United States scientists Victor Ambros and Gary Ruvkun won the 2024 Nobel Prize in Physiology or Medicine for the discovery of microRNA and its role in gene regulation, the award-giving body said on Monday.

In a statement, the Nobel assembly said that the laureates discovered the new class of tiny RNA molecules, which play a crucial role in gene regulation.

"Their groundbreaking discovery revealed a completely new principle of gene regulation that turned out to be essential for multicellular organisms, including humans," the assembly said.

According to Reuters, the winners for medicine are selected by the Nobel Assembly of Sweden's Karolinska Institute medical university and receive a prize sum of $1.1 million.

Among the Nobel prize categories, the prize for medicine is the first to be announced as the week opens for the event, every year.

It is arguably the most prestigious prize in science, literature and humanitarian endeavour, with the remaining five set to be unveiled over the coming days.

Created in the will of Swedish dynamite inventor and businessman Alfred Nobel, the prizes have been awarded for breakthroughs in science, literature and peace since 1901, while economics is a later addition.

Different institutions award the prizes in the various fields, with Peace being the only one awarded in Oslo rather than Stockholm, possibly as a result of the political union that existed between the two Nordic countries when Nobel penned his will.

Past winners of the Nobel medicine prize include many famous researchers such as Ivan Pavlov in 1904, most known for his experiments on behaviour using dogs, and Alexander Fleming, who shared the 1945 prize for the discovery of penicillin.

Last year's medicine prize was awarded to the runaway favourites Katalin Kariko, a Hungarian scientist, and US colleague Drew Weissman, for discoveries that paved the way for COVID-19 vaccines that helped curb the pandemic.

Steeped in tradition, the science, literature and economics prizes are presented to the laureates in a ceremony on December 10, the anniversary of Alfred Nobel's death, followed by a lavish banquet at Stockholm city hall. 

Separate festivities attend the winner of the peace prize in Oslo on the same day.