The NGS based RNA seq market size is projected to reach US$ 13.35 billion by 2031 from US$ 3.25 billion in 2023. The market is expected to register a CAGR of 9.32% during 2023–2031. The growing adoption of barcode scanning for long reads RNA sequences will likely remain key trends in the market.
Next-generation sequencing (NGS) is a high-throughput, scalable, and fast technology used to determine the order of nucleotides in entire genomes or specific regions of DNA or RNA. NGS has transformed RNA sequencing in recent years by providing researchers with access to genomic and transcriptomic data. In most developed nations, the next-generation sequencing method develops cancer treatments through novel therapies. Notable decline in the cost of NGS based sequencing and advancements in sequencing technology are expected to drive the market growth during the forecast period.
Asia Pacific is foreseen to expand at the highest CAGR from 2023 to 2031, owing to the growing investments made by the respective national government in growing next-generation sequencing workshops and conferences. Countries in the Asia Pacific, such as India, Singapore, etc., have been subject to various economic transitions in recent years due to the effects of recession and globalization. This has resulted in a rise in healthcare expenditure. Countries such as China and Japan are likely to grow their economies. China conducts more extensive clinical trials for sequencing than the US. The country's economy is majorly supported by the healthcare industry. Similarly, the healthcare sector majorly contributes to Japan’s growing economy. Additionally, the introduction of the new NGS based RNA sequencing products and services by the companies are contributing to the market growth.
In recent years, next-generation sequencing prices have declined substantially. According to the National Human Genome Research Institute (NHGRI), the sequencing cost per genome was US$ 993 in February 2019, which was reduced to US$ 525 in May 2022. The rapid cost reduction helps accelerate clinical research at a lower price. This is likely to be enticing to help startups for consumers' health. For instance, in February 2020, Nebula Genomics launched its innovation, providing 30x whole-genome sequencing direct-to-consumer for US$ 299.
Additionally, leading market players such as Illumina and Hoffman La Roche Ltd have introduced breakthrough technologies that have reduced the cost and time of genome sequencing
Precision medicine can potentially reduce medical expenses by shifting from traditional generalized treatments to individualized preventive and predictive approaches. NGS can accelerate early disease diagnosis and uncover pharmacogenetic biomarkers that aid in customizing therapies. It is one of the most significant advances in genomic technologies with regard to oncogenic biomarker discovery and diagnostics. NGS can be utilized in clinical oncology to enhance cancer therapy, including identifying novel mutations, discovering carriers of cancer mutations, and implementing personalized medicine. Hence, precision medicine enables the treatment of the various genetic diseases whereas NGS places a vital role in both applications, giving it an array of opportunities in the future.
Key segments that contributed to the derivation of the NGS based RNA seq market analysis are product & services, technology, application, and end user.
By End User, the market is segmented into biotechnology & pharmaceutical companies, hospitals & clinics, research centers and academic & government institutes, and others.
The geographic scope of the NGS based RNA seq market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America holds the largest market share of the next-generation sequencing market. The NGS based RNA seq market in North America is analyzed based on three major countries: the US, Canada, and Mexico. The US is estimated to have a larger share of the North America NGS based RNA seq market in 2023. The growth in this region is characterized by the growing product launches and adoption of inorganic strategies by the major players present in the region. For instance, in 2020, Pacific Biosciences of California, Inc. acquired Omniome, Inc., a developer of novel sequencing technologies. The acquisition aimed to expand Pacific Biosciences' product portfolio in the sequencing market.
The regional trends and factors influencing the NGS Based RNA Seq Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses NGS Based RNA Seq Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.25 Billion |
| Market Size by 2031 | US$ 13.35 Billion |
| Global CAGR (2023 - 2031) | 9.32% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product & Services
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The NGS Based RNA Seq Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the NGS Based RNA Seq Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The NGS based RNA seq market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the NGS based RNA seq market are listed below:
The “NGS based RNA seq Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the NGS seq RNA Seq market in 2023.
Factors including reduced cost of genome sequencing and developments in RNA sequencing technologies are driving the NGS based RNA seq market growth.
Adoption of barcode scanning for long reads RNA sequences is a future trend in the market.
Illumina, Inc; PerkinElmer Inc; F. Hoffmann-La Roche Ltd; QIAGEN N.V.; Agilent Technologies Inc; Thermo Fisher Scientific Inc; Oxford Nanopore Technologies; Pacific Biosciences of California, Inc.; BGI; and Eurofins Scientific are some leading players operating in the NGS based RNA seq market.
The NGS based RNA seq market is estimated to reach US$ 13.35 billion by 2031.
The NGS based RNA seq market is anticipated to grow at a CAGR of 9.32% during 2023-2031.