-based RNA-sequencing applications for clinical testing. By addressing these gaps and implementing standardized practices, the NGS-based RNA-sequencing market can gain greater acceptance and credibility in the field of clinical diagnostics.
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.
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.
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