Revenue Forecast: Viral RNA Extraction Kit Market Envisioning US$ 421.4 Million by 2033

As to Future Market Insights' latest industry analysis, the global viral RNA extraction kits market was estimated to be worth US$ 200.6 million in 2022. The market is anticipated to expand at a compound annual growth rate (CAGR) of almost 7.2% during the course of the forecast period, with an estimated worth of US$ 421.4 million by the end of 2033.

Viral RNA extraction is crucial in molecular diagnostic testing for infectious diseases caused by RNA viruses. The increasing demand for accurate and rapid testing for viral infections, such as COVID-19, influenza, hepatitis, HIV, and other emerging viral diseases drives the market.

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Significant progress has been made in cancer diagnosis using next-generation sequencing (NGS) technology to better understand the genomic profile of patients and tumour types. In recent years, NGS-based diagnostics profiling somatic mutations in tumours have shown clinical utility and favorable cost-effectiveness in cancer treatment.

As more effort is being spent on the extraction of biomolecules, continual technological changes are happening these days to improve the extraction process for targeted molecules. Automated extraction systems tend to be specifically designed instruments that help simplify and increase the output of nucleic acid extraction.

The QIAcube Connect system fully automates QIAGEN spin-column extraction and purification protocols through a user-friendly interface. The automated system facilitates the utilization of over 80 QIAGEN kits, which includes more than 140 standard protocols commonly employed for various applications.

In general, the aforementioned factors are facilitating the expansion of the viral RNA extraction kit market and are anticipated to sustain the need for efficient and inventive alternatives in the predictable future.

Key Takeaways:

Nasal washes and swab is the leading segment as sample type among patients and professionals, and held about 9% revenue share in the global market in 2022 due to their high efficacy and specificity.
By application, disease diagnosis is leading in the global viral RNA extraction kit market. It is expected to continue to do so with a projected CAGR rate of 5% during the forecasted years because viral RNA extraction kits play a crucial role in enabling accurate viral detection and diagnosis, making disease diagnosis the most widely used application for these kits.
By end user, diagnostic laboratories are leading in the global viral RNA extraction kit market and are expected to continue to do so with a projected CAGR of 6% during the forecasted years due to the ease availability of testing kits in the diagnostic laboratories.
By region, North America is leading in the global viral RNA extraction kit market. It is expected to continue to do so with a projected CAGR of 8% during the forecasted years due to research and development and academic and educational institutions.

Viral RNA Extraction Kit Market Competition

Key players in the viral RNA extraction kit market commonly employ strategic initiatives such as partnerships, acquisitions, and mergers to enhance their business operations. Prominent industry participants focus on implementing tactics such as augmenting revenue and leveraging cutting-edge technology to develop unique offerings.

In June of 2020, Omega Bio-tek, Inc. announced the Mag-Bind a Viral RNA Xpress Kit. This kit facilitates the rapid and dependable isolation of Viral RNA from swab specimens.
Beckman Coulter announced the release of the RNAdvance Viral XP Extraction Kit in November of 2020. The validation of the kit for RNA extraction from swab samples in high-throughput research processes has been conducted by iRepertoire, and it has been determined to be suitable. The product in question is intended for utilization in the context of quantitative real-time polymerase chain reaction (qRT-PCR).

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