The report attributes the tremendous growth of the market to healthy adoption in biological and forensic applications such as research, disease diagnosis, and therapeutics. Moreover, the recent outbreak of COVID-19 has created an unprecedented demand for effective diagnostic methodologies and this is, in turn, expected to expedite the growth of the market.
The oligonucleotide synthesis market is projected to grow at a stellar CAGR of 11.3% in terms of value through the period of forecasting between 2020 and 2025.
Oligonucleotide Synthesis Market – Key Takeaways
Based on product, synthesized oligonucleotides will remain the most sought out type, accounting for nearly 60% of overall market share, owing to growing adoption in therapeutics for neurodegenerative diseases and cancers.
- On the basis of applications, therapeutics is poised to grow at an exceptional CAGR of 18.4% through 2025, backed by the wide availability of therapies such as antisense oligonucleotides and nucleic acid aptamers for treating dystrophy and other neuro-related disorders.
- The research segment, on the other hand, will remain the most lucrative end-use segment through the forecast period.
- By end-use, biotechnology & pharmaceutical organizations will record tremendous growth on the back of the increasing number of approvals and clinical trials for new diseases.
- Asia Pacific is projected to emerge as a lucrative region, owing to government grants and funds for improving life science research and development activities.
- North America will reign supremacy over the regional landscape through 2025 ascribed to increasing expenditure on genetics and genomics in research diagnostics.
Oligonucleotide Synthesis Market – Driving Factors
- Increasing focus on developing advanced diagnostic and therapeutic among biotechnology and pharmaceutical companies are expected to boost the demand for oligonucleotide synthesis.
- High demand in the healthcare industry, where oligonucleotides are used for determining DNA sequences in gene reconstruction will continue to drive the market on a remunerative path.
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Oligonucleotide Synthesis Market – Constraints
- The unavailability of resources and lack of skilled personnel is likely to limit the growth of the market to an extent.
Anticipated Market Impact by Coronavirus Outbreak
The unforeseen outbreak of COVID-19, which swiftly metamorphosed into a global pandemic has created an unprecedented demand for advanced detection methodologies. As the RT-PCR testing, the most popular method currently in use, consumes high time to detect the infection, the need for faster diagnosis is skyrocketing across the world.
As pharmaceutical and healthcare providers focus on developing efficient and faster methods, the demand for oligonucleotide cocktails is witnessing a significant uptick.
On this premise, BioSynthesis, a US-based biotech company, is developing oligonucleotide-based testing kits. Such innovations amid the pandemic are expected to catalyze the overall market growth.
The key players operating in the oligonucleotide synthesis market include, but not limited to, Thermo Fisher Scientific Corporation, Integrated DNA Technologies, Inc., Sigma-Aldrich Corporation (a part of Merck KGaA), GE Healthcare, Kaneka Eurogentec S.A., TriLink Biotechnologies, LLC (Maravai Life Sciences), BioAutomation and ATDBio Ltd. Market players are leveraging the growing demand for state-of-the-art treatment facilities owing to the rising number of health issues and are focusing on launching advanced solutions.