Increased funding by government and private organizations such as NIH is expected to drive the market growth. This is due to the large number of research projects undertaken to prove the therapeutic and diagnostic potential of miRNAs.
miRNA Tools and Services Market Report, published by Allied Market Research, forecasts that the global market was valued at $146 million in 2015 and is expected to garner $620 million by 2022, registering a CAGR of 23.4% during the forecast period 2016 – 2022. Research tools segment held nearly four-fifths share of the total market in 2015.
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MicroRNAs(miRNAs) are a class of non-coding RNAs that play a major role in regulating gene expressions. These molecules work at the post-transcription level and modify the expression of around 30% of all mammalian protein-encoding genes. Use of bioinformatics and technologically advanced systems (such as NGS) and rise in incidence of chronic disorders drive the market growth. In addition, the ability of miRNAs to act as diagnostic biomarkers and predictors of drug response are anticipated to drive the demand for miRNA. However, the challenges related to the quantification and the development of in-house miRNA research tools such as microarrays restrict the market growth.
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The qRT-PCR technology segment is expected to maintain its dominant position throughout the analysis period due to the increase in incidence of chronic diseases such as cancer and cardiovascular disorders. The rise in demand for the identification of miRNA in different organisms and their associated role as a diagnostic biomarker for the disease also boost the market growth.
Research and academic institutes segment dominated the market with more than two-fifths of the total market in 2015. This is primarily attributed to the increase in research projects undertaken to test the ability of miRNA as candidates of disease biomarkers.
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Key Findings of the Study:
- Research tools led the global miRNA tools and services market, and accounted for nearly four-fifths of the total market in 2015.
- Functional studies services segment is projected to grow at highest CAGR of 31.2% during the forecast period.
- CROs is the fastest growing segment and is expected to grow at a CAGR of 27.4% during the forecast period.
- qRT-PCR technology segment occupied nearly one-third of the market in 2015.
- In 2015 Japan was the major shareholder and accounted for almost one-third of the Asia-Pacific market.
North America led the overall market in 2015 and is expected to maintain its dominance throughout the forecast period. This is attributed to the increased funding for miRNA research and increase in incidence of chronic disorders such as cancer. However, Asia-Pacific is projected to be the fastest growing region throughout the analysis period owing to increase in investment by pharma and biotech companies in the emerging markets (such as India and China).
The major companies profiled in the report include QIAGEN (Exiqon), Thermo Fisher Scientific Inc., Illumina, Inc., Agilent Technologies, GE Healthcare Dharmacon Inc., GeneCopoeia, Inc., Promega Corporation, Bio-Rad Laboratories, Inc., Merck & Co., Inc., and New England Biolabs.
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