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 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.
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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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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.
North America held the major share in 2020-
By region, the market across North America dominated in 2020, garnering more than two-fifths the global RNA based therapeutics market. High expenditure on R&D, presence of major players & their product availability, and well-established healthcare infrastructure in the region propel the market growth. Simultaneously, the Asia-Pacific region is also expected to cite the fastest CAGR of 18.9% throughout the forecast period. This is attributed to improvements in R&D facilities, available disposable income, and rapidly developing economic conditions.
Key players in the industry-
- Silence Therapeutics plc.
- Arbutus Biopharma Corporation
- Ionis Pharmaceuticals
- Sarepta Therapeutics
- Alnylam Pharmaceuticals, Inc.
- Benitec Biopharma Inc.
- Genzyme (Sanofi), Arrowhead Pharmaceuticals
- Biogen, Inc.
- Gradalis, Inc.
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