mRNA Therapeutics Market
Number of pages: 100 | Report Format: PDF | Published date: March 16, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 10.6 billion |
|
Revenue Forecast in 2031 |
US$ 23.7 billion |
|
CAGR |
10.54% |
|
Base Year for Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Type, Application, End Use, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global mRNA therapeutics market was valued at US$ 10.6 billion in 2023 and is expected to register a revenue CAGR of 10.54% to reach US$ 23.7 billion by 2031.
mRNA Therapeutics Market Fundamentals
Messenger RNA (mRNA) therapeutics is a new branch of medicine that uses synthesized mRNA molecules to treat various diseases. An mRNA is a form of genetic material that carries instructions from DNA to the cellular machinery responsible for protein production. Researchers can instruct cells to create certain proteins that can help combat disease by introducing synthetic mRNA into the cells.
mRNA therapeutics have a wide range of potential uses, including treatments for genetic abnormalities, infectious diseases, cancer, and various other problems. One of the benefits of mRNA therapeutics is its swift reaction to emerging threats, such as novel infectious diseases or rapidly changing cancer cells. The mRNA molecules used in treatments are designed to be stable and avoid triggering an immune response, which might restrict their efficacy.
Although mRNA therapeutics is still a relatively new subject, they have shown promising results in clinical studies, and some mRNA-based vaccines, especially the COVID-19 vaccines created by Pfizer/BioNTech and Moderna, have been licensed for use. As research in this field develops, mRNA therapeutics are likely to become an increasingly essential weapon in the battle against diseases.
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mRNA Therapeutics Market Dynamics
The global mRNA therapeutics market is primarily driven by the increasing prevalence of many chronic diseases, including respiratory, cardiac, metabolic, and autoimmune diseases. The therapeutic usage of mRNA has resulted in enormous optimism in the fight against a wide range of incurable diseases. Current advances in biotechnology and molecular medicine have made it possible to produce practically any functional protein/peptide in the human body by introducing mRNA as a vaccination or therapeutic agent. This growing precision medicine field has considerable potential for preventing and treating many intractable or inherited disorders.
The advantages offered by mRNA therapeutics have increased their demand. mRNA therapeutics are very versatile and can be used in various applications. The rising demand is due to their ability to cure chronic disorders. Furthermore, their simple and low-cost manufacturing method and their capacity to function with a wide range of markers make them excellent for personalized medication. This benefits patients since it allows for rapid reactions and effective therapies suited to their needs.
The majority of doctors are highly prescribing new mRNA therapeutics in the treatment of many chronic conditions. According to a new survey conducted by healthcare research firm Sermo in 2022, about 76% of doctors were likely to prescribe novel medications based on mRNA technology. Undergoing several experimental studies, oncology has the greatest potential to benefit from the technique.
The global mRNA therapeutics market is also growing as key players are emphasizing development strategies, such as collaborations and the launch of new and innovative products. For instance, Moderna Inc (MRNA.O) and privately held Life Edit Therapeutics Inc. in February 2023 collaborated to find and develop mRNA gene-editing drugs. The collaboration was expected to combine Life Edit’s varied portfolio of innovative gene editing technologies with the Moderna mRNA platform. The companies collaborated on research and preclinical studies financed by Moderna to discover curative medicines for some of the most difficult genetic diseases. Moreover, in November 2022, GlaxoSmithKline plc announced that the FDA had approved a Biologics License Application and awarded priority review for its mRNA-based respiratory syncytial virus older adult vaccination candidate.
However, the global mRNA therapeutics market may experience limited revenue growth due to the comparatively short lifespan of protein synthesis in mRNA therapies for chronic disorders demands repeated administration.
mRNA Therapeutics Market Ecosystem
The global mRNA therapeutics market is analyzed from four perspectives: type, application, end user, and region.
mRNA Therapeutics Market by Type
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Based on type, the global mRNA therapeutics market is segmented into prophylactic vaccines, therapeutic drugs, and therapeutic vaccines.
