RNA Based Therapeutics Market Overview 2030
The global RNA based therapeutics market size generated $4,938.38 million in 2021, and is projected to reach $25,121.95 million by 2030, growing at a CAGR of 17.6% from 2021 to 2030. RNA based therapeutics has garnered significant attention in the recent years due to its potential to treat variety of chronic diseases such as cancer, diabetes, AIDS, tuberculosis and certain cardiovascular conditions also rare and genetic disorders. Despite being in the clinical research phase, 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 and SMaRT technology. RNAi technology and antisense technology together are gaining prominence in the research industry, as these technologies provide base sequence to develop RNA drugs.
RNAi technology works by causing destruction of specific mRNA molecules, whereas antisense technology works by synthesizing strand of RNA from known gene sequence. These newly synthesized RNA strands then bind to mRNA and makes mRNA inactive. Gene silencing potential of RNA based therapeutics is the primary driver for the growth of this market. The other drivers include target specificity and selectivity of RNAi therapeutics, more intense product focus versus platform technologies and virtual drug development models that enable companies to reduce the research cost. However, critical issues in drug delivery, high cost of research, and high failure rates are some of the major hurdles for the companies working in this field. Despite the restraints, RNA based therapeutics has the potential to grow due to increasing interest exhibited by the pharmaceutical industries for the commercialization of these therapies.
The RNA based therapeutics market is segmented on the basis of type, application, end user and region. Based on type, the market is segmented into RNA interference (RNAi) technologies and RNA antisense technologies. Based on application, the market is segmented into genetic disorders and auto immune disorders. Based on end user, the RNA based therapeutics market is segmented into research institutes, and hospitals & clinics. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
COVID-19 Pandemic on the RNA Based Therapeutics Market
Coronavirus (COVID-19) was discovered in December 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans.
After its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in patients, which range from common symptoms to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement.
Furthermore, the virus has high potential of lethality in geriatric population. On March 11, 2020, the World Health Organization made an assessment that COVID-19 can be characterized as pandemic. In addition, only a few vaccines that received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to stop the spread of this disease. Furthermore, to maintain social distancing, various countries across the world have adopted nationwide lockdowns.
Almost every nation is dealing with the outbreak. Most markets are experiencing a decline, owing to the outbreak. The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a negative impact on the RNA based therapeutics market, mRNA vaccines could potentially provide long-term solutions all over the world for diseases ranging from influenza to AIDS, but due to lockdown and temporary closure of research institutes and academic research, the RNA based therapeutics has decreased. Due to lockdowns and stay-at-home orders, people’s lifestyles have become even more sedentary and worse than before, public health recommendation i.e., closure of small laboratories and research centers to prevent SARS-COV-2 spread have the potential to reduce RNA based therapeutics research. The results shed light on the financial fragility of many RNA based therapeutics key players companies.
By Type Segment Review
Depending on type, the market is divided into RNA interference (RNAi) and RNA antisense. RNA antisense segment is projected to witness fastest growth during the forecast period, owing to increase in revenue of RNA antisense drug discovery and therapeutics.
RNA Antisense segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Application Segment Review
By application, the RNA based therapeutics market is segmented into genetic disorders and auto immune disorders. Genetic disorders segment accounted for a majority of market share in the global RNA based therapeutics market in 2020 and expected to remain dominant during the forecast period, owing to surge in case of genetic diseases, rare disorders, and molecular diagnostics. These factors are expected to further fuel the demand for RNA based therapeutic.
Genetic Disorder segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
End User Segment Review
Depending on end user, the market is categorized into research institutes, and hospitals & clinics. The research institutes segment is projected to show fastest growth during the forecast period, due to the collaboration of research organizations and academic research institutes or collaborating with government bodies to bear the high cost of research.
By End User
Research Institutes holds a dominant position in 2020 and continue to maintain lead in the forecast year
Region segment review
By region, the RNA based therapeutics market is analyzed across North America, Asia-Pacific, Europe, and LAMEA. North America dominated the market in 2020, accounting for the highest share, and is anticipated to maintain this trend throughout the forecast period. The research activities for RNA-based therapeutics are rising in North America due to significant infrastructure for developmental research, availability of substantial research funds and growing government initiatives toward RNA based therapeutics are anticipated to drive the RNA based therapeutics market growth.
North America holds a dominant position in 2020 and continue to maintain lead in the forecast year
This report provides comprehensive competitive analysis and profiles of prominent RNA based therapeutics 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 Benefits for Stakeholders
- This report provides a detailed quantitative analysis of the current RNA based therapeutics market trends and forecast estimations from 2020 to 2030, which assists to identify the prevailing market opportunities.
- An in-depth market analysis includes analysis of various regions, which is anticipated to provide a detailed understanding of the current trends to enable stakeholders formulate region-specific plans.
- A comprehensive analysis of factors that drive and restrain the growth of the global is provided.
- The projections in this report are made by analyzing the current trends and future market potential from 2021 to 2030, in terms of value.
- An extensive analysis of various regions provides insights that are expected to allow companies to strategically plan their business moves.
- Key market players within the RNA based therapeutics market are profiled in this report and their strategies are analyzed thoroughly, which helps in understanding competitive outlook of the RNA based therapeutics market.
RNA Based Therapeutic Market Report Highlights
By END USER
Key Market Players
Arrowhead Pharmaceuticals, Biogen, Inc, Sarepta Therapeutics, Benitec Biopharma Inc., Alnylam Pharmaceuticals, Inc., Ionis Pharmaceuticals, Genzyme (Sanofi), Silence Therapeutics plc, Gradalis, Inc., Arbutus Biopharma Corporation
In accordance with several interviews conducted, top-level CXOs agree that the utilization of RNA based therapeutics is anticipated to witness a significant rise with technological advancements and increase in prevalence of genetic disorders. Recent innovations and constant development in this field have fuelled the market growth, also Increase in interest of healthcare providers owing to several benefits offered by RNA based therapeutics is boosting the market.
According to the CXOs, increase in economic strength of the developing nations, such as Japan, China, India, Indonesia, Thailand, and others as well as rise in healthcare expenditure are expected to drive the market growth during the forecast period.
Rapid growth was observed in the adoption of advance sequencing technologically across developing economies, and this is expected to offset the challenging conditions in mature markets such as North America and Europe. Moreover, North America and Europe are expected to dominate during the forecast period, while emerging countries in Asia-Pacific and Latin America are expected to offer significant growth opportunities.