RNA Analysis Market: Increasing Demand for Personalized Medicine
Posted by Kriti on July 15th, 2021
The RNA analysis market is projected to reach USD 8.7 billion by 2025 from USD 4.5 billion in 2020, at a CAGR of 13.9% during the forecast period.
The growth of this market is majorly driven by the increasing demand for personalized medicine, increasing pharmaceutical and biotechnology R&D expenditure and government funding for omics, and the increasing applications of RNA sequencing in the transcriptomics market.
The increasing focus on biomarker discovery and toxicogenomics, along with the increasing interest in outsourcing services, is expected to offer significant growth opportunities for the players operating in the global RNA analysis/transcriptomics market. On the other hand, the requirement of high capital investments and data management issues are expected to restrain the growth of this market to a certain extent.
Request for Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=240344576
RNA ANALYSIS/ TRANSCRIPTOMICS MARKET DYNAMICS
Driver: Increasing demand for personalized medicine
Personalized medicine, which has become a core area of research in the healthcare industry, has entered mainstream clinical practice and is changing how many diseases are identified, classified, and treated. These advancements are particularly evident in the area of oncology.
According to the Personalized Medicine Coalition report (2017), the number of personalized drugs, treatments, and diagnostic products has increased since 2006, and this trend is expected to continue in the coming years.
Restraint: High capital investments
With the widespread implementation of novel applications, the use of transcriptomics research extends all the way from the discovery of novel drugs, vaccines, and diagnostic targets, toxicology, and identification of surrogate markers of activity in clinical research to the ability to provide information on the mechanisms of drug action.
Opportunity: Increasing focus on biomarker discovery
Biomarker identification, along with its clinical applications, has simplified drug discovery and development procedures in terms of evaluating the toxicity and efficacy of drugs. Besides, biomarkers for diseases like cancer, CVD, and neurological diseases are playing an integral role in enabling a better understanding of the disease pathway and progression.
To know about the assumptions considered for the study, Download a PDF Brochure
Challenge: Lack of effective bioinformatics tools
Microarray experiments for transcriptomic studies produce enormous amounts of data. Therefore, researchers typically face problems in the interpretation of results and exploiting available computational power to process said data. Moreover, RNA sequencing data from transcriptomics studies have low genome coverage and high amplification bias, which makes data analysis extremely challenging, especially without effective bioinformatics tools.
North America is expected to account for the largest share of the RNA analysis/transcriptomics market in 2019
In 2019, North America accounted for the largest share of the transcriptomics market, followed by Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The large share of this market segment can be attributed to the increasing development of structure-based drug designs, growing academic and government investments in genomics and proteomics research, high life science research funding, high biopharmaceutical R&D expenditure, and the greater adoption of advanced technologies in North America.
Key Market Players
The prominent players in this market are Thermo Fisher Scientific, Inc. (US), Bio-Rad Laboratories, Inc. (US), Merck KGaA (Germany), Agilent Technologies, Inc. (US), Illumina, Inc. (US), QIAGEN N.V. (Netherlands), F. Hoffmann-La Roche Ltd. (Switzerland), Danaher Corporation (US).
To speak to our analyst for a discussion on the above findings, click Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=240344576
Like it? Share it!
About the AuthorKriti
Joined: July 3rd, 2019
Articles Posted: 390
More by this author