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IN THE NEWSNovember, 2021: Thermo Fisher Scientific Company launched new IVD system for assay developers and clinical laboratories to facilitate molecular diagnostics growth.
March, 2021: CD Genomics launched the low-coverage sequencing which can effectively identify novel variants in the genomic databases.
The global non-coding RNA assays market is estimated to grow at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing usage of non-coding RNA for regulating gene expression in medical research and development activities. Non-coding RNA works as cellular regulators without encoding protein, which is why, it is used immensely in genomics and biotech research projects. Increasing government investment in medical R&D activities, along with favorable reimbursement policies for promoting life science research projects, are anticipated to boost the market growth. For instance, in the U.S. around USD 100 billion were invested in biotech companies, in 2020.
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The market is segmented by end-user into laboratories, research centers, hospitals, ambulatory surgical centers, and others, out of which, the research centers segment is anticipated to hold the notable share in the global non-coding RNA assays market over the forecast period on account of increasing demand for new drugs and treatment methods for various rare genetic diseases. Additionally, non-coding RNA, or ncRNA, is used extensively for genomic research, which is estimated to boost the segment growth.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
On the basis of geographical analysis, the global non-coding RNA assays market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing development and adoption of advanced biotechnology in developing countries, including, India, China, and Japan. Moreover, increasing investment in biotech companies is further projected to boost the market growth. According to the data by the India Brand Equity Foundation (IBEF), around 2,500 biotech companies were established in the country. The patient pool in India is estimated to increase by 20% by 2030.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of increasing healthcare research expenditure, and adoption of advanced technology in the region.
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The global non-coding RNA assays market is further classified on the basis of region as follows:
Our in-depth analysis of the global non-coding RNA assays market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing investment in biotechnological researches and growing government initiatives to develop new drugs is estimated to boost the market growth.
The market is anticipated to attain a robust CAGR over the forecast period, i.e., 2022 – 2030.
The requirement of high investment is estimated to hamper the market growth.
The market in the North America region is estimated to provide more business opportunities for growth over the forecast period owing to the advancement in technology in the healthcare sector.
The major players in the market are Springer Nature Limited, Applied Microarrays Inc., C D Genomics, RELX Group, MilliporeSigma, QIAGEN, Agilent Technologies, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, size, end-user, and by region.
The research centers segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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