"Designing Growth Strategies is in our DNA"
The global MicroRNA (miRNAs) market size was USD 215.4 million in 2019. 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. Based on our analysis, the market will exhibit a stellar growth of 18.30% in 2020. The market is expected to grow from USD 254.8 million in 2020 to USD 613.2 million in 2027 at a CAGR of 13.4% in the 2020-2027 period. 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 (miRNAs) 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 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.
Request a Free sample to learn more about this report.
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.
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.
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.
Instruments Segment to Dominate Due to Growing Applications in Chronic Diseases
Based on product type, the global 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 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).
To know how our report can help streamline your business, Speak to Analyst
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.
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 focused on specializing in the prophylactic and therapeutic application of messenger RNA.
North America MicroRNA Market Size, 2019 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
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.
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 increasing healthcare spending, technological advancements, and growing penetration of market players are factors propelling the market growth in the Rest of the World.
Growing Strategic Partnerships amongst Major 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.
An Infographic Representation of MicroRNA Market
To get information on various segments, share your queries with us
The MicroRNA market research 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.
Value (USD million)
Fortune Business Insights says that the global market stood at USD 215.4 million in 2019 and is projected to reach USD 613.2 million by 2027.
In 2019, the market stood at USD 215.4 million.
The market will exhibit steady growth at a CAGR of 13.4% during the forecast period (2020-2027).
By product, the kits & reagents segment will lead the market.
The growing number of research trials to evaluate the efficacy of MicroRNA as a potential therapeutic for chronic conditions and the increasing prevalence of chronic ailments such as renal disorder are the key drivers of the market.
Thermo Fisher Scientific, Agilent Technologies Inc., and QIAGEN N.V., are the top players in the market.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry