NGS Based RNA Sequencing Market Size, Revenue Growth Factors & Trends, Key Player Strategy Analysis, 2022

NGS-based RNA Sequencing Market was USD 3.54 Billion in 2022. It is projected to grow significantly, reaching USD 19.68 Billion by 2032, with a remarkable revenue CAGR of 21% during the forecast period. The growth of the market is primarily attributed to several factors, including increased government funding for Genomics research, a rise in the prevalence of cancer and uncommon disorders, and a growing demand for precision medicine.

The adoption of precision medicine is a key driver of the market's revenue growth. NGS-based RNA sequencing plays a crucial role in enabling the development of personalized treatment strategies by providing extensive and accurate analysis of an individual's genetic profile. Notably, advancements in technology have made NGS-based RNA sequencing more accessible and cost-effective, making it an ideal tool for personalized medicine.

Moreover, governments worldwide are actively investing substantial funds in genomics research, which further fuels the expansion of the industry. These investments are aimed at supporting research and development efforts in genomics, fostering the creation of cutting-edge diagnostic and therapeutic options. For instance, the National Human Genome Research Institute (NHGRI) in the U.S. announced a USD 75 million investment in genomic research for the year 2020.

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Market Major Companies and Competitive Landscape:

Some major companies in the global National-Generation Sequencing (NGS)-based RNA sequencing market include:

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.
GENEWIZ

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Driving Factors of NGS-Based RNA Sequencing Market:

Advancements in Technology: Continuous improvements in sequencing technologies have led to faster and more accurate RNA sequencing, reducing costs and increasing the accessibility of NGS-based RNA sequencing services.
Growing Applications in Research and Clinical Diagnostics: NGS-based RNA sequencing has found widespread applications in various fields, including genomics research, drug discovery, biomarker identification, and clinical diagnostics, driving its demand in the market.
Rising Prevalence of Genetic Disorders and Cancer: The increasing incidence of genetic disorders and cancer has led to a growing need for precise and comprehensive genetic profiling, which can be achieved through NGS-based RNA sequencing.
Government Funding and Support: Governments and research organizations worldwide are investing in genomics research and precision medicine initiatives, providing financial support and boosting the adoption of NGS-based RNA sequencing.

Restraints of NGS-Based RNA Sequencing Market:

High Initial Costs: The initial setup costs and equipment expenses for NGS-based RNA sequencing can be substantial, limiting adoption, especially for smaller research or clinical facilities.
Data Analysis and Interpretation Challenges: Managing and interpreting the vast amounts of data generated by NGS can be complex and requires specialized expertise, which can be a challenge for some organizations.
Ethical and Privacy Concerns: The extensive genetic information obtained through NGS-based RNA sequencing raises ethical and privacy concerns regarding data usage and storage.
Regulatory and Reimbursement Hurdles: Regulatory approvals and reimbursement policies for NGS-based RNA sequencing tests may vary by region, posing challenges for market expansion and widespread adoption.

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