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The NGS-based RNA sequencing market has witnessed exponential growth in recent years, escalating from $2.79 billion in 2023 to an anticipated $3.49 billion in 2024, showcasing an impressive compound annual growth rate (CAGR) of 24.9%. This surge in market size during the historic period is attributed to genomic research initiatives, reduced sequencing costs, advancements in drug discovery and development, the advent of personalized medicine, and the increasing adoption of NGS technologies.

Factors Driving Growth in the Historic Period

• Genomic research initiatives
• Reduction in sequencing costs
• Drug discovery and development
• Personalized medicine
• Increasing NGS adoption

Factors Propelling Growth in the Forecast Period

• Clinical diagnostics
• Global collaborations
• Ethical and regulatory frameworks
• Agricultural and environmental research
• Green genomics

Major Trends in the Forecast Period

• Single-cell RNA-sequencing (scRNA-seq)
• Spatial transcriptomics
• Epitranscriptomics
• Multi-omics integration
• Sustainable agriculture

Precision Medicine Paves the Way

The burgeoning field of precision medicine stands as a key driver propelling the growth of NGS-based RNA sequencing. Precision medicine, with its focus on tailoring treatment plans based on an individual’s genetic makeup, is gaining prominence. Particularly in severe diseases like cancer, precision medicine leverages NGS-based RNA sequencing to identify the root cause of diseases, facilitating the prescription of specific precision medicines. Notably, the Swedish Government’s investment of $21.15 million in Genomic Medicine Sweden in September 2021 reflects a global commitment to integrating precision medicine into healthcare systems.

Industry Giants: Shaping the Landscape

Several major companies wield significant influence in steering the NGS-based RNA sequencing market:

• Illumina Inc.
• Thermo Fisher Scientific Inc.
• Oxford Nanopore Technologies Ltd.
• Agilent Technologies Inc.
• And many more…

Read More On The NGS-Based RNA-Sequencing Market Report 2024 – https://www.thebusinessresearchcompany.com/report/ngs-based-rna-sequencing-global-market-report

Innovation to Meet Growing Demand
As the demand for NGS-based RNA sequencing intensifies, major players in the market are focusing on innovation to cater to this surge. Innovative products, such as ultra-fast RNA methods, are being introduced to meet the growing demand for RNA sequencing. For instance, Quantabio’s sparQ RNA-Seq HMR Kit, launched in March 2022, is designed for precision oncology applications. This ultra-fast RNA library preparation kit significantly accelerates RNA sequencing and analysis, holding great promise for research and diagnostics.

Strategic Acquisitions Boost Market Presence
In a strategic move in April 2021, Agilent Technologies, Inc. acquired Resolution Bioscience for $695 million, fortifying its position in the NGS-based RNA sequencing market. This acquisition enhances Agilent’s cancer diagnostic capabilities, aligning with the soaring demands of the precision medicine market. Resolution Bioscience’s liquid biopsy-based diagnostic technologies expand Agilent’s footprint in clinical diagnostics and biopharma, fostering growth in diagnostics and genomics sectors.

Comprehensive Market Segmentation

The NGS-based RNA sequencing market is intricately segmented to offer a comprehensive view of its dynamics:

1. By Product and Service:
   • Sample Preparation Products
   • Sequencing Platforms and Consumables
   • Sequencing Services
   • Data Analysis, Storage, and Management
2. By Technology:
   • Sequencing by Synthesis
   • Ion Semiconductor Sequencing
   • Single-molecule Real-time Sequencing
   • Nanopore Sequencing
3. By Application:
   • Expression Profiling Analysis
   • Small RNA Sequencing
   • De Novo Transcriptome Assembly
   • Variant Calling and Transcriptome Epigenetics
4. By End User:
   • Research & Academia
   • Hospitals & Clinics
   • Pharmaceutical & Biotechnology Companies
   • Other End Users

Regional Dynamics
North America emerged as the largest region in the NGS-based RNA sequencing market in 2023, while Asia-Pacific is poised to be the fastest-growing region in the forecast period. This geographical shift underscores the global nature of the market, reflecting the widespread adoption and application of NGS-based RNA sequencing technologies.

In conclusion, the NGS-based RNA sequencing market’s growth trajectory is marked by precision medicine, innovation, and strategic acquisitions. With major players continuously pushing the boundaries of technology, the market is poised for exponential growth, playing a pivotal role in advancing healthcare, diagnostics, and research.

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