PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1020432
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1020432
The DNA/RNA extraction kit market is expected to register a CAGR of 7.26% during the forecast period of 2021-2026.
The COVID-19 pandemic impacted the DNA/RNA extraction kit market for the short time being due to restrictions on different business and research activities. Additionally, the diagnostics tests of other diseases and medical disorders in the hospitals and other clinical diagnostics establishments were affected due to a decrease in the turnout of the patients for tests because of COVID-19. However, the high infection rate of COVID-19 and research activities by key companies in the area of sequencing to expand their knowledge about the virus and its origin, along with molecular diagnostics of the SARS-CoV-2 virus, led to the development and launch of many DNA and RNA based COVID-19 kits, which proved to be very crucial and were in huge demand later. For instance, in April 2020, PHASE Scientific announced the commercial launch of the PHASIFY VIRAL RNA extraction kit for the detection of the COVID-19 virus, globally.
The major driving factor behind the growth of the DNA/RNA extraction kit market is the increasing investments in R&D activities in different fields, including molecular diagnostics for different chronic and infectious diseases. For example, according to the Organization for Economic Co-operation and Development, in 2018, the United States spent USD 552 billion on R&D activities, followed by China with USD 463 billion. The technological advancements, the launch of new products by the key market players, and rising cases of cancer, worldwide, may also complement the growth of the market studied. For instance, in June 2020, Omega Bio-tek Inc. announced the launch of an advanced viral RNA extraction kit for the COVID-19 testing, called Mag-Bind Viral RNA Xpress kit, for the efficient extraction of the Viral RNA from nasopharyngeal (NP) swab samples.
Other factors, such as increased demand in the automation of DNA/RNA extraction technology, new user-friendly and easy extraction kits, use of DNA/RNA in the profiling of new diseases causing microorganisms, are expected to boost the growth of the DNA/RNA extraction kit market during the forecast period. Thus, the low awareness and availability of the kits and less market penetration in the underdeveloped and developing regions, worldwide, are the major restraining factors for the growth of the DNA/RNA extraction kit market.
A patient suffering from any kind of cancer, circulating cell-free DNA (ccfDNA), which originates from cancer cells, is found in the bloodstream, known as circulating tumor DNA (ctDNA). A very sensitive RNA and DNA extraction kits are used to isolate and profile them based on which treatment is performed on the patient. The companies are working toward it and developing and launching products related to the area. For instance, in May 2018, BioChain Institute Inc. launched a new cell-free DNA extraction kit, cfPure, for the efficient isolation and detection of circulating cell-free DNA (ccfDNA).
According to the International Agency for Research on Cancer (IARC) data released in December 2020, about 1 in 5 people develops cancer in their lifetime, and 1 in 8 men and 1 in 11 women die from cancer, globally. As per its updated GLOBOCAN 2020 report, in 2020, approximately 19.3 million new cancer cases were registered, worldwide, and 10 million people died from it. Therefore, the increasing prevalence of cancer may boost the growth of the DNA/RNA extraction kit market.
North America holds a major share of the DNA/RNA extraction kit market and is expected to show a similar trend over the forecast period, mainly due to high R&D activities in the region, along with the presence of key market players in the area who are continuously evolving their product offering for the market studied.
In the region, the United States is expected to occupy the major share in the DNA/RNA extraction kit market due to huge investment in R&D by the government and private entities, increasing demand for the kits, and rising prevalence of chronic diseases, such as cancer. As per the GLOBOCAN 2020 report, around 2,281,658 new cancer cases in the United States were registered, and 612,390 patients died due to it. Additionally, the new product launches and other expansion initiatives of the market by the key market players in the area may boost the growth of the DNA/RNA extraction kit market. For instance, in February 2020, Promega Corporation announced the launch of a new DNA extraction kit, known as Wizard HMW DNA Extraction Kit, for extracting large fragments of DNA from any biological sample.
The DNA/RNA extraction kit market will be very competitive due to the presence of different market players in all parts of the world, both local and multinational. The efficient and user-friendly kit may be in huge demand in the future, and the major driving force may be new developments and innovations in the following segment. The major market players of the DNA and RNA extraction kit market are as follows: Qiagen, Thermo Fisher Scientific, Agilent Technologies, Bio-Rad Laboratories, Promega Corporation, F Hoffmann-La Roche AG, bioMerieux SA, and several others.