NGS-Based RNA Sequencing Market: Latest Trends and Key Drivers

Triveni Triveni
Published on Apr 20, 2023

The size for Global  NGS-Based RNA Sequencing Market was valued at USD 3.54 billion in 2022, and it is predicted to reach USD 19.68 billion by 2032 with a CAGR of 21%. The growth is attributed to factors such as increased government funding for genomics research, the need for precision medicine, and the rising incidence of cancer and uncommon disorders. With advancements in technology, NGS-based RNA sequencing has become more accessible and cost-effective, making it a valuable tool for personalized medicine. The market is also being driven by the use of NGS-based RNA sequencing in medication discovery and development, and growing demand for customized medicine. Despite the promising outlook, market growth is restrained by the high cost of NGS-based RNA sequencing, which may hinder adoption by small and medium-sized businesses, and a lack of qualified professionals who can analyze the massive datasets produced by RNA sequencing.

The market growth is being driven by the rapid advancements in next-generation sequencing and RNA technologies. Key players in the industry are introducing advanced NGS-based RNA sequencing platforms, data analysis services, and kits designed to meet the specific research needs in these fields. For instance, NanoString Technologies, Inc. announced a transparent workflow in the cloud to enhance customers' spatial data analysis experience, while Novogene USA launched a new single-cell laboratory powered by advanced Next GEM technology, enabling the identification of individual cells from a pool of cells.

The growth in government funding for genomics research, a rise in the prevalence of cancer and uncommon disorders, and the increasing demand for precision medicine are the key factors driving market revenue growth. The development of individualized treatment strategies is possible due to extensive and accurate analysis of an individual's genetic profile provided by NGS-based RNA sequencing. Additionally, government investments in genomics research are promoting industry expansion.

Despite these growth factors, there are some hindrances that may slow down the market's progress, including the high cost of NGS-based RNA sequencing and a shortage of qualified professionals who can understand and analyze the massive datasets produced by RNA sequencing. For small and medium-sized businesses, the high cost of NGS-based RNA sequencing is a significant barrier that inhibits their adoption of the technology.

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Major companies in NGS-Based RNA Sequencing Market:

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

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Driving Factors in NGS-Based RNA Sequencing Market:

  1. Growing use of precision medicine
  2. Rising government funding for genomics research
  3. Increasing need for personalized medicine
  4. Rising prevalence of cancer and uncommon disorders
  5. Development of NGS-based RNA sequencing technology
  6. Increasing use of NGS-based RNA sequencing in drug discovery and development

Restraints in NGS-Based RNA Sequencing Market:

  1. High Cost: One of the major challenges in the market is the high cost of NGS-based RNA sequencing, which may hinder its adoption by small and medium-sized businesses.
  2. Lack of Skilled Professionals: The lack of qualified individuals who can understand and analyze the massive datasets produced by RNA sequencing is another challenge faced by the market.
  3. Regulatory and Ethical Issues: Regulatory and ethical issues may also restrict market growth. Concerns regarding privacy, data security, and informed consent are among the regulatory issues that may arise during the sequencing process.
  4. Limitations in Sample Preparation and Quality Control: Issues related to sample preparation and quality control may also hinder the growth of the NGS-based RNA sequencing market. This includes challenges in isolating RNA from various sample types and preserving RNA integrity during sample preparation.

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Notable Innovations in NGS-Based RNA Sequencing Market:

  1. The development of single-cell RNA sequencing, which allows researchers to study individual cells and their RNA profiles. This technology has the potential to transform our understanding of complex biological systems and disease states.
  2. The introduction of cloud-based bioinformatics platforms, which allow researchers to easily store, manage, and analyze large datasets generated by NGS-based RNA sequencing. These platforms provide a scalable and flexible solution for data analysis and facilitate collaboration among researchers.
  3. The development of new sequencing technologies, such as nanopore sequencing, which offer faster and more accurate sequencing of RNA molecules. This technology has the potential to significantly reduce the cost and time required for NGS-based RNA sequencing, making it more accessible to researchers and clinicians.
  4. The integration of NGS-based RNA sequencing with other technologies, such as proteomics and metabolomics, to provide a more comprehensive view of biological systems. This approach has the potential to reveal new insights into the mechanisms of disease and facilitate the development of personalized therapies.

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