Dublin, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The "North America miRNA Sequencing and Assay Market 2021-2027 by Product, Technology, and End User" report has been added to ResearchAndMarkets.com's offering.
The North America miRNA sequencing and assay market is expected to reach US$ 183.47 million by 2027 from US$ 74.40 million in 2019; it is estimated to grow at a CAGR of 12.1% from 2020 to 2027.
The growth of the market is primarily attributed to the factors such as widening range of microRNA applications and rise in funding for genomics research. However, challenges regarding the delivery, efficacy, and specificity of miRNA-based therapeutics hinder the market growth.
MicroRNAs (miRNAs) are noncoding RNAs that are partially complementary to messenger RNA (mRNA). They are known to downregulate the expression, which makes them vital regulators of important cellular functions. Being involved in the process of differentiation, they act as markers in cell type identification. miRNAs are associated with pathological processes such as viral infections, autoimmune diseases, and carcinogenesis. Thus, extensive research is being conducted to identify new miRNAs.
Furthermore, new discoveries regarding the role of miRNAs in disease development have made them a key target of novel therapeutic approaches. Several miRNA-targeted therapeutics against the diseases such as cancer and hepatitis have reached the clinical phase. For instance, Santaris Pharma has developed a therapeutic molecule named Miravirsen that targets miR-122 for the treatment of hepatitis C virus (HCV) infection; the molecule is in the Phase II clinical trial.
Therefore, rise in funding of genomic research to identify new molecules to diagnose and treat diseases, and consequent expansion of the range of applications of miRNAs are driving the growth of the miRNA sequencing and assay market in North America.
In North America, the US was profoundly affected by the COVID-19 pandemic. Various healthcare research centers across North America have primarily undertaken the research related to COVID-19 therapeutics. In addition to therapeutics, scientists are actively working on the prevention of COVID-19 through vaccine development. Moreover, lockdown and supply chain disruptions have lowered the demand for miRNA sequencing and assay products due to change in customer behaviours.
The North America miRNA sequencing and assay market, by product, is segmented into library preparation and consumables. The consumables segment held a larger share of the market in 2019, whereas the library preparation segment is anticipated to register a higher CAGR in the market during the forecast period.
Based on technology, the North America miRNA sequencing and assay market is segmented into sequencing by synthesis, nanopore, and ion semiconductor sequencing. The sequencing by synthesis segment held the largest share of the market in 2019; however, the nanopore segment is expected to register the highest CAGR in the market during 2020-2027.
Based on end user, the North America miRNA sequencing and assay market is segmented into research institute, academia, and CROs. The research institute segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the period.
Key Market Dynamics
Key Market Drivers
- Widening Range of MicroRNA Applications
- Rise in Funding for Genomics Research
Market Restraints
- Challenges Related to Delivery, Efficacy, and Specificity of miRNA-based Therapeutics
Market Opportunities
- Rising Prevalence of Chronic Conditions and Infectious Diseases
Future Trends
- Development and Launch of Innovative Products
Companies Mentioned
- Illumina, Inc
- Thermo Fisher Scientific Inc.
- QIAGEN
- Perkin Elmer, Inc.
- Takara Bio Inc.
- New England Biolabs
- Norgen Biotek Corp
- TriLink BioTechnologies Inc.
- Lexogen GmbH
- Oxford Nanopore Technologies
For more information about this report visit https://www.researchandmarkets.com/r/4g9b43
