Market Size – The ribonucleic acid (RNA) sequencing market size has grown exponentially in recent years. It will grow from $2.66 billion in 2023 to $7.29 billion in 2024 at a compound annual growth rate (CAGR) of 22.2%. The growth in the historic period can be attributed to rising number of drug development activities, growing prevalence of genetic disorders and target diseases, increasing use of miniaturized portable instruments, growing use of biomarker profiling, growing demand for personalized medicine, and the increasing number of cancer patients.
The ribonucleic acid (RNA) sequencing market size is expected to see exponential growth in the next few years. It will grow to $7.29 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The growth in the forecast period can be attributed to rise in demand for rapid and accurate diagnosis of disease, growing adoption of real-time polymerase chain reaction, the growing demand for rapid and on-site diagnostic testing, rise in infectious disease outbreaks, and demand for companion diagnostics. Major trends in the forecast period include disease detection and monitoring, drug discovery, target validation, biomarker identification, DNA sequencing technologies, diagnostic testing advancements, next-generation sequencing (NGS), microfluidics, lab-on-a-chip platforms, and advanced molecular diagnostic solutions development.
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Scope Of Ribonucleic Acid (RNA) Sequencing MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Ribonucleic Acid (RNA) Sequencing Market Overview
Market Drivers –An increasing focus on precision medicine is expected to propel the growth of the ribonucleic acid (RNA) sequencing market going forward. Precision medicine or personalized medicine is an innovative approach to medical treatment and prevention that considers individual variability in genes, environment, and lifestyle for each person. Personalized medicine has the potential to provide more effective treatments, advancements in genomics, increasing disease complexity, and regulatory support. RNA sequencing technologies are utilized to determine the sequence and quantify the expression levels of RNA molecules within a sample. It enables comprehensive analysis of transcriptomes and insights into gene expression patterns, alternative splicing events, and RNA modifications. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. Therefore, increasing focus on precision medicine drives the ribonucleic acid (RNA) sequencing market.
Market Trends – Major companies operating in the ribonucleic acid (RNA) sequencing market focus on RNA next-generation sequencing assay to improve patient care through data-driven insights and precision medicine. RNA next-generation sequencing assay is a next-generation exome sequencing platform that leverages advanced genomic sequencing technologies to analyze a patient’s entire exome. For instance, in June 2023, Tempus, a US-based precision medicine technology company, unveiled its new standalone RNA next-generation sequencing assay, Tempus xR. This innovative assay, designed for solid tumors, offers a comprehensive analysis of the entire transcriptome, highlighting clinically significant fusions in over 100 targeted genes and altered splicing for MET Exon 14 and EGFRvIII. This offering caters to physicians with a specific interest in RNA fusions or altered splicing and providers, researchers, and biopharma companies seeking detailed RNA sequencing analysis of their existing samples.
The ribonucleic acid (RNA) sequencing market covered in this report is segmented –
1) By Product Type: Instruments, Reagents And Kits, Software
2) By Technology: Single Molecule Based Sequencing, Sequence By Synthesis Technology, Nanopore Sequencing Technology, Ion Torrent Semiconductor Sequencing
3) By Applications: Diagnostics, Drug Discovery, Translational Medicine, Other Applications
4) By End User: Research And Academia, Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Other End Users
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Regional Insights – North America was the largest region in the ribonucleic acid (RNA) sequencing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the ribonucleic acid (RNA) sequencing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies – Major companies operating in the ribonucleic acid (RNA) sequencing market are F. Hoffmann-La Roche Ltd., Thermo Fisher Scientific Inc., Danaher Corporation, Merck KGaA, Becton, Dickinson and Company, GE HealthCare Technologies Inc, Eurofins Scientific SE, Agilent Technologies Inc, Illumina Inc, PerkinElmer Inc, bioMérieux SA, Beckman Coulter Inc, Sysmex Corporation, Bio-Rad Laboratories Inc, QIAGEN N.V., Tecan Genomics Inc, Natera Inc, Myriad Genetics Inc., BGI Genomics Co Ltd, Takara Bio Inc, Cepheid, NeoGenomics Laboratories Inc, Abcam Limited, Oxford Nanopore Technologies plc, Pacific Biosciences of California Inc, Macrogen Inc, Standard BioTools Inc, Ambry Genetics Corporation, Biocartis SA, CD Genomics
Table of Contents 1. Executive Summary2. Ribonucleic Acid (RNA) Sequencing Market Report Structure3. Ribonucleic Acid (RNA) Sequencing Market Trends And Strategies4. Ribonucleic Acid (RNA) Sequencing Market – Macro Economic Scenario5. Ribonucleic Acid (RNA) Sequencing Market Size And Growth…..27. Ribonucleic Acid (RNA) Sequencing Market Competitor Landscape And Company Profiles28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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