mRNA Market

Global mRNA Market Size (2024 to 2029)

The mRNA market size is estimated to be worth USD 54.84 billion in 2024 and is anticipated to reach USD 120.34 billion by 2029 with a CAGR of 16.23% during the forecast period.

Current Scenario of the mRNA Market

Messenger RNA (mRNA) is a single-stranded RNA involved in protein synthesis. The mRNA plays a crucial role in instructing the body's cells in developing specific proteins, which are essential in the body. mRNA mainly uses our body and biological processes to treat diseases and prevent infections, escalating the demand for mRNA in the healthcare industry. The global mRNA market has accounted for considerable growth in the past years and is projected to have notable growth during the forecast period. The increasing success rate of mRNA vaccines is escalating the demand for mRNA therapeutics, providing growth opportunities for the market. For Instance, an mRNA developed by Moderna showed 94.1% efficacy in preventing symptomatic infection with onset at least 14 days after the second dose.

MARKET DRIVERS

The increased prevalence of infectious and contagious diseases propels the global mRNA market growth rate. The rapid increase in chronic and infectious diseases and the growing incidence of cancer are enhancing the demand for innovative and effective therapeutics, which positively influences market growth. According to the World Health Organization, cancer is the primary factor causing deaths worldwide. The increased cases of COVID-19 during the pandemic escalated the demand for mRNA therapeutics as they ensured high safety and efficacy in the treatment of the virus. With the steep rise in COVID-19 patients, the requirement for effective vaccines is in demand, which has propelled innovations that have led to market growth opportunities. Various advantages provided by the mRNA-based vaccines for COVID-19 and the increasing cases have boosted the market with opportunities in the last couple of months.

The favorable regulatory environment worldwide is accelerating the space for new and innovative product launches, augmenting the market growth opportunities. Regulative authorities such as the Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are providing emergency use authorizations (EMAs), augmenting the production of mRNA-based vaccines and therapeutics by the market players.

The rising investments by the government authorities and private sectors in research and development activities for producing and developing non-COVID-19 mRNA-based therapeutics will create the mRNA market with growth opportunities during the forecast period. The growing collaborations and partnerships among the market players and the increased acceptance of mRNA vaccinations fuel market revenue growth.

MARKET RESTRAINTS

The high costs associated with the mRNA-based COVID-19 vaccines are the primary factor restraining the global market growth. The mRNA-based COVID-19 vaccines gained massive traction among the government and healthcare organizations. Still, the enlarged demand has restricted accessibility by increasing product costs, which is a challenge to market growth. Even though mRNA-based vaccinations have gained tremendous traction, most underdeveloped economies face financial issues due to the high costs of the vaccines. There is a need to manufacture and deliver vaccinations at affordable prices by reducing high costs and providing accessibility to various regions. The side effects associated with mRNA-based vaccines, such as anaphylaxis, antibody-dependent enhancements, and rare cases of death, limit the adoption rate among people and hinder market growth opportunities. The susceptible individuals may experience an increased risk of DNA damage, chronic autoinflammation, autoimmunity, and cancer, which act as challenges for the adoption of m-RNA-based products, leading to restricted growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global mRNA Market Analysis By Type​​​​​

The prophylactic vaccines segment dominated the global mRNA market revenue with a significant share in 2023. The COVID-19 products account for most of the prophylactic vaccines, driving the segment growth. According to the data provided by Nature's Opinion, the prophylactic vaccines result from the present research and development where 50% of the therapeutics are mRNA-based, which propels the segment growth. Prophylactic vaccines are the primary center for research and development efforts. The rising acquisitions and mergers in the R&D activities among the biopharmaceutical firms improve the opportunities for preventive vaccinations, which augments the segment growth.

