Tremendous commercialization has been prominently driving the growth of RNA based therapeutics and vaccines market worldwide. Persistence Market Research projects massive growth prospects for the global RNA based therapeutics and vaccines market over the seven-year period, 2019-2026. Demonstrating herculean expansion at a colossal CAGR, the global market for RNA based therapeutics and vaccines is likely to reach beyond US$ 632 Mn by 2026 end.
As indicated by a recently conducted study by PMR, the market for RNA based therapeutics and vaccines will gain a major boost from bolstering research activities, which are witnessing strong governmental as well as private research institutional support over the past few years. While emergence of and growing research interests in RNA based therapeutics and vaccines has broadened the scope of therapeutics targeting a range of health conditions, market study points at a majority of research activities in clinical development.
Several governments are offering research funds for RNA based therapeutics and vaccines innovation and research.
Increasing R&D of RNA therapeutics and vaccines that specifically target rare diseases will fuel the growth of market through 2026, as the medical industry currently offers a limited range of treatment alternatives for rare diseases. Recently, Regeneron Pharmaceuticals, Inc. and Alnylam Pharmaceuticals, Inc. announced a strategic collaboration for RNAi therapeutics development targeted to the chronic liver disease nonalcoholic steatohepatitis (NASH).
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PMR expects solid market growth, as industry research experts anticipate RNA based therap eutics and vaccines to soon emerge as potential substitutes of conventional symptomatic therapeutics against unmet disease conditions. Some of the key players in the global RNA based therapeutics and vaccines market, including Alnylam Pharmaceuticals and Arrowhead Pharmaceuticals, Inc., recently received the FDA orphan drug designation – which is foreseen to the market growth outlook over the next few years.
Moreover, strategic collaborations have been one of the top developmental strategies preferred by leading participants in the RNA based therapeutics and vaccines marketplace, besides M&A and technological advancements. Several companies are also identified to be focusing on co-development of RNA therapeutics and vaccines in association with pharma leaders to accelerate research activities. Earlier last year, Arbutus Biopharma Corporation and Gritstone Oncology entered a collaboration and license agreement with an objective to deploy the former’s proprietary lipid nanoparticle (LNP) technology to deliver the latter’s RNA-based neoantigen immunotherapy products.
In an effort to gain an expanding market footprint, market participants are concentrating on RNA molecule development against unmet medical conditions. Furthermore, in a bid to slash down the manufacturing costs, companies are also increasingly preferring outsourcing their raw material manufacturing process. Substantial reduction of raw material costs, reduced manufacturing complexities, and advanced analytical methods are presumed to further create an opportunistic space for RNA manufacturers. Value chain expansion and increased operational efficiency are also among the top objectives on which the key players in RNA based therapeutics and vaccines market are likely to work on.
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PMR study indicates that high ROI can be expected due to limited competition in the competitive landscape of the global RNA based therapeutics and vaccines market.
While North America continues to represent the most lucrative market for RNA based therapeutics and vaccines, Europe will also remain the next key market globally. According to Persistence Market Research, Asia Pacific and Latin America will exhibit the highest rates of growth over the projection period, attributed to continued prevalence of infectious diseases, pricing flexibility of orphan drugs, and increasing monopolistic power of RNA based therapeutics and vaccines.