MicroRNA Market Size, Share, Trends & 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), Regional Forecast, 2020-2027

The global MicroRNA market size was valued at USD 215.4 million in 2019 and is expected to grow from USD 254.8 million in 2020 to USD 613.2 million in 2027, exhibiting a CAGR of 13.4% in the 2020-2027 period. North America dominated the microrna market with a market share of 45.22% in 2019. Based on our analysis, the market will exhibit a stellar growth of 18.30% in 2020. 

The global impact of COVID-19 has been unprecedented and staggering, with the market witnessing a positive demand shock across all regions amid the pandemic. The sudden fall in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.

As the research on mammalian MicroRNAs increased in chronic disorders, there was a steady shift towards adopting a therapeutic strategy for treating and diagnosing disease. Alteration of miRNAs can cause certain disorders, and modifying these altered miRNAs with the help of their inhibitors or mimics can prove potential therapeutic approaches. 

miRNAs are becoming well recognized for their benefits in diagnosing and treating chronic diseases such as cancer, liver disease, neurological disease, infectious diseases, coronary heart disease, and metabolic disease. For instance, in the case of cancers, the overexpressed miRNAs are commonly considered oncogenes. Some of these are expressed in very low levels in certain cancerous cells and usually prevent tumor development. These groups of miRNAs are called tumor suppressor miRNAs. Let-7 is one of these tumor suppressor miRNAs. Hence such therapeutic potential of miRNAs in various chronic diseases is one of the major factors augmenting demand for such pharmaceuticals and propelling the MicroRNA market growth. 

Increasing Research and Novel Product Launch amid COVID-19 to Boost Revenue

COVID-19 impact on the miRNA market is estimated to reflect a positive surge in 2020 and across. It was initially thought novel coronavirus (COVID-19, SARS-CoV-2) was primarily a respiratory disorder, but as larger numbers of patients contracted the virus, it had many physiological manifestations. The effect of COVID-19 goes well beyond the lungs to impact the cardiovascular system and cause complications in patients with renal disorders.

As the Covid-19 cases surge across the globe, the risk of functional renal failure in critically ill COVID-19 patients is also high. For instance, a study published by PLOS Medicine stated that a high incidence of acute kidney injury (AKI) in patients with COVID-19 was associated with a 3-fold higher odds of death than COVID-19 without AKI. These data indicate that patients with COVID-19 should be monitored to develop AKI and measures taken to prevent this. Moreover, research proves that cc-miRNAs can be used as therapeutic agents for coronavirus infections with COVID-19, SARS-CoV, and MERS-CoV.

Global MicroRNA Market Snapshot & Highlights

Market Size & Forecast:

• 2019 Market Size: USD 215.4 million
• 2027 Forecast Market Size: USD 613.2 million
• CAGR: 13.4% during the forecast period

Market Share:

• Region: North America dominated the market with a 45.22% share in 2019. This is driven by an increasing number of clinical trials to develop novel therapeutics and diagnostics and a high volume of extended product launches in the region.
• By Product: The Kits & Reagents segment held the largest market share in 2019. The segment's dominance is attributed to a rising number of product launches and the high volume of research activities that require these consumables.

Key Country Highlights:

• Japan: The market is expected to reach USD 17.1 million by 2025, driven by a growing number of patients with chronic diseases, increasing adoption of miRNA therapeutics, and a rise in medical tourism in the Asia Pacific region.
• United States: The market is fueled by a strong focus on research and development, with numerous clinical trials underway to evaluate the efficacy of miRNA in treating chronic conditions. The presence of major market players and a robust healthcare infrastructure also supports growth.
• China: Projected to witness a strong CAGR of 14.20%, China's market is driven by a large patient pool, increasing adoption of miRNA therapeutics, and rising medical tourism, making it a key growth driver in the Asia Pacific region.
• Europe: The market is advanced by an increasing number of research funding initiatives in countries such as Germany, which is encouraging the entry of startups into the molecular diagnostics and miRNA space. The region is projected to grow at a CAGR of 13.7%.

