NGS Based RNA Sequencing Market Size, Share, And Growth Rate Analysis 2023
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The Business Research Company’s NGS based RNA sequencing market report forecasts the NGS based RNA sequencing market size to grow to $6.3 Billion by 2027, with a CAGR (compound annual growth rate) of more than 23%.
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NGS Based RNA Sequencing Market Size Forecast
The global NGS based RNA sequencing market is expected to grow from $2.22 billion in 2022 to $2.74 billion in 2023 at a compound annual growth rate (CAGR) of 23.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The NGS-based RNA-sequencing market size is expected to grow to $6.3 billion in 2027 at a CAGR of 23.1%.
North America held the largest NGS based RNA sequencing market share, and Asia-Pacific was the fastest-growing region in 2022.
Key NGS Based RNA Sequencing Market Driver – Growth In Precision Medicine
For instance, in September 2021, the Swedish Government invested $21.15 million (SEK 220 million) in the Swedish national infrastructure Genomic Medicine Sweden (GMS), to make it easier to keep integrating precision medicine into Swedish healthcare, ensuring that every person there has to access to more accurate tests and individualized care. Such investments are taking place due to a rise in demand for precision medicines. As the demand for precision medicines increases, the demand for NGS-based RNA sequencing will also increase.
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Key NGS Based RNA Sequencing Market Trend – Strategic Partnership
Companies are entering into a partnership with NGS-based RNA sequencing companies to expand in new markets and leverage each other’s resources. For instance, in May 2022, The Biomedical Advanced Research and Development Authority (BARDA), a U.S. Department of Health and Human Services, partnered with multiple industry and academic partners. The partnership aims to improve the capacity to swiftly respond to public health emergencies and develop a novel diagnostic capability that covers all recognized and emerging respiratory RNA viruses in a single test. In March 2020, Illumina Inc., a US-based biotechnology company that develops, manufactures, and markets integrated systems for the analysis of genetic variation and biological function, partnered with IDbyDNA Inc. The partnership aims to give laboratories, and hospitals worldwide access to high-fidelity NGS analysis, interpretation, and reporting capabilities. The alliance hopes to enable the widespread distribution of NGS equipment, library prep, and other reagents. IDbyDNA Inc. is a US-based metagenomics technology company.
NGS Based RNA Sequencing Market Segment
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
NGS Based RNA Sequencing Market Major Players and Strategies
Major players in the NGS based RNA sequencing market are Illumina, Thermo Fischer Scientific, Oxford Nanopore, Agilent Technologies Inc., BGI, PerkinElmer Inc., QIAGEN, Eurofins Scientific, F. Hoffmann-La Roche Ltd., Takara Bio Inc., GENEWIZ Inc., Hamilton Company, Macrogen, and Bio-Rad Laboratories Inc.
In April 2021, Agilent Technologies, Inc., a US-based company that serves the life sciences, diagnostics, and applied chemical industries by offering analytical equipment, software, services, and consumables for the entire laboratory workflow, acquired Resolution Bioscience for $695 million. Through this acquisition, Agilent will expand its NGS-based cancer diagnostic capabilities and better meet the demands of the rapidly expanding precision medicine market. Agilent’s ability to serve clinical diagnostics and biopharma customers is strengthened by the addition of Resolution Bioscience’s liquid biopsy-based diagnostic technologies, which also expands the company’s opportunities for growth in the diagnostics and genomics sectors. Resolution Bioscience is a US-based company involved in developing and commercializing next-generation sequencing (NGS)-based precision oncology solutions.
The NGS Based RNA Sequencing Global Market Report 2023 covers regional data on NGS based RNA sequencing market size, NGS based RNA sequencing market trends and drivers, opportunities, strategies, and NGS based RNA sequencing market competitor analysis. The countries covered in the NGS based RNA sequencing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
NGS-based RNA-sequencing is used to identify and measure the amount of ribonucleic acid (RNA) present in a biological sample at a certain moment, using next-generation sequencing (NGS). The massively parallel sequencing technology known as “next-generation sequencing” (NGS) provides extremely high throughput, scalability, and speed. This approach can ascertain the nucleotide sequence of whole genomes or specific DNA or RNA portions.
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