Global mRNA Market Analysis By Application​​​​

The oncology segment dominated the global mRNA market revenue with a prominent share in 2023. Cancer is the leading cause of death worldwide, with nearly 10 million deaths in 2020. According to the American Cancer Society, in 2022, approximately 20 million cancer cases will be newly diagnosed, and around 9.7 million people will die from the disease worldwide. Due to increased chronic conditions, the requirement for mRNA immunotherapy and therapeutics is escalating the segment growth. The growing investments in cancer research projects and the requirement for innovative and effective therapies for cancer propel the segment with growth opportunities.

The infectious diseases segment held the second-largest share in the global market and is anticipated to grow significantly in the coming years. The rising incidence of infectious and communicable diseases globally is creating opportunities for innovative therapeutics, which will positively influence the mRNA market's growth.  

Global mRNA Market Analysis By End-User​​​​​​

The hospitals and clinics segment held the most significant share of the mRNA market revenue and is projected to grow significantly during the forecast period. The growing demand for personalized medications and targeted therapies and the fact that most people highly prefer hospitals due to the presence of skilled and trained professionals and quality care are propelling the market growth rate.

The research organizations segment is expected to grow significantly during the forecast period. The growing research activities for cancer and other infectious diseases and the increasing government support initiatives for research are providing segment growth opportunities in the coming years.

REGIONAL ANALYSIS

The North American Region dominated the global mRNA market with a significant share, and it is estimated that it will maintain domination during the forecast period. The presence of a well-established research and development sector, the growing government support initiatives, new and innovative product launches, and the increased prevalence of cancer across the Region are escalating the regional market growth. According to the Cancer Facts and Figures 2022 data published by the American Cancer Society, an estimated 1.9 million new cases were diagnosed in the United States. According to clinicaltrials.gov, around 150 mRNA vaccine clinical trials will be registered in the United States in 2022.

The European Region is estimated to grow considerably during the forecast period owing to its well-established healthcare infrastructure and research sector. The region is widely known for its primary biopharmaceutical industry, which enhances market growth opportunities across the Region. Rising infectious and chronic conditions propel mRNA-based therapeutics adoption, leading to regional market share growth.

The Asia Pacific region is projected to grow fastest in the coming years, with a notable CAGR owing to rising healthcare expenditures. Countries such as China and South Korea are expected to launch mRNA-based vaccines, and favorable regulatory authorities and collaborations are driving the regional market growth. Regional countries such as Japan, India, and Australia invest massive amounts in research activities to develop mRNA-based therapeutics and vaccines, providing market growth opportunities in the coming years.

KEY MARKET PLAYERS

Moderna Inc, BioNTech SE, CureVac N.V, Arcturus Therapeutics, Sanofi, GSK Plc., Argos Therapeutics Inc., Pfizer Inc., AstraZeneca, Ethris are some of the key market players

RECENT MARKET DEVELOPMENTS

• In April 2024, CureVac announced the official agreement with MD Anderson to develop mRNA-based cancer vaccines for hematological and solid cancers.
• In December 2023, BioNTech established a clinical-scale mRNA manufacturing facility in Victoria, Australia, to manufacture investigational mRNA-based medicines.
• In January 2023, Moderna's mRNA vaccine mRNA-1345 provided 83.7% efficacy in a Phase III trial targeting respiratory syncytial virus (RSV) in older adults.
• In January 2023, Arcturus Therapeutics Holdings Inc. announced that the Clinical Trial Application (CTA) for ARCT-032, an inhaled investigational mRNA medicine for the treatment of cystic fibrosis, has received approval to proceed with the first phase of the in-human study.  
• In August 2023, CureVac announced the commencement of dosing for the initial participant in a Phase 2 study. This study focuses on modified COVID-19 mRNA vaccine molecules.

DETAILED SEGMENTATION OF THE GLOBAL mRNA MARKET INCLUDED IN THIS REPORT

This research report on the global mRNA market has been segmented and sub-segmented based on the following categories.

By Type

• Prophylactic Vaccines
• Therapeutic Vaccines
• Therapeutic Drugs

By Application

• Oncology
• Respiratory Diseases
• Infectious Diseases
• Others

By End-User

• Hospitals & Clinics
• Research Organizations
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa