RNA Sequencing Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The RNA sequencing services market size has grown rapidly in recent years. It will grow from $3.22 billion in 2023 to $3.58 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to growing demand for personalized medicine, advancements in bioinformatics tools, increasing focus on drug discovery and development, rising adoption of RNA sequencing in agricultural research, and expanding applications in clinical diagnostics.
The RNA sequencing services market size is expected to see rapid growth in the next few years. It will grow to $5.51 billion in 2028 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to emergence of single-cell RNA sequencing technologies, integration of artificial intelligence and machine learning in data analysis, expanding research in non-coding RNA biomarkers, rising demand for transcriptomic analysis in immunotherapy research, growing collaborations between academia and industry in genomic studies. Major trends in the forecast period include long-read sequencing adoption, cloud-based analysis platforms, demand for RNA splicing analysis, and multi-omics data integration.
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Scope Of RNA Sequencing Services Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
RNA Sequencing Services Market Overview
Market Drivers –
The growing demand for personalized medicine is significantly contributing to the growth of the RNA sequencing services market. Personalized medicine refers to tailoring medical treatment to individual characteristics, such as genetics or lifestyle, to optimize effectiveness and minimize adverse effects. The growing demand for personalized medicine is driven by its potential to provide more effective treatments, advancements in genomics, increasing disease complexity, and regulatory support. RNA sequencing services help to identify disease subtypes, discover biomarkers, identify therapeutic targets, predict therapy responses, and track disease progression and treatment results. Personalized medicine techniques use RNA sequencing technologies to give individualized and effective medicines that target the unique molecular characteristics of individual patients. For instance, in February 2024, according to the Personalized Medicine Coalition, a US-based non-profit organization, the FDA (Food and Drug Administration) approved 16 novel personalized therapies for patients with rare diseases in 2023, compared to six in 2022. The newly approved personalized treatments for 2023 also include seven cancer drugs and three for other diseases and conditions. Thus, the increasing demand for personalized medicine is driving the growth of the RNA sequencing services market going forward.
Market Trends –
Major companies operating in the RNA sequencing services market are focusing on automation to reduce potential human error, such as the next-generation sequencing (NGS) assay, aiming to enhance efficiency and accuracy in data generation and analysis. The RNA next-generation sequencing (RNA-seq) assay is a powerful tool used in molecular biology and genomics to analyze the transcriptome of a biological sample. 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, along with altered splicing for MET Exon 14 and EGFRvIII. Recognizing the significance of RNA sequencing data, Tempus has historically incorporated both RNA and DNA sequencing into its standard xT broad-panel assay. Now, clients have the flexibility to order each test separately or simultaneously, with the option to supplement xR with certain Tempus algorithmic tests. This offering caters to physicians with a specific interest in RNA fusions or altered splicing, as well as providers, researchers, and biopharma companies seeking detailed RNA sequencing analysis of their existing samples.
The RNA sequencing services market covered in this report is segmented –
1) By Type: Ribosomal RNA (rRNA), Transfer RNA (tRNA), Long non-coding RNA (lncRNA)
2) By Sequencing Method: Next Generation Sequencing Methods, Other Sequencing Methods
3) By Application Area: Research Purposes, Diagnostic Purposes
4) By End Users: Academic And Government Institutes And Research Centers, Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Other End Users
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Regional Insights –
North America was the largest region in the RNA sequencing services market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the RNA sequencing services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the RNA sequencing services market are Thermo Fisher Scientific Inc., Feng Chi Biotech Corp., Illumina Inc., Qiagen NV, BGI Genomics Co. Ltd., Azenta Inc., Abcam Limited, Novogene Co. Ltd., Genewiz Inc., Diagenode LLC, CD Genomics, CeGaT GmbH, Lexogen GmbH, BaseClear BV, Active Motif Inc., Microsynth AG, RayBiotech Inc., Genomax Technologies Pte. Ltd, Phalanx Biotech Group Inc., Creative Biogene, SeqMatic LLC, Genohub Inc., Otogenetics, LC Sciences, Admera Health, Arraystar Inc., IGA Technology, Yaazh Xenomics
Table of Contents
- Executive Summary
- RNA Sequencing Services Market Report Structure
- RNA Sequencing Services Market Trends And Strategies
- RNA Sequencing Services Market – Macro Economic Scenario
- RNA Sequencing Services Market Size And Growth
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- RNA Sequencing Services Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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