Oligonucleotide Synthesis Market: Market Opportunities, Competitive Landscape, Segmentation, Analysis & Forecast 2023
As per the reports released by the team of Market Research Future (MRFR), the global Oligonucleotide Synthesis Market is expected to grow significantly in the coming years. The market is projected to attain a compound annual growth rate of around 10.3% during the forecast period between 2016 and 2022. The report further identifies and highlights the various factors of growth, segmentations, and key players of the market to elucidate the overall potential that it holds in the forthcoming years of the forecast period.
The major factors identified as the positive drivers of the market are rising investment by the government for the research and development of genomic technologies, high rate of demand for innovation in the field of life science and medical academics, rapid-paced advancements in the healthcare sector, and increasing demand for oligonucleotide synthesis technologies by both public and private research firms. Moreover, an increasing number of applications of oligonucleotide synthesis in genetic testing, therapeutics, gene synthesis, diagnostic, research, library preparation, drug target screening, and others is further strengthening the growth of the global market.
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The global oligonucleotide synthesis market segmentation is done on the basis of application, product type, and end-users.
By application, the market includes drug target screening, library preparation, genetic testing, therapeutics, diagnostic, gene synthesis, research, and others. The Drug target screening segment holds the largest share due to the massive traction it receives from the pharmaceutical sector.
By end-users, the market includes diagnostic laboratories, academic research institutes, and pharmaceutical & biotechnology companies. Diagnostic laboratories segment is calculated to record massive growth during the forecast period.
By product type, the market includes reagents, synthesized oligonucleotides, and equipment. The synthesized oligonucleotides segment boasts an impressive hold over the global market.
The geographical segmentation of the global oligonucleotide synthesis market covers regions like Asia Pacific, Europe, North America, and the Middle East & Africa (MEA).
North America leads the global charts with the highest share of the market. The regional market is further expected to expand in the forthcoming years primarily due to the constant search for better treatments. The robust and developed healthcare structure and infrastructure of the research centers are indicative of the constant efforts put-in to fulfill this need. The region is also driven by the prevalence of chronic diseases like cancer and diabetes. Additionally, both government and private investors are providing constant funding to bring-forward innovation and development into the sector. This is also steering the market growth of North America forward.
Europe holds the second spot in the global market standings of oligonucleotide synthesis. The regional market herein is driven by the same intent as that of North America and is amply backed by government initiatives and research centers. The regional market is aided with investments from various pharmaceutical companies in order to understand the gene sequencing to develop improved drugs. The Asia Pacific region is anticipated to significantly rise in the forthcoming years as many of the leading players in the global market see the region as a massive scope of investment opportunity. Herein, infrastructural benefits and the pricing of resources are some of the most important factors that are stimulating a positive growth of the market.
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The global oligonucleotide synthesis market includes a number of key players, including Bioautomation Corporation (U.S.), GE Healthcare (U.S.), Integrated DNA Technologies, Inc (U.S), Thermo Fisher Scientific Inc. (U.S.), Nitto Denko Avecia Inc. (Japan), Agilent Technologies Inc. (U.S.), L.G.C Biosearch Technologies (U.S.), Sigma-Aldrich Corporation (U.S.), Eurogentec S.A (Belgium), Eurofins Genomics (Germany), and others. The players in the market are coming-up with new solutions and services and are continuously striving for development.
December 2018, Creative Biogene, one of the trusted manufacturers and providers of proteomics and genomics products and services, announced the unveiling of a professional Oligonucleotide Synthesis Service. The service is launched to promote the development of oligonucleotide-based scientific research.