South and Central America miRNA Sequencing and Assay Market is expected to reach US$ 13.84 million by 2027

The consumables segment by product is estimated to lead the market growth during the forecast period.

According to The Insight Partners market research study of “South and Central America miRNA Sequencing and Assay Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product, Technology, End User and Country.” The South and Central America miRNA sequencing and assay market is expected to reach US$ 13.84 million by 2027 from US$ 6.24 million in 2019; it is estimated to grow at a CAGR of 10.6% from 2020 to 2027. The report highlights trends prevailing in the South and Central America miRNA sequencing and assay market and the factors driving market along with those that act as hindrances.

The South and Central America miRNA sequencing and assay market, by product, is segmented into library preparation, and consumables. The consumables segment held the largest share of the market in 2019, whereas the library preparation segment is anticipated to register the highest CAGR in the market during the forecast period. MicroRNAs (miRNAs) being involved in the process of differentiation, they act as markers in cell type identification. miRNAs are associated with pathological processes such as viral infections, autoimmune diseases, and carcinogenesis. Thus, extensive research is being conducted to identify new miRNAs. Furthermore, new discoveries regarding the role of miRNAs in disease development have made them a key target of novel therapeutic approaches. Several miRNA-targeted therapeutics against the diseases such as cancer and hepatitis have reached the clinical phase. For instance, Santaris Pharma has developed a therapeutic molecule named Miravirsen that targets miR-122 for the treatment of hepatitis C virus (HCV) infection; the molecule is in the Phase II clinical trial. Therefore, rise in funding of genomic research to identify new molecules to diagnose and treat diseases, and consequent expansion of the range of applications of miRNAs are driving the growth of the miRNA sequencing and assay market in South and Central America.

Countries in the are witnessing severe effects of the COVID-19 pandemic. Currently, these countries are rapidly boosting various clinical programs to manage this disease. The increasingly high focus on innovative diagnostic techniques that has resulted in growing adoption of sequencing and genomic assay methods. Eurofins genomics has donated 100,000 fast PCR tests to detect SARS-CoV-2 to hospitals in Brazil. In addition, the key players have also shifted their focus toward the development of advanced instruments and products, which could aid in COVID-19 diagnosis. Hence, the COVID-19 is supporting the South and Central America miRNA sequencing and assay market growth.

The growth of the market is attributed to some key driving factors such as 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.

Illumina, Inc, THERMO FISHER SCIENTIFIC INC., QIAGEN, Perkin Elmer, Inc., Takara Bio Inc., New England Biolabs, Norgen Biotek Corp, TriLink BioTechnologies Inc., Lexogen GmbH, and Oxford Nanopore Technologies are among the leading companies operating in the South and Central America miRNA sequencing and assay market.

The report South and Central America miRNA Sequencing and Assay Market as follows:

By Product

• Library Preparation
• Consumables

By Technology

• Sequencing by Synthesis
• Nanopore
• Ion Semiconductor Sequencing

By End User

• Research Institute
• Academia
• CRO

By Country

• Brazil
• Argentina
• Rest of South and Central America