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%
Advantages of RNA-seq over conventional technologies; an increasing number of RNA-seq grants; rising number of research activities involving RNA-seq; rapid growth in precision medicine are the key factors driving the growth of the NGS based RNA sequencing industry.
Pharmaceutical & biotechnology companies segment to witness the highest growth in the NGS-based RNA-sequencing market during the forecast period
Based on the end-user, the NGS-based RNA-sequencing industry is segmented into research & academia, hospitals & clinics, pharmaceutical & biotechnology companies, and other end users. The pharmaceutical & biotechnology companies segment is expected to witness the highest growth rate during the forecast period mainly due to a growing number of agreements and collaborations between NGS market players and pharmaceutical & biotechnology companies for the development of advanced products.
Expression profiling analysis application to hold the largest share in the NGS-based RNA-sequencing market
Based on application, the NGS-based market is segmented into expression profiling analysis, small RNA-sequencing, de novo transcriptome assembly, and variant calling & transcriptome epigenetics. In 2018, the expression profiling analysis segment accounted for the largest share mainly due to the increasing prevalence of metabolic disorders, multiple sclerosis, and other diseases that will propel the demand for expression profiling analysis to provide specific treatment options in the market during the forecast period.
The Asia Pacific market is expected to witness the highest CAGR during the forecast period
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.
Source – PR Newswire