What is the Growth Analysis of NGS-Based RNA-Sequencing Market?
The NGS-based RNA-sequencing market size is projected to reach USD 4.2 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 20.0%. An increasing number of RNA-seq grants, advantages of RNA-seq over conventional technologies, rapid growth in precision medicine market clubbed with a growing number of research activities involving RNA-seq are the key factors driving the growth of the NGS-based RNA-sequencing industry.
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Based on product & service, the market is segmented into sample preparation products, RNA sequencing platforms & consumables, RNA sequencing services, and data analysis, storage, and management. In 2018, the RNA sequencing platforms & consumables segment accounted for the largest share of the NGS-based RNA-sequencing industry. This can be attributed to the ongoing technological advancements in the market and the increasing availability of innovative & cost-effective sequencing platforms.
Based on technology, the NGS-based RNA-sequencing industry is segmented into sequencing by synthesis, ion semiconductor sequencing, single-molecule real-time sequencing, and nanopore sequencing. In 2018, the largest NGS-based RNA-sequencing market share was held by the sequencing by synthesis segment. The large share of this segment is attributed to the development of new and advanced NGS platforms and the increasing demand for Illumina’s systems, as it is the major provider of NGS platforms that use the SBS technology.
By region, the NGS-based RNA-sequencing industry is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific is projected to register the highest CAGR during the forecast period. Significant focus on R&D activities as a means of broadening the scope of RNA-Seq applications and decreasing the costs of NGS products and services are some of the key factors supporting the growth of the NGS-based RNA-sequencing market in the Asia Pacific.