Pune, India, Jan. 25, 2021 (GLOBE NEWSWIRE) -- The global microRNA market size is expected to showcase exponential growth by reaching USD 613.2 million by 2027 while exhibiting a CAGR of 13.4% between 2020 and 2027. This growth is attributable to the increasing prevalence of chronic diseases such as Cancer and the growing focus on adoption of advanced technology in microRNA research across the globe. This information is published by Fortune Business Insights in its latest report. The report further mentions that the market stood at USD 215.4 million in 2019.
MicroRNAs are small non-coding RNA molecules that are extensively found in animals, plants, and some types of viruses. They play a vital role in post-transcriptional and RNA silencing regulation of gene expression. They are finding significant favor in the healthcare industry owing to their benefits in treating and diagnosing chronic ailments such as liver disease, coronary heart disease, and cancer.
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Increasing Prevalence of Chronic Diseases Worldwide to Feed Market Growth
According to the American Cancer Society, in 2020, it is estimated that around 1.8 million people were diagnosed with cancer and over 606,520 cancer deaths were reported in the United States. The increasing prevalence of chronic disease is likely to propel the demand for microRNA-based treatment solutions across the globe.
The miRNAs perform a pivotal role in tumorigenesis due to them being vital modulators in cellular pathways as they regulate target gene expression through mRNA degradation. Additionally, they act as important therapeutic targets and prognostic biomarkers in treating cancer. The growing incorporation of advanced technology to develop effective therapies is further expected to boost the global microRNA market growth during the forecast period.
Healthcare Companies Focus on Novel Product Launches & Research Activities to Bolster Market Growth amid COVID-19
According to the PLOS Medicine report, higher incidence of acute kidney injury (AKI) in patients contracting COVID-19 is associated with a 3-fold higher odds of death than non-COVID-19 patients. These data indicate that patients suffering from novel coronavirus are likely to be monitored for AKI. Moreover, research proves that the cc-miRNAs can be used as therapeutic agents to treat infections in patients suffering from COVID-19, SARS-CoV, and MERS-CoV. Therefore, the growing focus on R&D activities and the introduction of novel products is likely to bode well for the market growth. Based on our analysis, the market is projected to exhibit a stellar growth of 18.30% in 2020.
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Disease Diagnostics Segment Held 54.0% Market Share in 2019
The disease diagnostics segment, based on application, held a market share of about 54.0% in 2019 and is expected to experience considerable growth during the forecast period. The increasing prevalence of chronic diseases is propelling the demand for advanced disease diagnostics systems that is likely to favor the growth of the segment between 2020 and 2027.
North America to Remain Dominant; Increasing Number of Clinical Trials to Accelerate Growth
Among all the regions, North America is expected to remain at the forefront and hold the highest position in the global miRNA market in the forthcoming years. This is attributable to the increasing microRNA clinical trials to develop advanced diagnostic solutions in countries such as the U.S. North America stood at USD 97.4 million in 2019.
On the other hand, Europe is expected to hold the second position in the market in the forthcoming years. This is ascribable to factors such as growing government funding for the startups for R&D activities to develop novel microRNA-based therapies and gain valuable insights in the molecular diagnostics in the region.
Partnership Among Key Players to Develop Advanced Treatment Solutions
The global microRNA market is fragmented by the presence of major companies that are focusing on partnering with other like-minded companies to develop novel microRNA-based treatment solutions on account of the increasing prevalence of chronic diseases. Moreover, other key players are striving to maintain their position by adopting strategies such as merger and acquisition, facility expansion, and collaboration that is likely to favor the growth of the market during the forecast period.
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Industry Development:
- May 2019 - Thermo Fisher Scientific announced its partnership with Scinogy for the development of microRNA and other cell and gene therapies. The companies aim to commercialize their novel therapies to strengthen their positions in the global marketplace.
List of the Companies Profiled in the Market:
- QIAGEN N.V. (Hilden, Germany)
- Thermo Fisher Scientific (Waltham, U.S.)
- BioVendor (Brno, Czech Republic)
- Takara Bio Inc. (Shiga, Japan)
- Merck KGaA (Darmstadt, Germany)
- NanoString Technologies, Inc. (Washington, U.S.)
- Heim Biotek (Seongnam, South Korea)
- GeneCopoeia, Inc. (Maryland, U.S.)
- Takara Bio Inc. (Shiga, Japan)
- Other Prominent Players
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Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of Clinical Trials - Key Candidates, Key Companies
- Clinical Trials: Potential Candidates, miRNA's as Therapeutic Agents
- Clinical Trials: Potential Candidates, miRNA's as Biomarkers & Diagnostics
- Regulatory Scenario - miRNA Diagnostic & Therapeutic Products
- Impact of Covid-19 on the Market
- Key Developments, Mergers, Acquisitions, etc.
- Overview of Clinical Trials - Key Candidates, Key Companies
- Global MicroRNA Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Instruments
- Kits & Reagents
- Market Analysis, Insights and Forecast – By Application
- Isolation & Purification
- Detection & Quantification
- Disease Diagnostics
- Others
- Market Analysis, Insights and Forecast – By End User
- Pharma & Biotech Companies
- Academic & Research Institutes
- Healthcare Facilities
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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SECONDARY RESEARCH IS CONDUCTED TO DERIVE THE FOLLOWING INFORMATION:
- Details such as revenues, market share, strategies, growth rate, product & their pricing by region/country for all major companies
- Details in relation to prevalence, incidence, patient numbers, distribution of patients, average price of treatment, etc.
- Number of end user facilities by region/country and average annual spending or procurement of devices by type of end user facility
- Number of procedures and average price of procedures
- Replacement rate and pricing of capital equipment
- Market dynamics in relation to the market under focus – Drivers, restraints, trends, and opportunities
- Market & technological trends, new product developments, product pipeline.
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