MicroRNA MARKET LATEST TRENDS

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Growing Technological Advancements Offer Enormous Opportunity for MicroRNA Market Growth

Technological advancements are an emerging trend in MicroRNA research and thus substantial progress in miRNA technologies. The rising technological advancements in the critical steps of miRNA expression profiling, target gene identification, and validation have encouraged manufacturers and researchers to introduce novel solutions in the past few years. For instance, in August 2018, HTG Molecular Diagnostics, Inc. introduced a comprehensive panel for miRNA expression analysis, the HTG EdgeSeq mouse miRNA whole transcriptome assay, for use in preclinical functional studies and translational medicine.

DRIVING FACTORS

Increasing Number of Clinical Trials Targeting Chronic Diseases to Drive Market Growth

Ongoing studies and clinical trials for miRNA expand its clinical and preclinical research applications. A growing number of reports suggest a significant utility of miRNAs as modulators of drug resistance, biomarkers for pathogenic conditions, or drugs for medical intervention in almost all human health conditions. Hence, increasing the number of clinical trials for evaluating the efficacy of miRNA in the treatment of several chronic conditions is one of the considerable factors augmenting the miRNA market growth during the forecast period. For instance, as per the Future Medicine Journal, in May 2016, a medicinal study was conducted for the clinical development of TargomiRs, a miRNA mimic-based treatment for patients with recurrent thoracic cancer.

RESTRAINING FACTORS

Safety And Toxicity Issues Of miRNA May Restrain Market Growth

miRNA has associated benefits of several clinical applications. For instance, it is used to treat chronic diseases such as cancer, cardiovascular disorders, renal disease, etc. However, their safety and toxicity remain a controversial issue. Hence, various companies have halted their clinical trials related to the development of novel miRNA-based therapeutics. For instance, in September 2016, Mirna Therapeutics, Inc., a clinical-stage pharmaceutical company, announced its decision to close the ongoing Phase 1 study of MRX34, its investigational therapy for multiple cancers. The company voluntarily halted enrollment and dosing in the clinical study due to multiple immune-related severe adverse events (SAE) observed in patients provided MRX34 throughout the trial.

MicroRNA MARKET SEGMENTATION ANALYSIS

By Product Analysis

Instruments Segment to Dominate Due to Growing Applications in Chronic Diseases

Based on product type, the global MicroRNA market is categorized into instruments and kits & reagents.

Among them, the instruments segment is poised to experience a significant growth rate during the forecast period. High growth is attributable to the fact that a growing number of research trials are being conducted worldwide to evaluate the efficacy of miRNA in several disease applications. These clinical trials require instruments such as TransmiR, DIANA-mirGen v.3, and a few others. Hence, the factor mentioned above is supporting segmental growth.

The kits & reagents segment held a majority of MicroRNA market share in 2019. The high share is majorly attributable to the rising number of product launches across the past few years. For instance, in August 2018, HTG Molecular Diagnostics, Inc. a provider of instruments, research tools, reagents, and services for molecular profiling applications, announced the pre-launch introduction of the new HTG EdgeSeq Mouse miRNA Whole Transcriptome Assay (WTA). The instruments segment is projected to generate USD 166.1 million in revenue by 2025.

By Application Analysis

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Disease Diagnostics Segment to Hold Largest Market Share

In terms of application, the disease diagnostics segment accounted for the maximum portion of the market in 2019. The high share of the segment is majorly attributable to the growing prevalence of various chronic medical conditions worldwide. With the increasing prevalence of chronic ailments, the need for enhanced molecular diagnostics is in demand, thereby augmenting segmental growth.

The isolation & purification segment, on the other hand, is poised to experience significant growth rate during the forecast period. The segment's high growth is majorly attributable to the increasing number of isolation and purification kits launched across the past few years. For instance, in November 2015, Norgen Biotek, introduced novel kits for fast and straightforward isolation of exosomes from urine, plasma/serum, and cell culture media. Norgen’s exosomal RNA kits are designed to isolate all sizes of extracellular vesicle RNA, including miRNA.

