New York, May 16, 2023 (GLOBE NEWSWIRE) -- The global Targeted RNA Sequencing Market is expected to witness significant growth at a remarkable CAGR of 8.5% during the forecast period of 2023-2030. This growth is attributed to the increasing demand for targeted RNA sequencing in drug discovery and biomedical research. In addition, the increasing investment activities for healthcare institutional research in key regions such as Asia Pacific, Europe, and others are accelerating the demand for targeted RNA sequencing.
According to a recent report by Consegic Business Intelligence, the targeted RNA sequencing market is poised for strong expansion and is expected to reach USD 8,684.17 Million by 2030. The market, which was valued at USD 4,554.59 Million in 2022, is predicted to grow at a compound annual growth rate of 8.5% during the period 2023-2030. The report highlights the increasing adoption of targeted RNA sequencing for drug discovery, which is proliferating the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the targeted RNA sequencing market.
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Global Targeted RNA Sequencing Market Size, Share & Trends Analysis, By Technology (Exome Sequencing, Enrichment Sequencing, and Amplicon Sequencing), Application (Biomedical Research, Plant & Animal Sciences, Drug Discovery, and Others), End User (Academic Research, Hospitals & Clinics, Pharma & Biotech Entities, and Others), and By Region, Forecast Period 2023 – 2030.
Consegic Business Intelligence Pvt. Ltd. provided an inclusive research report on the targeted RNA sequencing market that evaluates multiple factors, such as market size, value, supply chain, regulatory environment, and trends. The report analyzes significant segments such as technology, application, end user, and region, to identify emerging trends and potential opportunities. By leveraging this information, market players have the opportunity to improve their competitive edge against other manufacturers by engaging in strategic collaborations, mergers, and acquisitions, and introducing innovative products to strengthen their market position.
The adoption of targeted RNA sequencing is growing to discover and profile new RNA-based drug response biomarkers to enhance the efficiency and success ratio of the drug development processes. Additionally, there is a growing need to make targeted RNA sequencing-based workflow solutions more accessible to drug discovery and development researchers. Hence, it is evident from the above factors that the demand for targeted RNA sequencing is increasing in drug discovery applications, which, in turn, is accelerating market growth.
For instance, according to the statistics published by the European Federation of Pharmaceutical Industries and Associations (EFPIA), the production of pharmaceuticals in all of Europe reached USD 354,080.76 million in 2020, an increase of 5.7% from the year before. Thus, the surge in production activities associated with pharmaceuticals is expected to drive market growth.
The targeted RNA sequencing ensures rapid and accurate detection of fusion genes, which is critical in cancer diagnostics. Thus, the utilization of targeted RNA sequencing is projected to increase for the detection of cancer, which will create a potential market growth opportunity in the long run.
For instance, according to the Leukemia & Lymphoma Society, about 186,400 people in the U.S. were diagnosed with lymphoma, leukemia, or myeloma in 2021. Among these, lymphoma accounted for 48%, leukemia accounted for 33%, and myeloma accounted for 19% of the total cases in the U.S. in 2021. Hence, the increasing prevalence of cancer is creating a major growth opportunity for the market.
Global Targeted RNA Sequencing Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2030 |
| Market Size in 2030 (USD Million) | 8,684.17 Million |
| CAGR (2023-2030) | 8.5% |
| By Technology |
|
| By Application |
|
| By End User |
|
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Roche Holdings, Thermo Fisher Scientific, Illumina, Inc., Agilent Technologies, Oxford Nanopore Technologies, DNASTAR Inc., QIAGEN, BGI, Bio-Rad Laboratories, Inc., and PierianDx |
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Key Market Takeaways
- The global targeted RNA sequencing market size is estimated to exceed USD 8,684.17 million by 2030 with an astonishing CAGR of 8.5% during the forecast period (2023-2030).
- North America accounted for the highest market share at 40.45% and was valued at USD 1,842.33 million in 2022, and is expected to reach USD 3,550.96 million in 2030. Moreover, in North America, the U.S. accounted for the highest market share of 62.75% during the base year of 2022.
- Based on technology, the exome sequencing segment accounted for the highest share contribution to the Targeted RNA Sequencing market statistics in 2022.
- In the context of applications, the drug discovery segment is expected to contribute significant shares to the growth of Targeted RNA Sequencing market statistics during the forecast period.
- By application, the academic reserach segment is anticipated to contribute the largest shares to the market growth in 2022.
- Asia Pacific are expected to boost the market demand for targeted RNA sequencing due to the increasing investments in the development of new research institutes and hospitals in countries such as India, China, Malaysia, and Thailand.
