Non-Coding RNA Assays Market Trends
Growth Drivers
- Growing Prevalence of Chronic Diseases – On account of the increasing tobacco use, lack of physical activity, and poor eating habits, the market is expected to expand more in the upcoming years. As per estimates, over 5o% of individuals in the US had at least one chronic disease in 2018.
- Rising Geriatric Population – Elderly population is more prone to chronic illnesses and the increasing number of elderly populations across the globe is estimated to drive market growth. By 2050, the number of Americans aged 65 and older is expected to increase from 48 million to more than 80 million.
- Increasing Drug Discovery – The growing usage of non-coding RNA assays in drug research and development, is estimated to drive market growth. According to the most recent expenditure data, the number of new medications licensed for sale between 2010 and 2019 grew by over 50%.
- Surging Biotechnological Sector – Growing technical developments in industries such as genomics, bioinformatics, and nanotechnology are likely to fuel the market expansion. Further, in initiatives involving genetics and biotechnology, non-coding RNA arrays are employed. By 2025, the Indian biotechnology sector's share of the global biotechnology market is expected to increase by over 15%.
Challenges
- Exorbitant Cost of Non-Coding RNA Assays - The high cost of non-coding RNA assays is one of the major factors predicted to slow down the market growth. For instance, ncRNA assays require specialized equipment such as next-generation sequencing machines, microarray scanners, and qPCR machines, which can be expensive to purchase and maintain.
- Insufficient Researchers in Developing Nations
- The Absence of Standards in ncRNA Analysis
Non-Coding RNA Assays Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
14.4% |
|
Base Year Market Size (2024) |
USD 307.83 million |
|
Forecast Year Market Size (2037) |
USD 1.76 billion |
|
Regional Scope |
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