(IT-NEWSWIRE.COM, September 14, 2023 ) The report "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", is projected to reach USD 5.5 billion by 2027 from USD 2.5 billion in 2022, at a CAGR of 17.2% during the forecast period.
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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.
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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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.
Mr. Aashish Mehra