The prophylactic vaccine segment dominated the global mRNA therapeutics market, with the majority of market revenue share in 2022. Prophylactic vaccines have numerous advantages, including preventing diseases before they occur, reducing healthcare costs associated with treating chronic diseases, and protecting vulnerable populations, such as infants and elderly people. Additionally, using mRNA technology in prophylactic vaccines allows for a faster and more efficient response to emerging infectious diseases, as seen with the development of COVID-19 vaccines. This has increased the demand for mRNA therapeutics in the prophylactic vaccine segment.
mRNA Therapeutics Market by Application
Based on the application, the global mRNA therapeutics market is segmented into rare genetic diseases, infectious diseases, oncology, respiratory diseases, and others.
The infectious diseases segment dominated the global mRNA therapeutics market in 2022. mRNA therapeutics have the potential to provide rapid and effective treatment for infectious diseases by inducing the production of specific proteins that can combat pathogens. Additionally, mRNA vaccines can be quickly developed and manufactured in response to emerging infectious disease prevalence. They can also boost the body’s natural immunity, making it simpler for the patient to fight off subsequent infections. Moreover, mRNA can target difficult-to-reach infected cells, potentially lowering treatment resistance. mRNA treatments are gaining popularity among doctors and patients as a viable alternative to standard infectious disease medications.
mRNA Therapeutics Market by End User
Based on end user, the global mRNA therapeutics market is segmented into research organizations, hospitals & clinics, and others.
The hospitals and clinics segment dominates the global mRNA therapeutics market. mRNA therapeutics are gaining popularity in hospitals and clinics as a potential way to treat many diseases, particularly in the most challenging instances when standard drugs and treatments are no longer effective. Moreover, the growing effectiveness of mRNA therapeutics in treating a wide range of medical conditions, such as cancer and infectious diseases, is leading to an increase in their prescription and uptake.
mRNA Therapeutics Market by Region
Based on the region, the global mRNA therapeutics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominated the mRNA therapeutics market. The key factor supporting the revenue growth of the mRNA therapeutics market is increasing funding for research and development. Increasing mRNA drug approvals in North America also supports segment growth. A rise in the standard of living and new medical technology are other factors driving the mRNA therapeutics market in the United States. A significant increase in demand for mRNA vaccines in the United States due to the growing demand from consumers in the healthcare industry is expected to propel the North America market during the projected period.
The mRNA therapeutics market in Europe is projected to experience significant revenue growth in the coming years. This is owing to increasing research and development activities, the rising prevalence of chronic diseases, and advancements in mRNA technology. Companies in Europe are actively investing in the development of novel mRNA-based treatments, targeting various diseases, such as cancer, infectious diseases, and genetic disorders. Moreover, the collaboration between pharmaceutical companies and academia enhances the prospects for revenue growth in the Europe mRNA therapeutics market.
Asia Pacific is predicted to be the fastest-growing region in the mRNA therapeutics market during the forecast period. Several developing countries in Asia Pacific have built a massive healthcare infrastructure and made several medical advances via research. Nations such as India and China are rapidly advancing their technologies. India, for instance, has rapidly developed covid vaccines, which will boost the market throughout the projection period. Moreover, increasing government initiatives for research and development in mRNA therapeutics is also augmenting the revenue growth of the Asia Pacific market.
mRNA Therapeutics Market Competitive Landscape
The prominent companies with the largest revenue share in the global mRNA therapeutics market are:
mRNA Therapeutics Market Strategic Developments
The mRNA therapeutics market is expanding due to a rise in awareness of the advantages of RNA therapeutics. Moreover, the global RNA therapeutics market is also growing as players are emphasizing the strategies, such as collaborations, for product launches.
The global mRNA therapeutics market is expected to be valued at US$ 23.7 billion by 2031.
The global mRNA therapeutics market is expected to register a revenue CAGR of 10.54% during the forecast period.
Messenger RNA (mRNA) therapeutics is a branch of medicine that uses synthesized mRNA molecules to treat a range of diseases.
The infectious diseases segment dominates the global mRNA therapeutics market.
*Insights on financial performance are subject to the availability of information in the public domain