NGS-based RNA-sequencing Market by Product & Services (Sample Preparation, Platforms & Consumables, Services, Data Analysis), Technology (SBS, SMRT, Nanopore), Application (De Novo, Epigenetics, small RNA), End-User, Region - Global Forecast to 2027
Instant Answers with GPT - Ask Now!Ask real questions. Get complete answers !
Updated on : April 28, 2023
The global 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. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The key factors propelling the growth of this market are 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.
Attractive Opportunities in the NGS-based RNA-sequencing Market
To know about the assumptions considered for the study, Request for Free Sample Report
Global NGS-based RNA-sequencing Market Dynamics
DRIVER: Decreasing costs of genome sequencing
In the last two decades, advances in genomics have resulted in a substantial reduction in the cost of genomic sequencing. For example, in 2019, the cost of whole human genome sequencing using Illumina’s technology was USD 1,000, compared to USD 14 million in 2008, and is expected to decline further in 2023. Pacific Biosciences of California provides human genome sequencing 10X coverage at ~USD 3,000 and 30X coverage at ~USD 10,000.
The cost of sequencing depends on the genome size, which varies from organism to organism. For instance, targeted sequencing is less expensive than whole-genome sequencing. Apart from genome size, data quality is another major factor associated with variations in the cost of sequencing. Sequencing cost also depends on the average number of times each base in the genome is actually “read” during the sequencing workflow. Due to the reduced costs, several companies are participating in RNA sequencing projects. The cost per raw megabase of RNA sequence has also declined in the last two decades. This has helped sequencing service providers to offer NGS-based RNA sequencing services at lower prices. Consequently, the application of these services is increasing with their affordability.
RESTRAINT: Standardization concerns of RNA-sequencing in diagnostic testing
A shift from research applications of RNA-sequencing to clinical diagnostic applications is expected due to the decreasing sequencing costs. Hence, there is a need to standardize tests to avoid discrepancies in understanding and studying reports of RNA-sequencing diagnostic applications. The US Food and Drug Administration (FDA) is working to establish regulations for RNA sequencing diagnostics to tackle uncertainties regarding the accuracy and reliability of NGS. The interpretation of RNA-sequencing data requires trained physicians as efficient RNA-sequencing data analysis is a critical factor for diagnosis. However, the complexity of NGS technologies and data presents significant challenges to its acceptance in clinical laboratory practices, quality measures, and compliance with regulatory and professional standards. There is a need to identify unmet gaps and processes for test validation, quality control, and quality assurance of NGS-based RNA-sequencing applications for clinical testing. Thus, the lack of standardization in RNA sequencing for diagnostic testing is expected to hamper the growth of the NGS-based RNA-sequencing market.
OPPORTUNITY: Adoption of blockchain technology and cloud computing
The adoption of blockchain technology in healthcare is still nascent. Still, it has a huge potential to transform the current healthcare industry, revolutionize public and private service delivery, and strengthen customer data transparency. The increasing adoption of Blockchain-as-a-Service (BaaS) with significant funding through venture capitalists and initial coin offerings (ICOs) creates growth opportunities. Companies such as Nebula Genomics (US) are working on projects to share genetic information available to researchers securely, and patients are expected to be paid for shared data. The UK-based EncrypGen did similar work in genomic data storage.
With advancements in life sciences and IT, bioinformatics is witnessing a new trend in cloud technology. Cloud computing can efficiently handle vast quantities of biological data generated by high-throughput experiments. Ongoing efforts in nanopore sequencing technology and cloud technology for bioinformatics involve developing a large variety of services from data storage, data acquisition, and data analysis, and accordingly developing utility-supplied cloud computing services delivered over the internet. Thus, future efforts in developing and commercializing novel services for blockchain and cloud technology are expected to offer growth opportunities in the NGS-based RNA-sequencing market.
CHALLENGE: Storage and interpretation of sequencing data
RNA-sequencing enables the quantitative and qualitative investigation of different RNAs, including microRNAs, messenger RNAs, small interfering RNAs, and long noncoding RNAs. The use of RNA sequencing has increased due to NGS, which yields readouts of billions of bases from a single instrument daily. As this sequencing data accumulates, standardization becomes difficult, due to which downstream computational analysis of RNA sequencing data remains complex and generates an enormous amount of data. The study and interpretation of complex data from NGS platforms pose a significant informatics challenge. The lack of automated methodologies and standardized procedures for analyzing this RNA sequencing data is a major hurdle in data interpretation. Although software solutions for data analysis are available, the demand for more efficient data management facilities has intensified. Furthermore, researchers working daily on these instruments must navigate the information provided by datasets. Hence, new data management tools and sufficient training of skilled professionals pose a major challenge for the NGS industry.
