The global RNA analysis market is poised for robust growth in the coming years, according to a new report by MarketsandMarkets. The market, valued at $5.3 billion in 2023, is projected to reach $9.9 billion by 2028, growing at a compound annual growth rate (CAGR) of 13.4% during the forecast period.
The growth is attributed to several factors such as the increasing demand for personalized medicine, growing R&D activities, rising government funding for drug discovery research, and expanding pharmaceutical and biotechnology industries globally. Additionally, the RNA analysis market presents lucrative opportunities in emerging countries.
Reagents and consumables currently dominate the global RNA analysis market based on product and service segmentation. The large market share of this segment is attributed to the rising demand for genome-based studies, continuing technological advancements, and the availability of a diverse range of RNA analysis reagents.
North America held the largest share of the global RNA analysis market in 2022. The dominance of this region is ascribed to the presence of numerous pharmaceutical companies, growing demand for personalized medicine, and increased funding for protein-based research activities that are further driving the regional market growth.
The recent years have witnessed strategic developments such as partnerships, agreements, mergers, and acquisitions among market players in the RNA analysis domain. For instance, in October 2022, Agilent Technologies and CMP Scientific Corp entered a co-marketing pact to offer integrated capillary electrophoresis-mass spectrometry solutions for pharmaceutical and life sciences industries. Earlier in January 2021, Thermo Fisher acquired Phitonex to augment its portfolio of offerings for protein and cell analysis research.
While the market outlook seems optimistic, there are certain challenges that can potentially restrain the growth momentum. These include the requirement of high capital investments for advanced instrumentation and complexities involved in managing the voluminous data generated through transcriptomics research.
Nonetheless, the transforming landscape of personalized and precision medicine presents significant prospects for the burgeoning RNA analysis market in the coming decade. With continual improvements in accuracy, sensitivity, instrumentation size, and cost-efficiency, transcriptomics is poised to improve diagnosis, disease management, and treatment planning. Market participants can leverage these opportunities by introducing innovative products, expanding their geographic presence, and adopting strategic partnerships as their key growth strategies.
Overall, with several positive indicators, favorable research scenarios, and increasing relevance of omics research worldwide, the global RNA analysis market seems well-positioned to unlock its immense revenue potential in the foreseeable future.