NGS-based RNA-sequencing Market worth $5.5 billion | Illumina, Inc. (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), Eurofins Scientific (UK), and Thermo Fisher Scientific, Inc. (US)

NGS-based RNA-sequencing Market in terms of revenue was estimated to be worth $2.5 billion in 2022 and is poised to reach $5.5 billion by 2027, growing at a CAGR of 17.2% from 2022 to 2027 according to a new report by MarketsandMarkets™. The growth of the NGS-based RNA-sequencing market is largely driven by the advantages of RNA sequencing over conventional technologies, the decreasing costs of genome sequencing, increasing government funding to support genomics projects, growing research involving RNA sequencing, growing cancer cases, the increasing application of NGS in cancer research, and rapid growth in personalized medicine.

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RNA sequencing platforms & consumables segment held a major share in the NGS-based RNA-sequencing market in 2021.

Based on product, the NGS-based RNA-sequencing market is segmented into sample preparation products, RNA sequencing platforms and consumables, RNA sequencing services, and data analysis, storage, and management. The RNA sequencing platforms and consumables segment is estimated to be the largest segment in this market. The availability of advanced, efficient, and accurate platforms at a low cost has reduced the cost of sequencing overall, thereby boosting the overall pace of sequencing activity. Continuous technological advancements have also contributed to market growth. The growth of the consumables market is tied to the instruments market and is driven by rising research activity, the need for repeated purchases, and the use of consumables in sequencing. On the other hand, the RNA sequencing services segment is expected to grow at the highest CAGR during the forecast period owing to the expansions in NGS-based RNA service portfolios, the increasing number of contracts for RNA-sequencing services, and the rising adoption of advanced NGS platforms by service providers.

Expression profiling analysis application segment dominated the global NGS-based RNA-sequencing market in 2021.

Based on application, the NGS-based RNA-sequencing market is segmented into expression profiling analysis, small RNA sequencing, de novo transcriptome assembly, and variant calling & transcriptome epigenetics. In 2021, the expression profiling analysis segment accounted for the largest share of the global NGS-based RNA-sequencing market. Expression profiling analysis is adopted on a large-scale during immunology and stem cell research and neurobiology studies to evaluate cell differentiation and development. Expression profiling analysis is used to analyze patient samples to provide specific treatment options. It also detects complex diseases, such as multiple sclerosis, cardiomyopathy, and metabolic disorders. Thus, the increasing prevalence of metabolic disorders, multiple sclerosis, and other diseases are expected to propel the demand for expression profiling analysis.

Asia Pacific to witness the highest growth in the NGS-based RNA-sequencing market during the forecast period

Geographically, the NGS-based RNA-sequencing market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period. The high growth rate of the APAC region can be attributed to a significant focus on R&D, the decreasing costs of NGS products and services, and the increasing focus of major market players on strengthening their presence in the Asia Pacific.

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NGS-based RNA-sequencing Market Dynamics:

Drivers:

Decreasing costs of genome sequencing
Advantages of RNA-seq over conventional technologies
Increasing government funding to support genomics projects
Growing research involving RNA-seq
Rising cancer cases and increasing application of NGS in cancer research
Rapid growth in personalized medicine adoption

Restraints:

Lack of qualified specialists
End-user budget constraints in developing countries
Standardization concerns of RNA-seq in diagnostic testing

Opportunities:

Adoption of blockchain technology and cloud computing

Challenges:

Storage and interpretation of sequencing data
Analysis of RNA-seq data to detect novel transcripts
Ethical issues

Key Market Players:

The prominent players in the NGS-based RNA-sequencing market are Illumina, Inc. (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), Eurofins Scientific (UK), and Thermo Fisher Scientific, Inc. (US). These companies have adopted organic and inorganic growth strategies, such as product and service launches and acquisitions, to maintain their leading positions in the NGS-based RNA-sequencing market.

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