PUBLISHER: Grand View Research | PRODUCT CODE: 1300999
PUBLISHER: Grand View Research | PRODUCT CODE: 1300999
The global mRNA therapeutics contract development and manufacturing market is expected to reach USD 8.35 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.5% from 2023 to 2030. Advances in mRNA technologies and cellular delivery systems coupled with their cost effectiveness, manufacturing simplicity, and ability to target previously undruggable pathways have limitless potential that could revolutionize medicine, representing lucrative growth opportunities for the mRNA therapeutics contract development and manufacturing (CDMO) market.
Increasing investments in R&D for the development of mRNA therapeutics and a strong product pipeline are also propelling the growth of the market. For instance, according to the U.S. National Library of Medicine database, as of summer 2021, over 1,800 clinical studies involving mRNA were listed in the U.S. Approximately one-quarter of which were in phase II. Nearly 60% of candidates target solid tumors, while 30% of candidates are vaccines. The remaining ones are used to treat conditions like autoimmune disorders, colorectal cancer, and Lyme disease. Additionally, mRNA is being researched as a possible nonviral gene therapy delivery method.
In addition, the development of novel therapeutics to address unmet medical needs is altering the market for products. The need for in-depth knowledge in research and manufacturing services, as well as the technology to enable sustainable expression and scale-up of novel molecular formats, is being driven by the rise in molecular complexity. Platform technologies, such as those for bioconjugation or the creation of bispecific antibodies, can drastically shorten development and production times, and customers are looking for skilled CDMOs who can assist them shorten the time to market and reducing investment risk. Consequently, the need for CDMOs to design and produce goods for the pharmaceutical and biotechnology industries is growing exponentially.
With the introduction and widespread usage of mRNA vaccinations to stop the COVID-19 pandemic in 2020, mRNA technology platforms had a breakthrough. At the end of 2019, the combined market capitalization of the five publicly listed firms that specialize in mRNA platforms was USD 5 billion, according to a research paper released in October 2021. That capitalization exceeded USD 300 billion as of August 2021. Consequently, indicating that the COVID-19 outbreak has increased the demand for mRNA.