The significant factor attributing to the growth is the rising prevalence of infectious diseases, the development of novel technology and the introduction of different techniques to assess the miRNA sequence will boost the market growth for miRNA sequencing and assay market during the forecast market. In the diagnostics and prognostics industry, the miRNA sequencing method has the ability to become an essential tool. Increasing popularity for cost-effective sequencing methods, rising cancer incidence, and increasing activities in genomics research will also propel the market demand for miRNA sequencing and assay in the coming years.
Key Market Trends
Library preparation kits is Expected to Hold the Largest Market Share in the miRNA Sequencing and Assay Market
The dominant share is retained by the library preparation kits segment owing to the attributes such as rising genome-related research and growing cancer research and owing to the high demand for next-generation sequencing technology for all the research because it has the ability to deliver the potential healthcare solution.
The growth of the segment can be also attributed to the high prevalence of chronic diseases such as cancer and infectious diseases. Rising chronic diseases are a global challenge, account for over 60% of all fatalities globally, as per the WHO estimates.As per the statistics from GLOBOCAN 2018, worldwide 2,088,849 individuals have breast cancer. Asia remains the contributor in the rising incidence of breast cancer with a reported share of 43.6% followed by Europe, North and Latin America, Africa, and Oceania with a share of 25%, 12.6% and 9.6%, 8.1%, and 1.2% respectively.
North America Dominates the Market and Expected to do Same in the Forecast Period
Owing to the increasing adoption of advanced technologies, this region is gaining a high market share. This is owing to factors such as rising initiatives to carry out research and development activities are the key factor in this market's growth in the region. Growing numbers of infectious diseases are the key driver of market growth. However, the demand is driven by rising incidence cases of cancer. Factors such as the availability of world-class academics and research facilities committed to genome research increased government funding for genetic research, and increased demand for technological, high-throughput technologies for miRNA research are additional factors boosting the region share at the global level during the forecast period.
The miRNA sequencing and assay market is moderately competitive and consists of a few major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions with the other companies and launching new products to consolidate their market positions across the globe. Some of the companies which are currently dominating the market are Illumina, Inc., Thermo Fisher Scientific, Qiagen N.V., Perkinelmer, Inc., and Takara Bio, Inc.
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