mRNA Vaccines and Therapeutics Market Size

mRNA Vaccine and Therapeutics Market Analysis

The mRNA Vaccines and Therapeutics Market size is estimated at USD 54.70 billion in 2024, and is expected to reach USD 118.90 billion by 2029, growing at a CAGR of 16.80% during the forecast period (2024-2029).

The increase in demand for the development of new vaccines to control the spread of COVID-19 has led to the growth of the market studied. The COVID-19 pandemic favorably impacted the growth of the global market due to the rising number of COVID-19 patients around the world and the significant external financing for the manufacturing of mRNA-based COVID-19 vaccines. Additionally, when new strains of the SARS-COVID-19 virus appeared in numerous nations throughout the world, demand for mRNA vaccines witnessed a sharp rise due to their potent protection against these strains. As a result, the usage of these mRNA-based products increased during the COVID-19 pandemic and resulted in the market's growth.

Furthermore, in November 2022, the World Bank approved operations to support vaccine rollout in 78 countries, amounting to USD 10.1 billion. The program has reached over 100 countries with emergency operations to prevent, detect, and respond to COVID-19 and strengthen systems for public health preparedness. Therefore, the COVID-19 pandemic had a profound impact on the mRNA vaccines and therapeutics market since the proportion of COVID-19-affected patients was high, and the demand for vaccine development increased during the pandemic. Currently, as the pandemic has subsided, the market is expected to expand in the coming years due to the increased development of mRNA vaccines and therapeutics for various infectious and chronic diseases.

Growth in research and development (R&D), collaborations, and strategic partnerships, along with growing demand for new vaccines and therapeutics and increasing chronic and infectious diseases, are expected to drive the growth of the market studied. For example, in January 2021, Ribometrix Inc. and Genentech (a member of the Roche Group) announced an exclusive worldwide license and collaboration agreement to discover, develop, and commercialize novel RNA-targeted small molecule therapeutics against multiple targets. As part of this collaboration, Genentech paid Ribometrix USD 25.0 million upfront and received exclusive rights to several pre-defined targets, including an exclusive global license to develop and commercialize the molecules. In addition, in February 2022, Eli Lilly and Company invested USD 700.0 million to build a facility at the Port of Boston to support its RNA-based research and development activities.

The rising prevalence of chronic diseases is another factor driving the growth of the market studied. According to the Centers for Disease Control and Prevention report in September 2021, seasonal influenza viruses are constantly mutating, due to which vaccines also need to be modified accordingly. This factor is driving the growth of the influenza vaccine, which is expected to boost the growth of the mRNA vaccine and therapeutics market. Additionally, according to the December 2022 update by the CDC Weekly US Influenza Surveillance Report, during the week of October 2022, 113,482 cases were reported for influenza in clinical laboratories. Out of which 112,488 cases were reported for influenza A and 994 cases for influenza B. Hence, a high prevalence of influenza cases is anticipated to boost the market's growth over the forecast period.

Therefore, with the increase in chronic and infectious diseases, coupled with the advancement of mRNA therapeutics, the market studied is anticipated to witness growth over the forecast period. However, the strict regulatory framework for the market authorization and approval for the mRNA vaccine can restrain the market's growth over the forecast period.