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% during the forecast period. The major driving factors in the miRNA sequencing and assays market are the advantages of miRNA sequencing over other technologies, increasing research funding for genomics, and the decreasing cost of sequencing.
The major players in the market are Illumina (US), Thermo Fisher Scientific (US), QIAGEN (Germany), Takara Bio (Japan), and NEB (UK), among others. These players have adopted various growth strategies such as expansions, acquisitions, and product launches to expand their presence in the global miRNA sequencing and assays market. Product launches and collaborations were the most widely adopted growth strategies by major players from 2016 to 2019.
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Illumina, a leading player in the market, offers an extensive product portfolio of miRNA sequencing kits and assays. It has a significant presence in more than 100 countries including major markets such as the US, China, Germany, and Japan. Illumina focuses on organic and inorganic growth strategies such as partnerships and collaborations to remain competitive in the market. In the last three years, it collaborated with several companies such as BioRad (US) and Thermo Fisher Scientific (US) as well as introduced a new, smaller, and cheaper NGS platforms such as the iSeq 100.
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.
miRNA Sequencing and Assay Market by Product (Library Preparation, Consumables), Technology (Sequencing By Synthesis, Nanopore, Ion Semiconductor Sequencing), End User (Research Institute, Academia, CRO), Region - Global Forecast To 2023
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