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Ribonucleic acid (RNA) refers to a polymeric molecule that is essential in protein synthesis and gene regulation. RNA markers play a vital role in measuring levels of specific disease biomarkers and are widely used for research in molecular biology, genetics, and biomedical science. In recent years, there has been exponential growth in research and development spending on precision medicine around the world, which analyses a person’s genes, proteins, and environment to prevent, diagnose, and treat disease. The global Ribonucleic Acid (RNA) Markers Market is estimated to be valued at US$ 347.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing R&D Spending on Precision Medicine. Precision medicine refers to a medical model that proposes customization of healthcare, with medical decisions, practices, and products being tailored to the individual patient. It takes into account individual variability in genes, environment, and lifestyle for each person. Over the recent past, there has been significant rise in research funding for precision medicine across key markets globally. For instance, the National Institutes of Health (NIH), the leading medical research agency of the United States, spent US$ 2.37 billion on precision medicine in 2021, a 26% increase from 2020. This rise in R&D spending on precision medicine is expected to fuel the demand for RNA markers in drug discovery & development and other biomedical research applications over the forecast period.
SWOT Analysis
Strength: Ribonucleic Acid (RNA) markers provide more sensitivity and specificity in disease detection as compared to DNA markers. They help gain insights into cellular gene expression and pathways involved in disease development.
Weakness: RNA is more unstable as compared to DNA and degrades rapidly after cell lysis. Special precautions need to be taken during sample collection, processing and storage to get reliable results from RNA markers.
Opportunity: Advancements in next generation sequencing technologies are enabling comprehensive analysis of gene expression patterns using RNA sequencing. This is expanding the applications of RNA markers in disease diagnostics, prognosis and drug development.
Threats: High costs associated with RNA analysis tools, technologies and infrastructure required for sample collection, storage and sequencing pose challenges, especially in low and middle-income countries. Standardization of protocols for RNA marker analysis is also needed to enable large scale clinical adoption.
Key Takeaways
The global Ribonucleic Acid (RNA) markers market is expected to witness high growth over the forecast period of 2023 to 2030.
North America currently dominates the market due to presence of advanced healthcare facilities and high adoption of genetic testing in the region. The United States holds the largest share in the North American RNA markers market.
The Asia Pacific region is anticipated to be the fastest growing market for RNA markers during the forecast period. This growth can be attributed to rising research funding, increasing healthcare expenditure, growing incidence of cancer and genetic disorders, and increasing awareness about genetic testing in emerging economies such as China and India.
Key players operating in the Ribonucleic Acid (RNA) markers market are Thermo Fisher Scientific, Agilent Technologies, Luminex, QIAGEN, Illumina, Bio-Rad Laboratories, F. Hoffmann-La Roche Ltd, Abbott Laboratories, Novartis AG, Affymetrix Inc. These players are focusing on new product launches, geographical expansion and collaborations to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