North America accounted for the largest share of the NGS-based RNA-sequencing market
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America held the dominant share, followed by Europe. North America accounted for the largest share of the global NGS-based RNA-sequencing market in 2021 owing to the availability of government support, advancements in RNA sequencing products, the growing prevalence of target diseases, growing research on cancer and inherited rare diseases, and the strong presence of key players in the region. However, the Asia Pacific market is projected to grow at the highest CAGR during the forecast period, owing 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.
To know about the assumptions considered for the study, download the pdf brochure
Key players in the global NGS-based RNA-sequencing market are Illumina, Inc. (US), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Netherlands), PerkinElmer, Inc. (US), and Eurofins Scientific (UK).
NGS-based RNA-sequencing Market Report Scope
Market Revenue in 2022
Projected Revenue in 2027
Poised to grow at a CAGR of 17.2%
Decreasing costs of genome sequencing
Adoption of blockchain technology and cloud computing
This report categorizes the NGS-based RNA-sequencing market to forecast revenue and analyze trends in each of the following submarkets:
By Product & Service
Sample Preparation Products
- Library Preparation and Target Enrichment
- Quality Control
- Manual Sample Preparation
- Microfluidic Sample Preparation
- Robotic Liquid Handling Sample Preparation
- By Workflow
- RNA-sequencing Platforms and Consumables
- RNA-sequencing Services
- Data Analysis, Storage & Management
- Sequencing by Synthesis
- Ion Semiconductor Sequencing
- Single-molecule Real-time Sequencing
- Nanopore Sequencing
- Expression Profiling Analysis
- Small RNA-sequencing
- De Novo Transcriptome Assembly
- Variant Calling and Transcriptome Epigenetics
By End User
- Research and Academia
- Hospitals and Clinics
- Pharmaceutical and Biotechnology Companies
- Other End Users
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
- Middle East & Africa
- In July 2022, Illumina Inc. (US) launched Illumina DRAGEN v4.0, an accurate and comprehensive secondary analysis platform.
- In January 2021, Oxford Nanopore Technologies collaborated with NVIDIA to integrate the NVIDIA DGX Station A100 into Oxford Nanopore’s ultra-high-throughput sequencing system, PromethION.
- In July 2019, Oxford Nanopore Technologies (UK) launched GridION for real-time, on-demand, long-read, direct DNA or RNA sequencing.
Frequently Asked Questions (FAQ):
What is the projected market revenue value of the NGS-based RNA-sequencing market?
The NGS-based RNA-sequencing market boasts a total revenue value of $5.5 billion by 2027.
What is the estimated growth rate (CAGR) of the NGS-based RNA-sequencing market?
The global market for NGS-based RNA-sequencing has an estimated compound annual growth rate (CAGR) of 17.2% and a revenue size in the region of $2.5 billion in 2022.
To speak to our analyst for a discussion on the above findings, click Speak to Analyst
This study involved four major activities in estimating the current size of the NGS-based RNA-sequencing market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the market size of segments.
Secondary research was used mainly to identify and collect information for the extensive, technical, market-oriented, and commercial study of the NGS-based RNA-sequencing market. The secondary sources used for this study include the National Institutes of Health (NIH), the Biotechnology and Biological Science Research Council (BBSRC), GLOBOCAN, the Department of Biotechnology (DBT), National Human Genome Research Institute (NHGRI), The RNA Society, European Molecular Biology Laboratory (EMBL), World Bank, United States Food and Drug Administration (US FDA), Eurostat, Statistics Canada, Factiva, ScienceDirect, corporate filings such as annual reports, SEC filings, investor presentations, and financial statements, research journals, press releases, and trade and business professional associations, among others. These sources were also used to obtain key information about major players, market classification, and segmentation according to industry trends, regional/country-level markets, market developments, and technology perspectives.
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects of the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Following is a breakdown of the primary respondents:
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the NGS-based RNA-sequencing market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry and market have been identified through extensive secondary research
- The revenues generated from the NGS-based RNA-sequencing business of leading players have been determined through primary and secondary research
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources
After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
- To define, describe, and forecast the global NGS-based RNA-sequencing market based on product & service, technology, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the overall NGS-based RNA-sequencing market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
- To strategically profile the key players and comprehensively analyze their product & service portfolios, market positions, and core competencies
- To track and analyze competitive developments such as acquisitions, product and service launches, expansions, and R&D activities in the NGS-based RNA-sequencing market.
With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for this report:
- Detailed analysis and profiling of additional market players (up to five)
Growth opportunities and latent adjacency in NGS-based RNA-sequencing Market