Growth in this miRNA Sequencing and Assay market is driven by factors such as the advantages of miRNA sequencing over other technologies, increasing research funding for genomics, and the decreasing cost of sequencing.
[98 Pages Report] The miRNA sequencing and assays market is projected to reach USD 343 million by 2024 from USD 182 million in 2018, at a CAGR of 11.2%.
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Sequencing consumables are projected to hold the largest share of the miRNA sequencing and assay market during the forecast period.
Based on product, the miRNA sequencing & assays market is segmented into library preparation kits and sequencing consumables. Sequencing consumables dominated the market with a larger share in 2018. The large share of this segment can primarily be attributed to the growing demand for consumables and increasing adoption of small RNA sequencing.
The research and academic institutes end-user segment held the largest share of the market in 2018
Based on end users, the miRNA sequencing & assays market is segmented into academic and research institutes and contract research organizations. In 2018, academic and research institutes accounted for the largest share of the miRNA sequencing & assays market. The large share of this segment can be attributed to the availability of research grants and the increasing focus of market players on providing efficient miRNA sequencing products and services for research applications.
North America dominated the miRNA sequencing and assay market in 2018
North America is estimated to account for the largest share of the market in 2018. Factors such as increasing investments in the development of sequencing, growing research in the fields of genomics and RNA biology, and the rising demand for economical, high-throughput techniques for miRNA analysis are driving the growth of the miRNA sequencing & assays market in this region.
Thermo Fisher Scientific is another leading company that provides platforms and sequencing kits in this market. Its ion Torrent platform is the second leading platform in the miRNA sequencing and assays market. The company provides library preparation kits for two of its platforms Ion Torrent and SOLiD. Thermo Fisher is focusing on inorganic growth strategies such as collaborations and partnerships. For example, in 2018, the company entered into a partnership with Illumina that enabled Illumina to sell its product, Ion AmpliSeq technology. The company has a vast geographic presence and operated in 150 countries across the world. Thermo Fisher Scientific has a strong portfolio, which provides it with a competitive advantage in the market.
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Key Market Players
The major miRNA sequencing and assays vendors include Illumina (US), Thermo Fisher Scientific (US), QIAGEN (Germany), Takara Bio (Japan), NEB (UK), and 5 others.