Pune, India, April 06, 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, titled, “MicroRNA Market Size, Share & Covid-19 Impact Analysis, By Product (Instruments and Kits & Reagents) By Application (Isolation & Purification, Detection & Quantification, Disease Diagnostics, and Others) and By End User (Pharma & Biotech Companies, Academic & Research Institutes, Healthcare Facilities, and Others), 2020-2027.” The report further mentions that the market stood at USD 215.4 million in 2019.
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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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.
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.
For more information in the analysis of this report, visit: https://www.fortunebusinessinsights.com/industry-reports/microrna-market-101237
What does the Report Provide?
The market report provides a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market.
It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies such as Porter’s Five Forces analysis to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
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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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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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