MicroRNA Market Predicted to Reach USD 1,330.7 Billion by 2034, Expanding at a CAGR of 7.9% | Fact.MR

According to a new industry report by Fact.MR, a market intelligence and competitive data analytics provider, the size of the global MicroRNA Market is projected to hit US$ 619.3 million in 2024. The sales of microRNA are predicted to record a strong CAGR of 7.9% during 2024-2034. The demand for microRNAs is projected to reach US$ 1,330.7 million by 2034.

The major drivers of the growth of the miRNA market are the increasing prevalence of diseases such as cancer, cardiovascular disease, and neurological diseases, along with the widening potential of genetic technologies. The evolution of precision medicine in the treatment of cancer has gained pace with the introduction of microRNA diagnostics in clinical settings.

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MiRNAs are a perfect option for non-invasive biomarkers of cancer. This is due to the fact that most cells release miRNAs, which are present in most body fluids. Since microRNAs play a part in disease mechanisms and regulation of genes, they create huge demand, propelling the microRNA market growth.

The shortage of highly skilled experts with extensive industry experience and a high failure rate create hindrance to miRNA market growth. Research costs are affected because inexperienced experts are unable to conduct the test owing to the expensive kits and reagents, raising the cost of experiments and research. Owing to the core assessment, the microRNA market is becoming costly, which heavily limits the market's potential to grow.

Regional Outlook

North America holds a significant market share. One of the main factors propelling the search for novel therapies and diagnostics, especially in the United States, is the increase in clinical trials. The region's greater number of prolonged product releases encourages global microRNA market expansion.

Between 2024 and 2034, the Asia Pacific market is projected to grow exponentially. This is attributed to a broader patient pool, an increase in the uptake of microRNA therapies, and greater medical tourism to countries such as China, Singapore, and India.

In terms of its critical role in regulating gene expression, the microRNA business has seen explosive growth. Both diagnostics and therapeutic development have promise in the microRNA market, as indicated by the increase in molecular biology studies and the increased demand for targeted treatment," adds an analyst at Fact.MR.

Key Takeaways from the Market Report

The PCR-based arrays segment of the assay type category is anticipated to capture a market share of 36.5% in 2024.
In the end-user category, the academic and research institutes segment is anticipated to hold a market share of 38.2% in 2024.
The next generation sequencing segment of the assay type category is anticipated to show a CAGR of 8.1% during the period from 2024 to 2034.
Within the end user segment, the biopharmaceutical companies' segment is expected to grow at a CAGR of 9.3% during 2024-2034.
United States microRNA market is expected to grow at a CAGR of 7.6% during 2024-2034.
Canada's miRNA market to grow at a CAGR of 5.5% until 2034.
Mexico's microRNA market is expected to grow at a CAGR of 7.5% during 2024-2034.
China's microRNA market will grow at a CAGR of 9.9% by 2034.
South Korea's miRNA market will grow at a CAGR of 9.2% during the forecast period.
Japan's microRNA sales will grow at a CAGR of 9.0% during 2034.

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Competitive Landscape

The competition in the market is very intense, with numerous global microRNA firms. A number of regional microRNA players are present in the market due to increasing research and development efforts. MicroRNA manufacturers focus on expanding their geography and addressing various applications within diverse healthcare sectors.

Latest Developments

A collaborative multi-cancer screening research program, two new laboratories, and an Industry 4.0 (i4.0) manufacturing facility were some of the added capabilities that Singapore-based biotechnology company MiRXES launched in August 2022. The new developments fit with MiRXES's mission to increase its research and production capacity to develop miRNA-based diagnostics.
Researchers at the University of Illinois, Urbana, developed a new microRNA point-of-care test for cancer diagnosis in February 2022. The test is designed to isolate tumor-specific microRNAs (miRNAs) from human serum with the help of nanoparticles.

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