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Ribose-Nucleic Acid (RNA)-Based Therapeutics Market Growth Analysis, Top Segments, Market Research Report: 2024-2033
Ribose-Nucleic Acid (RNA)-Based Therapeutics Market Growth
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According to The Business Research Company's, The ribose-nucleic acid (RNA)-based therapeutics market size has grown strongly in recent years. It will grow from $14.54 billion in 2023 to $15.79 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to investment and funding growth, the discovery of RNA interference (RNAi), clinical successes of antisense oligonucleotides (ASOs), regulatory support and frameworks, and collaborations, and partnerships.
The ribose-nucleic acid (RNA)-based therapeutics market size is expected to see strong growth in the next few years. It will grow to $22.30 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%. The growth in the forecast period can be attributed to the expansion of indications, rising market demand and adoption, regulatory support, integration of AI and machine learning, and emerging applications in rare diseases. Major trends in the forecast period include advanced delivery systems, multi-target RNA therapeutics, customized RNA therapies, regulatory advancements, and commercialization and market growth.
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Market Drivers and Trends:
The increasing prevalence of cancer is expected to propel the growth of the ribose-nucleic acid (RNA)-based therapeutics market going forward. Cancer refers to a condition where abnormal cells grow and spread uncontrollably, potentially leading to death if untreated. The prevalence of cancer is due to an aging population, lifestyle changes, greater exposure to risks, and better detection methods. RNA-based therapeutics offer a promising avenue for cancer treatment by directly targeting the genetic and molecular mechanisms of cancer. For instance, in August 2023, according to the Australian Institute of Health and Welfare, an Australia-based government administration for health, around 151,000 individuals were diagnosed with cancer (excluding basal cell carcinomas (BCC) and squamous cell carcinomas (SCC) of the skin) in 2021, which is expected to reach 185,000 in 2030. Therefore, the increasing prevalence of cancer is driving the ribose-nucleic acid (RNA)-based therapeutics market.
Major companies operating in the ribose nucleic acid (RNA)-based therapeutics market are focused on developing innovative medication solutions, such as messenger RNA (mRNA)-based booster vaccines, to enhance the effectiveness of immunization, address emerging viral variants, and improve the overall durability of vaccine-induced immunity. An mRNA-based booster vaccine uses messenger RNA to prompt cells to create a protein that enhances the body's immune response against a particular pathogen. For instance, in June 2023, Gennova Biopharmaceuticals Ltd., an India-based pharmaceutical company, launched GEMCOVAC-OM, a India's first mRNA booster vaccine specifically targeting the Omicron variant of COVID-19. This booster is essential due to the limited efficacy of the original vaccines against Omicron. Utilizing mRNA technology, GEMCOVAC-OM boosts immunity and offers enhanced protection against the evolving virus.
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Major Key Players of the Market:
F. Hoffmann-La Roche AG, Eli Lilly and Company, Novo Nordisk A/S, Regeneron Pharmaceuticals, Biogen Inc., Houston Methodist Hospital, BioNTech, University of Oxford, Alnylam Pharmaceuticals, Sarepta Therapeutics, Flagship Pioneering, Ionis Pharmaceuticals, Akcea Therapeutics Inc, Arrowhead Pharmaceuticals, Dicerna Pharmaceuticals, Wave Life Sciences, Pharmaceutical Technology, Quark Pharmaceuticals, Tekmira Pharmaceuticals, ReCode Therapeutics, Arbutus Biopharma Corporation, Benitec Biopharma Inc., Olix Pharmaceuticals, Alltrna Inc., Orbital Therapeutics
Ribose-Nucleic Acid (RNA)-Based Therapeutics Market 2024 Key Insights:
• The ribose-nucleic acid (RNA)-based therapeutics market size is expected to see strong growth in the next few years. It will grow to $22.30 billion in 2028 at a compound annual growth rate (CAGR) of 9.0%.
• Increasing Prevalence Of Cancer On The RNA-Based Therapeutics Market
• Advancements In RNA-Based Therapeutics With mRNA-Based Vaccines
• North America was the largest region in the ribose-nucleic acid (RNA)-based therapeutics market in 2023
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