By End-User Analysis

Healthcare Facilities Segment to Hold Largest Market Share

In terms of end-user, the healthcare facilities segment held the leading market share in 2019. This dominance of the segment can be primarily attributable to the increasing number of partnerships amongst the manufacturers and the hospital facilities across the globe. For instance, in July 2015, Theradiag, a company specializing in theranostics and in vitro diagnostics, announced that it signed collaboration agreements with two leading cancer research partners, the UNICANCER Group and Bordeaux University Hospital, to advance the development of its circulating miRNA in Advanced Rectal Cancer (miCRA) project.  

The pharma & biotech companies segment is expected to experience considerable growth in the forthcoming years. The segment's high growth is attributable to the increasing number of research funding for new startups, and middle ranged companies to develop MicroRNA based therapeutics. For instance, CureVac is backed by the Bill & Melinda Gates Foundation, Qatar Investment Authority, German Kreditanstalt für Wiederaufbau (KfW), European Investment Bank others. The company has raised a total of USD 1.1 billion in funding to date for its research activities focused on specializing in the prophylactic and therapeutic application of messenger RNA. The pharma & biotech companies segment is expected to hold a 27.6% share in 2025.

REGIONAL INSIGHTS

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The market in North America stood at USD 97.4 million in 2019. The increasing number of clinical trials to develop novel therapeutics and diagnostics, especially in the U.S., is a major growth propelling factor. Moreover, the growing number of extended product launches across the region will further support the global microRNA market's regional expansion.

Europe is projected to be the second-largest region in terms of revenue. The increasing number of research funding in countries such as Germany for the startups to enter the industry of molecular diagnostics, specifically in MicroRNA, is one of the most significant factors propelling regional expansion.

• Europe is anticipated to grow at a CAGR of 13.7% during the forecast period.

The market in Asia Pacific is likely to expand at a significantly high growth rate. This is primarily due to a larger patient pool, growing miRNA therapeutics adoption, and rising medical tourism in countries such as India, Singapore, and China.

• The microRNA market in Japan is expected to reach USD 17.1 million by 2025.
• China is projected to witness a strong CAGR of 14.20% during the forecast period.

The increasing healthcare spending, technological advancements, and growing penetration of market players are factors propelling the MicroRNA market growth in the Rest of the World.

KEY INDUSTRY PLAYERS

Growing Strategic Partnerships amongst Key Players Such as Thermo Fisher Scientific to Augment Revenue Growth

The market is nearly consolidated in nature with leading players such as Thermo Fisher Scientific, Agilent Technologies Inc., QIAGEN N.V., etc. accounting for a significant portion of the industry. This can be attributed to several factors such as novel biologics launches, a robust distribution network across the globe, and a strong focus on inorganic growth. For instance, in May 2019, Thermo Fisher Scientific and Scinogy entered a partnership for the acceleration of miRNA and other cell and gene therapy commercialization. 

LIST OF TOP MicroRNA MARKET PLAYERS PROFILED IN THIS REPORT:

• 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

KEY INDUSTRY DEVELOPMENTS:

• November 2019 - Novartis announced the acquisition of The Medicines Company for USD 9.7 billion. The acquisition of The Medicines Company will allow Novartis to continue building pipeline depth in key therapeutics. It would add a potentially first-in-class siRNA and miRNA inhibitor with the potential to fundamentally change the treatment of elevated low-density lipoprotein cholesterol (LDL-C) in high-risk patients.
• May 2019 - Thermo Fisher Scientific and Scinogy entered a partnership for the acceleration of MicroRNA and other cell and gene therapy commercialization.

REPORT COVERAGE

An Infographic Representation of MicroRNA Market

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The MicroRNA market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product type, application and end-user. Besides this, it offers insights into the market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation