The miRNA sequencing and assay market is expected to reach 468.99 million by 2027 from US$ 192.31 million in 2019; it is estimated to grow at a CAGR of 11.9% from 2020 to 2027.The market growth is mainly attributed to widening range of microRNA applications and rise in funding for genomics research. However, the challenges related to delivery, efficacy, and specificity of miRNA-based therapeutics hinder the market growth.

Rise in funding is fueling extensive genomic research across the world to identify new molecules to diagnose and treat diseases. For instance, Horizon 2020 program funded the “microRNA Biomarkers in an Innovative Biophotonic Sensor Kit for High-Specific Diagnosis” research study. Optoi Microelectronics, DestiNA Genomics, and GeneXplain collectively collaborated with four academic research groups from the University of Trento (Italy), University of Granada (Spain), Hannover Medical School (Germany), and Santa Catarina (Brazil), respectively, to study miRNA biomarkers with a particular focus on lung cancer treatment. The project received total funds of US$ 535780.57 (? 445,500). Similarly, the National Institutes of Health awarded US$ 392,396 in funds for the project “Development of microRNA Biomarkers for Noninvasive Detection of Colorectal Cancer” in 2019. The project focuses on the development of a sensitive, specific, noninvasive, and inexpensive diagnostic test for the early detection of colorectal cancer.

The 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, and it is expected to hold a significant share of the market during the forecast period; however, the library preparation segment is anticipated to register a higher CAGR in the market. The growth of the market for the consumables segment is attributed to the fact that they are widely used in sample preparation as well as in other preparatory tasks involved in the overall sequencing process. Based on technology, the miRNA sequencing and assay market is segmented into sequencing by synthesis, nanopore, and ion semiconductor sequencing. On the basis of end user, the market is segmented into research institute, academia, and CROs.

The World Health Organization (WHO), National Health Service, Centers for Disease Control and Prevention (CDC), Organization for Economic Cooperation and Development, Spanish Society of Pharmaceutics and Pharmaceutical Technology, Pharmaceutical Research and Manufacturing Association, and European Federation of Pharmaceutical Industries and Association, along with company websites, are among the major primary and secondary sources referred to while preparing this report.