Global Targeted RNA Sequencing Market Segmentation Details:
Based on Technology, the exome sequencing segment contributed the largest shares to the market growth in 2022. Exome sequencing is a cost-effective method to sequence the coding regions of the genome, which enables the researchers to target their resources on the genes most likely to impact the phenotype and offers an attainable combination of turnaround prince and price. Thus, due to the above benefits the deployment of exome sequencing technology is increasing for targeted RNA sequencing.
Additionally, the key benefits associated with exome sequencing include ensuring high sample throughput and cost efficiency, attaining high-quality data, and others. Thus, the utilization of exome sequencing technology for targeted RNA sequencing ensures superior precision in the results.
Based on Application, the drug discovery accounted for the largest market share in the year 2022. The increasing investments in new drug discovery are accelerating the demand for targeted RNA sequencing to perform the efficient study of drugs.
For instance, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), in 2020, the top 5 pharmaceutical manufacturing countries in Europe were Switzerland, Italy, Germany, the UK, and France, valued at USD 59,550.5 million, USD 38,397.9 million, USD 36,215 million, USD 28,348.5 million, and USD 26,372.6 million respectively. Thus, the growth of pharmaceutical production activities is favoring new drug discoveries, which, in turn, is benefiting market growth.
Based on End User, the research institute segment is anticipated to offer substantial shares in the global targeted RNA sequencing market growth during the forecast period, due to the increasing studies associated with chronic diseases, including cancer, and other rear diseases.
Moreover, the increasing studies associated with the utilization of RNA are further projected to boost the demand for targeted RNA sequencing to ensure superior determinants for drug discovery, plant & animal sciences, and others. These factors are creating a lucrative growth opportunity for the market during the projected forecast period.
Based on region, in the year 2022, North America accounted for the largest share contribution to the market growth due to the presence of significant healthcare research providers and the well-established healthcare industry. The increasing investments in projects for the development of new drugs, expansion of hospital facilities, and others are some of the major determinants accelerating the growth of the market in the North American region. Additionally, technological advancements and the increasing energy demand for new drugs in the North American region are further accelerating market growth.
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Competitive Landscape
Roche Holdings, Thermo Fisher Scientific, and Illumina, Inc. are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies such as superior accuracy, lightweight, and cost-effective. Further, the targeted RNA sequencing market is expected to grow steadily due to rising demand from drug discovery, especially in the Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing strategic collaborations for targeted RNA sequencing is anticipated to increase the competition in the market.
Recent Developments
- In August 2022, QIAGEN, a leading player that offers targeted RNA sequencing expanded the next-generation sequencing (NGS) portfolio with the introduction of QIAseq UPXome RNA Library Kit, a new set of standards in preparing samples for determining the nucleic acid sequences. Thus, the recent launches associated with the targeted RNA sequencing solutions will create a lucrative growth opportunity for the market in the upcoming years.
- In June 2020, Illumina, headquartered in the United States launched three new targeted RNA sequencing product ranges, including Illumina Stranded Total RNA Prep with Ribo-Zero Plus, Illumina Stranded mRNA Prep, and Illumina RNA Prep with Enrichment. These product ranges are ideal for the study of RNA for oncology, infectious disease, and genetic disease research. Thus, the introduction of new products is leading to the advancement of the global targeted RNA sequencing market.
List of Major Global Targeted RNA Sequencing Market:
- Roche Holdings
- Thermo Fisher Scientific
- Illumina, Inc.
- Agilent Technologies
- Oxford Nanopore Technologies
- DNASTAR Inc.
- QIAGEN
- BGI
- Bio-Rad Laboratories, Inc.
- PierianDx
Global Targeted RNA Sequencing Market Segmentation:
- By Technology
- Exome Sequencing
- Enrichment Sequencing
- Amplicon Sequencing
- By Application
- Biomedical Research
- Plant & Animal Sciences
- Drug Discovery
- Others
- By End User
- Academic Research
- Hospitals & Clinics
- Pharma & Biotech Entities
- Others
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Frequently Asked Questions in the Targeted RNA Sequencing Market Report
- What was the market size of the targeted RNA sequencing industry in 2022?
- In 2022, the market size of targeted RNA sequencing was USD 4,554.59 million
- What will be the potential market valuation for the targeted RNA sequencing industry by 2030?
- In 2030, the market size of targeted RNA sequencing will be expected to reach USD 8,684.17 million.
- What are the key factors driving the growth of the targeted RNA sequencing market?
- Increasing the application scope of targeted RNA sequencing in the drug discovery process
- What is the dominating segment in the targeted RNA sequencing market by technology?
- In 2022, the exome sequencing segment accounted for the highest market share of 42.50% in the overall targeted RNA sequencing market.
- Based on current market trends and future predictions, which geographical region will have the fastest impact on the targeted RNA sequencing market's growth in the coming years?
- Asia Pacific is expected to be the fastest-growing region in the market during the forecast period.
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