NGS Based RNA Seq Market Forecast, Trends, Scope by 2031
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.
NGS Based RNA Seq Market Analysis
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.
NGS Based RNA Seq Market Overview
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.
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NGS Based RNA Seq Market: Strategic Insights
Market Size Value in US$ 1,414.59 Million in 2018 Market Size Value by US$ 7,984.90 Million by 2027 Growth rate CAGR of 19.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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NGS Based RNA Seq Market: Strategic Insights
| Market Size Value in | US$ 1,414.59 Million in 2018 |
| Market Size Value by | US$ 7,984.90 Million by 2027 |
| Growth rate | CAGR of 19.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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NGS Based RNA Seq Market Drivers and Opportunities
Declining Cost of Genome Sequencing to Favor Market
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
Expanding Applications of NGS in Oncology and Precision Medicine Brings Growth Opportunities
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.
NGS Based RNA Seq Market Report Segmentation Analysis
Key segments that contributed to the derivation of the NGS based RNA seq market analysis are product & services, technology, application, and end user.
- The NGS based RNA seq market is segmented based on products & services into sample preparation, sequencing services, sequencing platform & consumables, and data analysis, storage & management. The sequencing platform & consumables and data analysis segment held the largest market share in 2023.
- By technology, the market is segmented into sequencing by synthesis, nanopore sequencing, ion semiconductor sequencing, and single molecule real-time sequencing. The sequencing by synthesis segment held the largest market share in 2023.
- By application, the market is segmented into diagnostics, drug discovery, precision medicine, and others. The diagnostics segment held a significant share of the market in 2023.
By End User, the market is segmented into biotechnology & pharmaceutical companies, hospitals & clinics, research centers and academic & government institutes, and others.
NGS Based RNA Seq Market Share Analysis by Geography
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.
NGS Based RNA Seq Market Report Scope
NGS Based RNA Seq Market News and Recent Developments
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:
- Twist Bioscience launched a portfolio of RNA sequencing tools. The portfolio includes Twist RNA Exome, Twist RNA Library Prep Kit, and the Twist Ribosomal RNA (rRNA) and Hemoglobin (Globin) Depletion Kit, as well as custom target enrichment capabilities for RNA and whole transcriptome sequencing. Twist's RNA sequencing portfolio is built on its established NGS capabilities in genomic sequencing and methylation detection. It also expands into gene expression analysis, opening a new and significant market for the company. (Source: Twist Bioscience, Press Release, 2023)
- Illumina Inc. launched its DRAGEN v4. 0, an accurate and comprehensive secondary analysis platform. The product enables single-cell resolution profiling of chromatin accessibility. It can be run with DRAGEN’s single-cell RNA-seq pipeline as part of the single-cell multiomics pipeline. (Source: Illumina Inc, Press Release, 2022)
NGS Based RNA Seq Market Report Coverage and Deliverables
The “NGS based RNA seq Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- NGS based RNA seq market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- NGS based RNA seq market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- NGS based RNA seq market analysis covering key market trends, global and regional framework, significant players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the NGS based RNA seq market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product & Services , Technology , Application , End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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