miRNA Tools and Services Market to Reach $1.8 Bn, Globally, by 2031 at 19.3% CAGR: Allied Market Research

Rise in the incidence of chronic diseases, increase in the number of cancer cases, surge in funding for gene manipulation therapies, and emergence of innovative drug development methodologies that use RNAi-based approaches drive the growth of the global market.

PORTLAND, Ore., June 9, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "miRNA Tools and Services Market by Product and Services (Research Tools, Services), by Technology (Extraction Tools, qRT-PCR, NGS, Microarray, Functional Analysis Tools, Others), by End User (Research and Academic Institutes, IVD, Pharma and Biotech Companies, CROs): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global miRNA Tools and Services industry was estimated at $311.86 million in 2021, and is anticipated to hit $1.8 billion by 2031, registering a CAGR of 19.3% from 2022 to 2031.

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Drivers, restraints, and opportunities-

Rise in the incidence of chronic diseases, increase in the number of cancer cases, surge in funding for gene manipulation therapies, and emergence of innovative drug development methodologies that use RNAi-based approaches drive the growth of the global miRNA Tools and Services market. On the other hand, challenges related to quantification and the development of in-house miRNA research tools such as microarrays restrain the growth to some extent. However, use of bioinformatics and technologically advanced systems is expected to create lucrative opportunities in the industry.

Covid-19 Scenario-

• The social distancing norms across the world gave way to closure of manufacturing units and the miRNA tools and services market was impacted negatively.
• However, as the global situation is getting better, the market has already started getting back to normalcy.

The research tools segment to maintain the lion's share-

By product & services, the research tools segment accounted for the highest market share in 2021, generating more than four-fifths of the global miRNA tools and services market, owing to the rise in incidence of cancer and cardiovascular diseases across the world. The services segment, however, is anticipated to cite the fastest CAGR of 20.7% from 2022 to 2031, due to technological developments in Micro RNA research.

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The research and academic institutes segment to lead the trail-

By end user, the research and academic institutes segment generated the highest share in 2021, holding nearly half of the global miRNA tools and services market. The same segment is also expected to cite the fastest CAGR of 19.9% from 2022 to 2031. Increasing research and development activities to create various diagnostic tests fuels the segment growth.

North America to dominate by 2031-

By region, North America contributed to the major market share in terms of revenue in 2021, holding more than two-fifths of the global miRNA tools and services market. The same region is also projected to cite the fastest CAGR of 20.1% from 2022 to 2031. This is attributed to rise in the prevalence of chronic diseases and increased number of studies being conducted to investigate the function of microRNAs in the development, treatment, and diagnosis of diseases such as cancer.

Prominent market players-

• Bio-Rad Laboratories
• General Electrics
• Integrated DNA Technologies
• Koninklijike Philips N.V.
• Thermo Fischer Scientific Inc.
• Merck & Co.
• Omega Bio-Tek
• Agilent Technologies
• Promega Corporation
• Qiagen

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