Global MicroRNA (miRNA) Market
Global MicroRNA (miRNA) Market was valued US$ Mn in 2019 and is expected to grow US$ Mn by 2027, at a CAGR of 13.55% during the forecast period.
MicroRNA, also recognized as miRNA. It is a class of RNA that plays a vital role in the regulation of gene expression and is also involved in RNA silencing. MicroRNA is found in animals, plants, and some viruses. Generally, the development of well-organized and advanced technology, rise in consciousness, increasing focus on R&D, growing government initiative across the globe, development of molecular biology and genomic technologies, and growing government’s funding on healthcare are the major growth drivers of the global micro-RNA market.
Growing number of patients suffering from cancer and other cardiovascular disorders, rising number of therapeutic applications, increasing adoption of the technology for use, reducing the cost of the sequencing are some of the factors which are driving the growth of the MicroRNA (miRNA) market in oncology in the forecast period (2019-2027). As well as, an increase in the adoption of micro-RNA in developing economies like China, India, and others, will create new opportunities for the global micro-RNA market.
The high cost of kits and products with a lack of enhanced infrastructure are the restraints for the market growth of the MicroRNA (miRNA) market in oncology in the forecast period. The growing demand for skilled personnel along with challenges concerning in-house development of analysis which is the key challenge for the growth of the micro-RNA market.
Existence of several companies, particularly domestic players creating massive price competition. Thermo Fisher Scientific Inc. is the leader in the global microRNA market in terms of revenue share in 2018, because of a varied product portfolio. Thermo Fisher Scientific Inc. also offers microRNA products exactly catering to the animal health and agriculture segment. Hence its wide product range providing to different end-users make it a market leader in the microRNA market. Illumina Inc., takings second position in the global microRNA market. The company has microarray kits and library preparation kits for miRNA.
By End-use, Academic & government research institutes held the largest market share in the global market in 2018. This is mainly because of the rapid adoption of microRNA research tools by universities and research labs. The biotech & pharma companies segment is poised to post the highest CAGR in the forecast period, on account of the rapid adoption of research tools in the translation of scientific knowledge to clinical application.
By region, North America held the largest market share of the global market in 2019, with approximately half of the world’s procedures being done in the U.S. because of high medical reimbursement facilities, support from the government, and technological advancement. Asia Pacific micro-RNA market is expected to grow with a significant pace, because of the fast increasing population, rise in consumer awareness, favorable government policies, modernization of healthcare infrastructure, and upward investments by the foreign countries in emerging countries such as China, and India in the APAC region.
As well as, remarkable progress in genomic studies and the rising adoption of innovative technologies are expected to encourage the growth of the Asia Pacific market. For example, TaKaRa Bio, are involved in the development of products that consist of arrays and kits, so improving the growth of the APAC region.
The objective of the report is to present a comprehensive analysis of the Global MicroRNA (miRNA) Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global MicroRNA (miRNA) Market dynamics, structure by analyzing the market segments and project the Global MicroRNA (miRNA) Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global MicroRNA (miRNA) Market make the report investor’s guide.
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