Rise in initiatives from government for large-scale sequencing projects drives the growth of the global RNA based therapeutics market. On the other hand, hurdles in drug delivery, high cost of research, and threats of failure restrain the growth to some extent. However, early commercialization of pipeline therapeutics is expected to create lucrative opportunities in the industry.
The global RNA based therapeutics industry was estimated at $4.93 billion in 2021, and is anticipated to hit $25.12 billion by 2030, registering a CAGR of 17.6% from 2021 to 2030.
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The increase in number of patients suffering from chronic diseases, further fuels the growth of the global RNA Based Therapeutics market.
The RNA based therapeutics has been explored as a promising treatment option for the diseases which are difficult to treat. Development of this therapeutics is based on promising technologies such as RNA interference technology (RNAi), antisense technology. Moreover, Cancer diagnosis and treatment is currently undergoing a shift with the incorporation of RNAi techniques in personalized medicine and molecular diagnostics, also for the diagnostic purposes, small interfering RNAs (siRNA) or microRNAs (miRNA) can be utilized.
Impact of COVID-19 on RNA Based Therapeutics Market- There was a steep decline in the number of patients visiting clinics and hospitals for RNA based therapies, which, in turn, decreased the demand for RNA based therapeutic products, especially during the initial phase of the pandemic. This impacted the global RNA based therapeutic market negatively.
- Also, mRNA vaccines could potentially offer long-term solutions all over the world for diseases ranging from influenza to AIDS, but owing to lockdown measures and temporary closure of research institutes and academic research, the demand for RNA based therapeutic solutions decreased significantly.
- This trend is quite likely to continue till the pandemic is completely over.
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Depending on by type, the market is divided into RNA interference (RNAi) and RNA antisense. RNA antisense segment is projected to show fastest growth during the forecast period, owing to increase in revenue of RNA antisense drug discovery and therapeutics.
This report provides comprehensive competitive analysis and profiles of prominent market players such as Alnylam Pharmaceuticals, Inc., Silence Therapeutics plc, Arbutus Biopharma Corporation, Genzyme (Sanofi), Ionis Pharmaceuticals, Sarepta Therapeutics, Benitec Biopharma Inc, Arrowhead Pharmaceuticals, Biogen, Inc and Gradalis, Inc.
Key Findings of the Study:
- By type, the RNA antisense segment held the largest RNA based therapeutics market share in 2020 and RNA interference (RNAi) is expected to have fasted share during the forecast period.
- By application, the genetic disorders segment held the largest market share in 2020 and is expected to remain dominant during the forecast period.
- By end user, the research institute held the largest market share in 2020 and is expected to remain dominant during the forecast period.
- By region, North America is expected to experience market growth at the highest rate, registering a CAGR of 17.5% during the forecast period.
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Tags: RNA based therapeutics industry, RNA based therapeutics market
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