According to Future Market Insights, the mRNA sequencing market is estimated to secure a valuation of US$ 3.4 billion in 2023 and is estimated to rise to US$ 7.2 billion by 2033. The market is anticipated at a CAGR of 7.8% during the forecast period. The factors accelerating the demand for mRNA sequencing are as follows-
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of mRNA Sequencing in 2023 | US$ 3.4 billion |
| Projected Market Value of mRNA Sequencing in 2033 | US$ 7.2 billion |
| Anticipated Growth Rate (2023 to 2033) | CAGR of 7.8% |
The major factor that is expected to propel the mRNA sequencing market during the forecast period includes increased demand for optical genome mapping technology and technological advances to support the demand. Increased application of mRNA sequencing in the research & development of precision medicine is driving the growth of the market. Also, the increased demand for DNA testing is likely to drive the demand for the mRNA sequencing market during the forecast period.
The increased acceptance of NGS technology and growing advances in sequencing technology offer significant growth opportunities for market growth. Increased application of mRNA sequencing in Hospitals & clinics, pharmaceuticals & biotechnology, and research center drives the market growth.
North America dominates the mRNA sequencing market. The growing prevalence of targeted diseases advancement in RNA sequencing and technological innovation are anticipated to drive the market in the region.
The mRNA sequencing market in Europe is expected to grow significantly with the increased demand for next-generation sequencing services and increased applications in drug development. Germany accounts for the highest market share of mRNA sequencing in Europe with an increased number of heart surgery, chemotherapy, and organ transplant.
Asia Pacific is expected to exhibit the fastest growth in the mRNA sequencing market owing to the increased expansion of next-generation services in the region.
Some of the key market players operating in the mRNA sequencing market are Toray Industries Inc, SGL Group, Mitsubishi Chemical Holdings, Formosa Plastic Corporation, Hexcel Corporation, Kureha Corporation, Evonik Industries, Taijin Limites, Royal DSM, SABIC, Solvay among others.
The market for mRNA is highly fragmented with the presence of many large and small players. The major player is adopting strategies like acquisitions, mergers, new product launches, and partnerships to consolidate their position in the market. Also, the leading players in the market are investing heavily in research & development to produce innovative products.
The mRNA sequencing market is expected to grow in near future. The growth of the market is primarily due to the expanding mRNA sequencing market in the Asia Pacific and Latin America owing to the increased healthcare infrastructure and increased investments in genomic research, the market for mRNA sequencing is expected to grow. The start-ups are entering the mRNA sequencing market with increased demand for sequencing technology and developing new innovative products.
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According to the latest research by Future Market Insights, the mRNA Sequencing market is set to witness steady growth from 2023 to 2033. The market has been a highly fragmented market developing at a gradual rate and is expected to witness lucrative growth with the increasing utilization of methodologies by major participants; the market is anticipated to increase over the projected skyline.
Factors like development in genome mapping programs are projected to drive market development. In addition, technological advancements to support the demand. The technological advancements have enabled analysts to gather important information about epidemiology and public health studies, sequence bacteria and viruses and help identify causes that may add to the virulence.
The possibilities of successful therapy increase when infectious diseases and cancer are detected at the beginning stage. One of the main reasons that boost the development of the mRNA sequencing market is the increasing occurrences of cancer and other infections.
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The demand for mRNA sequencing is to be driven by the increasing demand for DNA testing. Interest in DNA testing is rising, because of developments in entire exome and genome sequencing methods, cost-effectiveness, and faster results of the process when contrasted with genotyping-based DNA microarray.
The mRNA sequencer recognizes DNA by estimating the progressions in the electrical conductivity created by DNA strands passing through the biological pore. This innovation empowered the estimation of episodes like the Zika virus. Moreover, GenapSys, a USA - based designer of mRNA sequencing advancements for applied genomic testing, presented a GENIUS sequencer, which can sequence DNA anywhere.
In North America, the USA dominates the mRNA sequencing market. This can fundamentally be credited to the government support through funds for genomics research, growing prevalence of target diseases, advancements in RNA-Seq products, rising research on inherited rare diseases and cancer, and therefore the solid presence of key players like Thermo Fisher (USA), Illumina (USA), and Agilent Technologies (USA).
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Europe is expected to be the second most lucrative region for the market owing to several factors. Some key factors leading to the growth are cost-effective and rapid sequencing, increasing hereditary disease prevalence, use of genomics in drug development and discovery, increasing mRNA sequencing choice overall as well as increasing cancer cases globally. Collaborations and several research activities are also expected to boost the market.
Germany is projected to hold the highest market share owing to the increasing transfusion procedures such as heart surgery, chemotherapy, organ transplants, etc. The low cost of screening various infectious diseases is also one of the driving factors. As per the World Health Organization, around 2 million individuals in Germany donate blood regularly.
Some of the leading manufacturers and suppliers of mRNA Sequencing include
The mRNA Sequencing market is highly fragmented, with the existence of many large-scale players available in global markets, and various small-scale participants in regional markets. Major players are associated with adopting strategies like acquisitions and mergers, launching new products, and partnerships to consolidate their position in the market.
Also, major players are funding largely in research and development to produce advanced products. Worldwide, they are involved in long-term contracts with medical care organizations and are involved in partnerships and strategic alliances with other players in various nations to extend their business.
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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mRNA Sequencing Market
