MicroRNA Market Set to Grow at 7.9% CAGR, Targeting for US$ 1,330.7 Million by 2034: Fact.MR Report

Rockville, Jan. 18, 2024 (GLOBE NEWSWIRE) -- As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global MicroRNA Market size is estimated to reach US$ 619.3 million in 2024. The microRNA sales are expected to witness a robust CAGR of 7.9% from 2024 to 2034. By 2034, the demand for microRNAs is anticipated to reach US$ 1,330.7 million.

The primary stimulants of the miRNA market growth are the rising incidence of illnesses like cancer, heart disease, and neurological disorders, as well as the expanding capabilities of genetic technologies. The advancement of precision medicine in cancer treatment has accelerated with the arrival of microRNA diagnostics in clinics.

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Key Segments of MicroRNA Market Research Report   

MiRNAs are an excellent choice for non-invasive cancer biomarkers. This is because many cells secrete miRNAs, which are found in many bodily fluids. Due to their roles in disease pathways and gene regulation, microRNAs generate significant demand, thrusting the microRNA market expansion.

The lack of highly skilled professionals with vast industry knowledge and a high failure rate pose obstacle to miRNA market expansion. Research expenses are impacted because inexperienced professionals cannot do the test due to the high cost of kits and reagents, which increases the cost of experiments and research. Due to the fundamental evaluation, the microRNA market is becoming expensive, which severely restricts the market's potential to thrive.

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.

From 2024 to 2034, the Asia Pacific market is anticipated to accelerate significantly. This is linked to a larger patient base, a rise in the adoption of microRNA therapies, and increased medical travel to nations like China, Singapore, and India.

“With regard to its critical function in controlling gene expression, the microRNA industry has experienced significant expansion. The microRNA market has potential for both diagnostics and therapeutics development, as evidenced by the growth in molecular biology research and the growing desire for personalized treatment,” says an analyst at Fact.MR.

Key Takeaways from the Market Report 

• The PCR-based arrays segment in the assay type category is expected to grab a share of 36.5% of the market in 2024.
• In the end-user category, the academic and research institutes segment is set to acquire a market share of 38.2% in 2024.
• The next generation sequencing segment in the assay type category is expected to exhibit a CAGR of 8.1% from 2024 to 2034.
• In the end user category, the biopharmaceutical companies’ segment is projected to accelerate at a CAGR of 9.3% from 2024 to 2034.
• The United States microRNA market is anticipated to surge at a CAGR of 7.6% from 2024 to 2034.
• Canada’s miRNA market to develop at a CAGR of 5.5% through 2034.
• Mexico’s microRNA industry is anticipated to surge at a CAGR of 7.5% from 2024 to 2034.
• China’s microRNA market is expected to surge at a CAGR of 9.9% through 2034.
• South Korea’s miRNA market is anticipated to boost at a CAGR of 9.2% over the forecast period.
• Japan’s microRNA sales are expected to exhibit a CAGR of 9.0% through 2034.

Competitive Landscape

The market remains highly competitive, with multiple global microRNA companies. Many regional microRNA vendors are involved in the market due to the growth of research and development activities. Manufacturers of microRNAs concentrate on growing their geographic reach and serving a range of applications across different healthcare sectors.

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Latest Developments

• A joint multi-cancer screening research initiative, two new laboratories, and an Industry 4.0 (i4.0) production facility were among the additional capabilities that Singapore-based biotechnology business MiRXES unveiled in August 2022. The latest advancements align with MiRXES's objective of expanding its capacity for research and production to create miRNA-based diagnostics.
• Researchers from the University of Illinois, Urbana, created a novel microRNA point-of-care test for cancer screening in February 2022. The test extracts tumor-specific microRNAs (miRNAs) from human serum using nanoparticles.

Checkout More Related Studies Published by Fact.MR Research:

Clinical Reference Laboratory Market: The global clinical reference laboratory market is valued at US$ 234.5 billion in 2023 and is projected to reach a size of US$ 412 billion by the end of 2033, expanding at a CAGR of 5.8% from 2023 to 2033.

Immunoassay Market: The global immunoassay market is forecast to grow at a 6% value CAGR, during the forecast period 2022-2032, reaching a market value of US$ 53 Billion.

Next Generation Patient Monitoring Devices Market: Worldwide demand for next generation patient monitoring devices is expected to increase at a robust CAGR of 8.9% from 2022 to 2032.

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