Wilmington, Delaware, United States, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a recent market report by Transparency Market Research, the global micro-RNA market is anticipated to be valued at US$ 1.2 Bn in 2023, and reach market value of US$ 15.5 Bn by 2033. The market research study also predicts that the global industry is expected to rise at a CAGR of 29.4% from 2023 to 2033. Technological revolution in microRNA research and increase in healthcare spending are the major drivers of this market. Surge in use of these solutions for treatment as well as detection of chronic diseases, including cancer, coronary heart diseases, and liver diseases. Growth in emphasis on precision medicine and rise in adoption of personalized medicine also impacts market growth.
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Micro-RNA Market: Key Findings of Report
- Technological Revolution in MicroRNA Research: Technological revolution in microRNA research has led to a significant increase in the understanding of microRNA biology and its role in various physiological and pathological processes. This has resulted in the development of innovative techniques and technologies for microRNA isolation, characterization, and manipulation. These advancements have opened new opportunities for the development of microRNA-based diagnostics, therapeutics, and drug development. Additionally, introduction of novel biologics such as microRNA-based drugs and vaccines has also driven the demand for micro-RNA products and services.
- Increase in Healthcare Spending: Increase in healthcare spending across the world has influenced the growth of the micro-RNA market. The rise in demand for microRNA consumables such as reagents, kits, and instruments has also contributed to market growth. Additionally, the increase in use of microRNA-based products such as drug resistance modulators also drives the market. MicroRNA-based drugs and therapies have the potential to overcome drug resistance, which is a major problem in cancer and other chronic diseases. This has led to a spurt in research and development activities in this field; the rise in number of clinical trials using microRNA-based drugs and therapies has also contributed to market growth.
Micro-RNA Market: Growth Opportunities
- Increase in use of microRNA as biomarkers for pathological health conditions boosts market demand
- Surge in demand for microRNA consumables bolsters the market
- Increase in research funding and rise in number of clinical trials drives market expansion
Micro-RNA Market: Key Players
The global market for micro-RNA is highly competitive with several leading players. Some of the major players in the market include Thermo Fisher Scientific, Horizon Discovery Ltd., New England Biolabs, Qiagen, Quantabio, BioGenex, Synlogic, Sistemic Scotland Limited, OriGene Technologies, Inc., SeqMatic LLC, NanoString, Biodynamics Laboratory, Inc, and Miltenyi Biotec.
These companies have invested significantly in the development of micro-RNA products and have a strong presence in the market. Several startups and smaller companies that are emerging in the market, such as Biomatrica and Norgen Biotek, are focusing on specific areas of micro-RNA. The competition landscape is expected to become more intense in the future with the entry of new players and increase in investments in the development of micro-RNA.
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Micro-RNA Market: Regional Growth Assessment
North America is anticipated to dominate the micro-RNA market during the forecast period. This is due to the rise in demand in the U.S., owing to increase in number of clinical trials, as well as surge in per capita healthcare spending. Furthermore, presence of major players in North America also bolsters market growth. Additionally, extensive adoption of innovative new techniques in the region also contributes to market growth. Asia Pacific is expected to display the highest growth rate in the micro-RNA market, ascribed to the growth in medical tourism in countries such as China, Singapore, and India, and increase in healthcare spending in these countries. Advancement in research and development activities, and the rise in number of clinical trials in the region also contributes to the growth of the market.
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Micro-RNA Market: Segmentation
Micro-RNA Market, by Services
- Specimen
- Whole Blood
- Serum
- Plasma
- FFPE
- Fresh Frozen Tissue
- Other Specimens
- Service Type
- Isolation & Purification
- microRNA cDNA Synthesis
- Profiling, Localization & Quantification
- Functional Analysis
Micro-RNA Market, by Products
- Instruments
- Consumables
Micro-RNA Market, by Application
- Cancer
- Infectious Diseases
- Immunological Disorder
- Cardiovascular Disease
- Neurological Disease
- Others
Micro-RNA Market, by End-use
- Biotechnology & Pharmaceutical companies
- Academic & Government Research Institutes
- Others
Micro-RNA Market, by Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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