mRNA Therapeutics Market Size, Share, Growth Analysis, By Type(Prophylactic Vaccines, Therapeutic Vaccines), By Application(Rare Genetic Diseases, Oncology) - Industry Forecast 2024-2031

Global mRNA Therapeutics Market size was valued at USD 40.80 Billion in 2022 and is poised to grow from USD 41.62 Billion in 2023 to USD 48.76 Billion by 2031, at a CAGR of 2% during the forecast period (2024-2031).

Recently, mRNA-based therapeutics have gained traction as the potential answer to effectively treating chronic conditions. This has fed the guaranteed and consistent growth of the market. mRNA vaccines are favored over DNA vaccines in recent times. These advantages are underscored during production and distribution, offering a safer alternative. mRNA vaccines and therapeutics have also withstood human clinical trials and come out successful. This has also driven the demand for these products.

Moderna and Pfizer-BioNTech have largely contributed to the market during the COVID-19 pandemic. Their vaccines in response to the global health crisis fueled substantial market growth. These therapeutics are also being heavily used in oncology clinical trials. In 2021, mRNA vaccine trials for cancer patients scored a great number of volunteers, coming in at the second-highest. This, though, was excluding COVID-19 trials in cancer patients. Industry growth has reached new heights since then.

New versions of the SARS-CoV-2 virus have started to crop up around the world. The need for effective vaccines has turned medical professionals to mRNA vaccines. The COVID-19 pandemic accelerated the usage of mRNA-based products, fueling further market expansion.

Messenger-RNA is an emerging therapeutic tool. This has come into light due to technological advancements that enhance translation and stability, along with delivery techniques. The pharmacological industry has also seen the potential for expansion through mRNA vaccines, increasing the potential for growth in the market.

mRNA vaccines are the next step in vaccine development. They will bring forth a new era in immunization. This can be portrayed with a fine example. Moderna Inc. and the National Institute of Allergy and Infectious Diseases joined hands in March 2020 to create mRNA-1273 (NIAID). This vaccine showed a 94.1% rate of efficacy in the prevention of symptomatic COVID-19. The US FDA granted it speedy approval and registered it for emergency use in December 2020.

In addition, the rapidly expanding field of mRNA therapeutics is poised to revolutionize personalized medicine. It will remodel the traditional standards of healthcare , which will raise the demand for mRNA-based products in the near future.