PUBLISHER: Grand View Research | PRODUCT CODE: 1321424
PUBLISHER: Grand View Research | PRODUCT CODE: 1321424
The global RNA therapy clinical trials market size is expected to reach USD 3.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 3.84% from 2023 to 2030. The growth of the market in emerging countries is due to escalating biotechnology and pharmaceutical companies, the increasing burden of infectious and rare diseases, the growing success rate of RNA-based COVID-19 vaccines, regulatory approval, and demand for personalized medicines drive the market growth.
Besides, RNA therapy acts as a promising therapeutic approach for the treatment or prevention of diseases leading to a rise in several RNA clinical trials. Additionally, long-term research activities on various types of RNAs, and the ability of RNA to treat various human diseases and disorders have led to strong demand for the market. Also, the potential benefit of RNA therapy wherein RNA itself serves as either a drug or a target provides acts as an innovative approach for developing new drugs for rare or difficult-to-treat diseases.
Globally, infectious diseases and rare diseases remain the leading cause of death, which has gained the increased attention of biotechnology and pharmaceutical companies to develop new drugs. This led to the rise in the innovation of RNA-based therapy creating immense requirements for RNA therapy clinical trials. Additionally, rare diseases remain the top targeted therapeutic area by RNA therapies.
Furthermore, according to the US Food & Drug Administration, in December 2022, over 7,000 rare diseases affected more than 30 million people in the U.S. whereas according to European Commission as of February 2023, up to 36 million European population live with a rare disease. There are 6000+ distinct rare diseases in the EU. Likewise, the increasing understanding of RNA functions and their roles in disease prevention has promoted various RNAs application.
The COVID-19 pandemic has greatly impacted the growth of the RNA therapy clinical trials market. The sudden focus of pharmaceutical and biotechnology companies on the development of the vaccine, research, and development activities had certainly disrupted the RNA clinical trials across the globe. However, the increasing interest of researchers to develop an RNA-based COVID-19 vaccine has supported the market with positive growth. Additionally, it has also sparked an interest in RNA use against other infectious diseases and oncology indications. These factors drive the growth of the market.
Furthermore, the key participants engage in strategies such as partnerships, agreements, collaborations, and launches, to expand their global footprints and product portfolio. For instance, in March 2021, IQVIA Company announced the collaboration with Janssen Research & Development, LLC for Phase 3 COVID-19 vaccine clinical trials. The studies will support both remote and on-site studies through a mix of virtual oversight, telehealth technologies, and digital patient engagement strategies.