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In-Vitro Transcription Templates Market Trends and Outlook 2024
in-vitro transcription templates market trends
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According to The Business Research Company's, The in-vitro transcription templates market size has grown exponentially in recent years. It will grow from $0.82 billion in 2023 to $1.01 billion in 2024 at a compound annual growth rate (CAGR) of 23.4%. The growth in the historic period can be attributed to rise in cases of chronic diseases, increase in investments in R&D in healthcare and pharmaceutical sectors, improvements in gene therapy technology, collaborations and partnerships and developments in gene therapy.
The in-vitro transcription templates market size is expected to see exponential growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%. The growth in the forecast period can be attributed to Increase in advancement in biotechnology, rise in focus in R&D activities, rise in usage of in-vitro transcription templates, demand for early diagnosis of diseases and increasing need for mRNA-based vaccines. Major trends in the forecast period include developments in RNA synthesis technologies, technological advancements, advancement in biotechnology, advancements in enzymatic synthesis techniques, and integration of automation and digitalization.
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Market Drivers and Trends:
The increasing incidence of traumatic brain injuries (TBI) is expected to propel the growth of the external ventricular drain market going forward. Traumatic brain injury (TBI) refers to an injury to the brain caused by an external force, which can result in temporary or permanent impairment of cognitive, physical, and psychosocial functions. The increasing incidence of traumatic brain injuries can be attributed to factors including rising participation in contact sports, higher rates of motor vehicle accidents, and an aging population prone to falls. TBIs can generate elevated intracranial pressure (ICP) due to swelling, hemorrhage, or the collection of cerebrospinal fluid (CSF), all of which can result in additional brain damage. The external ventricular drain (EVD) helps to reduce these consequences by draining excess CSF and regularly monitoring ICP. For instance, in May 2024, according to the Florida Department of Health, a US-based government agency, the age-adjusted death rate from traumatic brain injury in Florida increased from 5,406 per 100,000 population in 2021 to 5,654 per 100,000 population in 2022, indicating a rise of approximately 4.59%. Therefore, the increasing incidence of traumatic brain injuries is driving the growth of the external ventricular drain market.
Major companies operating in the in-vitro transcription templates market are developing self-amplifying RNA synthesis services to enhance the efficiency and effectiveness of RNA-based therapies, reduce production costs, and improve patient outcomes in various therapeutic applications. Self-amplifying RNA synthesis service is a technology that enables the production of RNA capable of replicating itself within host cells, leading to enhanced protein expression from minimal RNA input, thereby improving the efficiency and effectiveness of RNA-based therapies. For instance, in May 2024, GenScript Biotech Corporation, a US-based biotechnology company, launched a self-amplifying RNA (saRNA) synthesis service, expanding its in vitro transcription RNA synthesis portfolio. This new service enhances the potency and efficacy of vaccines, immunotherapies, and gene therapies by enabling robust protein expression from a small amount of RNA. The saRNA platform promises to reduce dosages, lower production costs, and improve patient outcomes. Supported by extensive research and development, GenScript's saRNA exhibits high purity and enhanced protein expression, ensuring reliable performance.
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Major Key Players of the Market:
Thermo Fisher Scientific Inc., Danaher Corporation, Merck KGaA, Eurofins Genomics LLC, Agilent Technologies Inc., Illumina Inc., Bio-Rad Laboratories Inc., Qiagen N.V., Integrated DNA Technologies Inc., Promega Corporation, Genescript Biotech Corporation, Takara Bio Inc., New England Biolabs, OriGene Technologies Inc., Cayman Chemical, Synthego Corporation, Synbio Technologies, Creative Diagnostics, VectorBuilder Inc., Bio-Synthesis Inc., TriLink BioTechnologies, Norgen Biotek Corporation, Genaxxon BioScience GmbH, Enzo Life Sciences Inc., GeneCopoeia
In-Vitro Transcription Templates Market 2024 Key Insights:
• The in-vitro transcription templates market size is expected to see exponential growth in the next few years. It will grow to $2.35 billion in 2028 at a compound annual growth rate (CAGR) of 23.5%.
• Gene Therapy Advancements Drive Growth In In-Vitro Transcription Templates Market
• Innovative Advancements In In-Vitro Transcription Technology Transform Biotechnology Landscape
• North America was the largest region in the in-vitro transcription templates market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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