The NGS based RNA seq market size is projected to reach US$ 13.35 billion by 2031 from US$ 3.25 billion in 2023. The market is expected to register a CAGR of 9.32% during 2023–2031. The growing adoption of barcode scanning for long reads RNA sequences will likely remain key trends in the market.

NGS Based RNA Seq Market Analysis

Next-generation sequencing (NGS) is a high-throughput, scalable, and fast technology used to determine the order of nucleotides in entire genomes or specific regions of DNA or RNA. NGS has transformed RNA sequencing in recent years by providing researchers with access to genomic and transcriptomic data. In most developed nations, the next-generation sequencing method develops cancer treatments through novel therapies. Notable decline in the cost of NGS based sequencing and advancements in sequencing technology are expected to drive the market growth during the forecast period.

NGS Based RNA Seq Market Overview

Asia Pacific is foreseen to expand at the highest CAGR from 2023 to 2031, owing to the growing investments made by the respective national government in growing next-generation sequencing workshops and conferences. Countries in the Asia Pacific, such as India, Singapore, etc., have been subject to various economic transitions in recent years due to the effects of recession and globalization. This has resulted in a rise in healthcare expenditure. Countries such as China and Japan are likely to grow their economies. China conducts more extensive clinical trials for sequencing than the US. The country's economy is majorly supported by the healthcare industry. Similarly, the healthcare sector majorly contributes to Japan’s growing economy. Additionally, the introduction of the new NGS based RNA sequencing products and services by the companies are contributing to the market growth.

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NGS Based RNA Seq Market: Strategic Insights

NGS Based RNA Seq Market

• 
  CAGR (2023 - 2031)

  9.32%
• Market Size 2023
  US$ 3.25 Billion
• Market Size 2031
  US$ 13.35 Billion

Market Dynamics

GROWTH DRIVERS

• Declining Cost of Genome Sequencing Raises Demand for NGS Based RNA Seq Technologies

FUTURE TRENDS

• Developments in RNA Sequencing Technologies

OPPORTUNITIES

• Expanding Applications of NGS in Oncology and Precision Medicine Brings Growth Opportunities in NGS Based RNA Seq Market

Key Players

• Illumina, Inc
• PerkinElmer Inc
• F. Hoffmann-La Roche Ltd
• QIAGEN N.V.
• Agilent Technologies Inc
• Thermo Fisher Scientific Inc
• Oxford Nanopore Technologies
• Pacific Biosciences of California, Inc.
• BGI
• Eurofins Scientific

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Product & Services

• Sample Preparation
• Sequencing Services
• Sequencing Platform & Consumables and Data Analysis
• Storage & Management

Technology

• Sequencing Synthesis
• Nanopore Sequencing
• Ion Semiconductor Sequencing and Single Molecule Real Time Sequencing

Application

• Diagnostics
• Drug Discovery
• Precision Medicine

End User

• Biotechnology & Pharmaceutical Companies
• Hospitals & Clinics
• Research Centers and Academic & Government Institutes

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NGS Based RNA Seq Market Drivers and Opportunities

Declining Cost of Genome Sequencing to Favor Market

In recent years, next-generation sequencing prices have declined substantially. According to the National Human Genome Research Institute (NHGRI), the sequencing cost per genome was US$ 993 in February 2019, which was reduced to US$ 525 in May 2022. The rapid cost reduction helps accelerate clinical research at a lower price. This is likely to be enticing to help startups for consumers' health. For instance, in February 2020, Nebula Genomics launched its innovation, providing 30x whole-genome sequencing direct-to-consumer for US$ 299.

Additionally, leading market players such as Illumina and Hoffman La Roche Ltd have introduced breakthrough technologies that have reduced the cost and time of genome sequencing

Expanding Applications of NGS in Oncology and Precision Medicine Brings Growth Opportunities

Precision medicine can potentially reduce medical expenses by shifting from traditional generalized treatments to individualized preventive and predictive approaches. NGS can accelerate early disease diagnosis and uncover pharmacogenetic biomarkers that aid in customizing therapies. It is one of the most significant advances in genomic technologies with regard to oncogenic biomarker discovery and diagnostics. NGS can be utilized in clinical oncology to enhance cancer therapy, including identifying novel mutations, discovering carriers of cancer mutations, and implementing personalized medicine. Hence, precision medicine enables the treatment of the various genetic diseases whereas NGS places a vital role in both applications, giving it an array of opportunities in the future.

NGS Based RNA Seq Market Report Segmentation Analysis

Key segments that contributed to the derivation of the NGS based RNA seq market analysis are product & services, technology, application, and end user.

• The NGS based RNA seq market is segmented based on products & services into sample preparation, sequencing services, sequencing platform & consumables, and data analysis, storage & management. The sequencing platform & consumables and data analysis segment held the largest market share in 2023.
• By technology, the market is segmented into sequencing by synthesis, nanopore sequencing, ion semiconductor sequencing, and single molecule real-time sequencing. The sequencing by synthesis segment held the largest market share in 2023.
• By application, the market is segmented into diagnostics, drug discovery, precision medicine, and others. The diagnostics segment held a significant share of the market in 2023.

By End User, the market is segmented into biotechnology & pharmaceutical companies, hospitals & clinics, research centers and academic & government institutes, and others.

NGS Based RNA Seq Market Share Analysis by Geography

The geographic scope of the NGS based RNA seq market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America holds the largest market share of the next-generation sequencing market. The NGS based RNA seq market in North America is analyzed based on three major countries: the US, Canada, and Mexico. The US is estimated to have a larger share of the North America NGS based RNA seq market in 2023. The growth in this region is characterized by the growing product launches and adoption of inorganic strategies by the major players present in the region. For instance, in 2020, Pacific Biosciences of California, Inc. acquired Omniome, Inc., a developer of novel sequencing technologies. The acquisition aimed to expand Pacific Biosciences' product portfolio in the sequencing market.

NGS Based RNA Seq Market Report Scope

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NGS Based RNA Seq Market News and Recent Developments

The NGS based RNA seq market is evaluated by gathering qualitative and quantitative data from primary and secondary research, which includes essential corporate publications, association data, and databases. A few of the developments in the NGS based RNA seq market are listed below:

• Twist Bioscience launched a portfolio of RNA sequencing tools. The portfolio includes Twist RNA Exome, Twist RNA Library Prep Kit, and the Twist Ribosomal RNA (rRNA) and Hemoglobin (Globin) Depletion Kit, as well as custom target enrichment capabilities for RNA and whole transcriptome sequencing. Twist's RNA sequencing portfolio is built on its established NGS capabilities in genomic sequencing and methylation detection. It also expands into gene expression analysis, opening a new and significant market for the company. (Source: Twist Bioscience, Press Release, 2023)
• Illumina Inc. launched its DRAGEN v4. 0, an accurate and comprehensive secondary analysis platform. The product enables single-cell resolution profiling of chromatin accessibility. It can be run with DRAGEN’s single-cell RNA-seq pipeline as part of the single-cell multiomics pipeline. (Source: Illumina Inc, Press Release, 2022)

NGS Based RNA Seq Market Report Coverage and Deliverables

The “NGS based RNA seq Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• NGS based RNA seq market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• NGS based RNA seq market trends, as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• NGS based RNA seq market analysis covering key market trends, global and regional framework, significant players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the NGS based RNA seq market
• Detailed company profiles