The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Market Overview

The RNA sequencing services market has experienced significant growth in recent years. From $3.22 billion in 2023, it is projected to reach $3.58 billion in 2024, marking an impressive compound annual growth rate (CAGR) of 11.1%. The growth drivers include:

• Increasing demand for personalized medicine
• Advancements in bioinformatics tools
• Rising focus on drug discovery and development
• Adoption of RNA sequencing in agricultural research
• Expanding clinical diagnostics applications

Future Growth Projections

The market is set to expand further, with an expected value of $5.51 billion by 2028, growing at a CAGR of 11.4%. Key factors contributing to this growth are:

• Emergence of single-cell RNA sequencing technologies
• Integration of AI and machine learning in data analysis
• Research in non-coding RNA biomarkers
• Transcriptomic analysis in immunotherapy research
• Academic and industry collaborations in genomic studies

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Personalized Medicine Drives RNA Sequencing Market Growth

Benefits of Personalized Medicine

Personalized medicine tailors treatments to individual characteristics, optimizing effectiveness and minimizing adverse effects. Its rising demand is due to:

• Advancements in genomics
• Increasing disease complexity
• Regulatory support

Role of RNA Sequencing

RNA sequencing plays a crucial role by:

• Identifying disease subtypes
• Discovering biomarkers
• Predicting therapy responses
• Tracking disease progression and treatment outcomes

FDA Approvals Highlight Growth

The FDA approved 16 novel personalized therapies in 2023, up from six in 2022. These include treatments for rare diseases and several cancer drugs, underscoring the growing importance of RNA sequencing in personalized medicine.

Major Companies in the RNA Sequencing Market

Key players in the market include:

• Thermo Fisher Scientific Inc.
• Illumina Inc.
• Qiagen NV
• BGI Genomics Co. Ltd.
• Novogene Co. Ltd.
• Genewiz Inc.
• CD Genomics
• Lexogen GmbH
• Active Motif Inc.

These companies are focusing on innovation and expanding their services to meet the growing demand for RNA sequencing.

Empowering Precision Medicine With Next-Generation Assays

Innovation in Assays

Companies are developing advanced assays to enhance data accuracy and efficiency. For instance:

• Tempus xR: In June 2023, Tempus introduced the Tempus xR assay, a comprehensive RNA sequencing tool designed for solid tumors, offering detailed analysis of clinically significant gene fusions and altered splicing.

Parse Biosciences Enhances Single-Cell RNA Sequencing

Acquisition of Biomage Ltd.

In January 2024, Parse Biosciences acquired Biomage Ltd., a UK-based RNA sequencing data analysis company. This acquisition aims to:

• Improve single-cell RNA sequencing data analysis
• Provide deeper insights and reduce analysis time in genomic research and precision medicine

Market Segmentation

The RNA sequencing services market is segmented into:

By Type

• Ribosomal RNA (rRNA)
• Transfer RNA (tRNA)
• Long non-coding RNA (lncRNA)

By Sequencing Method

• Next Generation Sequencing Methods
• Other Sequencing Methods

By Application Area

• Research Purposes
• Diagnostic Purposes

By End Users

• Academic and Government Institutes and Research Centers
• Hospitals and Clinics
• Pharmaceutical and Biotechnology Companies
• Other End Users

Regional Insights

• North America: Largest market in 2023
• Asia-Pacific: Expected to be the fastest-growing region during the forecast period

Conclusion

The RNA sequencing services market is on a robust growth trajectory, driven by advancements in personalized medicine, bioinformatics, and new sequencing technologies. Major companies are innovating to meet the increasing demand, making this an exciting space to watch in the coming years.

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