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mRNA Therapeutics Market 2024 - By Growth Rat, Share, Analysis, Outlook and Forecast To 2033
mRNA Therapeutics Market
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According to The Business Research Company's, The mRNA therapeutics market size has grown steadily in recent years. It will grow from $33.50 billion in 2023 to $34.76 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to increasing financial support for the creation of efficient pharmaceuticals and vaccines, the expansion of federal programs dedicated to advancing RNA-based medicines heightened awareness regarding rare genetic diseases, and a rise in the number of clinical trials.
The mRNA therapeutics market size is expected to see steady growth in the next few years. It will grow to $40.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to the growing number of infectious diseases, the increasing number of patients visiting hospitals and clinics, expanding applications of mRNA therapeutics, growing demand for personalized and precision medicine, favorable regulatory environments, and accelerated approval pathways. Major trends in the forecast period include advancements in mRNA delivery technologies, rapid development and adaptation of mRNA vaccines, the emergence of self-amplifying mRNA (saRNA) platforms, the scalability and flexibility of mRNA manufacturing, and the development of novel mRNA modifications.
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Market Drivers and Trends:
The increased prevalence of long-lasting and communicable diseases is expected to propel the growth of the mRNA therapeutics market going forward. Long-lasting and communicable diseases are illnesses that persist for extended periods and can be transmitted between individuals, such as tuberculosis, HIV/AIDS, and hepatitis. The prevalence of long-lasting and communicable diseases is increasing due to increased global travel and inadequate healthcare infrastructure, which facilitate the spread and hinder the effective management of these illnesses. mRNA therapeutics are useful for long-lasting and communicable diseases by rapidly enabling the body to produce proteins that boost immune responses, leading to quicker development of vaccines and treatments. For instance, in October 2023, according to GOV.UK, a UK-based government website, in 2022, there were 94,397 people in England living with diagnosed HIV and receiving care, a 3% increase from the 91,368 individuals in 2021. Therefore, the increased prevalence of long-lasting and communicable diseases is driving the growth of the mRNA therapeutics market.
Major companies operating in the mRNA therapeutics market are focusing on developing innovative solutions, such as mRNA-based booster vaccines, to enhance immunity against evolving viral variants. An mRNA-based booster vaccine refers to a vaccine that uses messenger RNA (mRNA) technology to enhance and prolong immunity against a specific pathogen, often after the initial vaccination series. For instance, in June 2023, Gennova Biopharmaceuticals Ltd., an India-based pharmaceutical company, launched India's first indigenous mRNA-based Omicron-specific booster vaccine called GEMCOVAC-OM to provide a variant-specific vaccine that can elicit desired immune responses against the Omicron variant of SARS-CoV-2. GEMCOVAC-OM is thermostable, does not require ultra-cold chain infrastructure, and can be administered without a needle injection using a needle-free device system, making it easy for last-mile deployment in India. In clinical studies, the vaccine generated significantly higher immune responses compared to other vaccines, demonstrating the need for variant-specific vaccines to elicit desired immune responses.
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Major Key Players of the Market:
Pfizer Inc., Novartis AG, Sanofi AG, AstraZeneca plc, GlaxoSmithKline plc, Hoffmann-La Roche AG, Moderna Therapeutics Inc, BioNTech SE, Vertex Pharmaceuticals Incorporated, Catalent Inc, Alnylam Pharmaceuticals Inc, Sarepta Therapeutics Inc, Arcturus Therapeutics Holdings Inc, CureVac N.V, Ethris GMBH, eTheRNA immunotherapies NV, In-Cell-Art S.A.S., Nutcracker Therapeutics Inc, SCM LifeScience Co Ltd, Suzhou Abogen Biosciences Co Ltd, Tiba Biotech LLC, CSPC Pharmaceutical Group, CRISPR Therapeutics AG
mRNA Therapeutics Market 2024 Key Insights:
• The mRNA therapeutics market size is expected to see steady growth in the next few years. It will grow to $40.69 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
• Impact Of Long-Lasting And Communicable DiseasesOn mRNA Therapeutics Market
• Innovative mRNA-Based Booster Vaccines Enhancing Immunity Against Evolving Viral Variants
• North America was the largest region in the mRNA therapeutics market in 2023
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