South and Central America miRNA Sequencing and Assay Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product, Technology, and End User

The South and Central America miRNA sequencing and assay market is expected to reach US$ 13.84 million by 2027 from US$ 6.24 million in 2019; it is estimated to grow at a CAGR of 10.6% from 2020 to 2027. The market growth in this region is mainly attributed to the widening range of microRNA applications and rise in funding for genomics research. However, challenges related to the delivery, efficacy, and specificity of miRNA-based therapeutics hinder the market growth.

MicroRNAs (miRNAs) are noncoding RNAs that are partially complementary to messenger RNA (mRNA). They are known to downregulate the expression, which makes them vital regulators of important cellular functions. Being involved in the process of differentiation, they act as markers in cell type identification. miRNAs are associated with pathological processes such as viral infections, autoimmune diseases, and carcinogenesis. Thus, extensive research is being conducted to identify new miRNAs. Furthermore, new discoveries regarding the role of miRNAs in disease development have made them a key target of novel therapeutic approaches. Several miRNA-targeted therapeutics against the diseases such as cancer and hepatitis have reached the clinical phase. For instance, Santaris Pharma has developed a therapeutic molecule named Miravirsen that targets miR-122 for the treatment of hepatitis C virus (HCV) infection; the molecule is in the Phase II clinical trial. Therefore, rise in funding of genomic research to identify new molecules to diagnose and treat diseases, and consequent expansion of the range of applications of miRNAs are driving the growth of the miRNA sequencing and assay market in South and Central America.

Countries in the are witnessing severe effects of the COVID-19 pandemic. Currently, these countries are rapidly boosting various clinical programs to manage this disease. The increasingly high focus on innovative diagnostic techniques that has resulted in growing adoption of sequencing and genomic assay methods. Eurofins genomics has donated 100,000 fast PCR tests to detect SARS-CoV-2 to hospitals in Brazil. In addition, the key players have also shifted their focus toward the development of advanced instruments and products, which could aid in COVID-19 diagnosis. Hence, the COVID-19 is supporting the South and Central America miRNA sequencing and assay market growth.

The South and Central America miRNA sequencing and assay market, by product, is segmented into library preparation and consumables. The consumables segment held a larger share of the market in 2019, whereas the library preparation segment is anticipated to register a higher CAGR in the market during the forecast period.

Based on technology, the South and Central America miRNA sequencing and assay market is segmented into sequencing by synthesis, nanopore, and ion semiconductor sequencing. The sequencing by synthesis segment held the largest share of the market in 2019; however, the nanopore segment is expected to register the highest CAGR in the market during 2020–2027.

Based on end user, the South and Central America miRNA sequencing and assay market is segmented into research institute, academia, and CROs. The research institute segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the period.

A few of the primary and secondary sources associated with this report on the South and Central America miRNA sequencing and assay market are the Pharmaceutical Research and Manufacturing Association (PhRMA), Organization for Economic Cooperation and Development (OECD), and US Food and Drug Administration (FDA).

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