$8.2 Bn Oligonucleotide Synthesis (Custom, Pre design) Market - Global Forecast to 2024
DUBLIN, Aug. 6, 2019 /PRNewswire/ -- The "Oligonucleotide Synthesis Market by Product, Type (Custom, Pre design), Application (PCR, DNA, RNAi, Research, Therapeutic), End User - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Oligonucleotide Synthesis Market is Projected to Reach USD 8.2 Billion by 2024 from USD 4.3 Billion in 2019, at a CAGR of 13.7%
Increasing R&D expenditure by pharmaceutical and biotechnology companies and the rising demand for synthesized oligos in molecular diagnostics & therapeutics are expected to drive the overall growth of the oligonucleotide synthesis market
This market is experiencing significant growth due to the increasing research activities in the pharma and biotech sectors and the rising demand for innovative diagnostic and therapeutic techniques. The increasing applications of oligos in nucleic acid array-based technologies, library preparation, NGS, genomics, nucleic acid-based detection, cell cultures, diagnostics, therapeutics, human identity testing, cloning, genetic engineering, and synthetic biology are also driving the growth of this market.
Hospitals accounted for the largest share of the oligonucleotide synthesis market, by end-user, in 2018
Based on end-user, the oligonucleotide synthesis market is segmented into academic research institutes, pharmaceutical and biotechnology companies, diagnostic laboratories, and hospitals. Hospitals held the largest share of the market in 2018 due to the significant number of inpatient and outpatient visits in hospitals and the requirement of oligonucleotide drugs to cater to the demand of the patient pool suffering from diseases such as Duchenne muscular dystrophy, spinal muscular atrophy, and hepatic veno-occlusive disease.
Synthesized oligos dominated the oligonucleotide synthesis market, by product, in 2018
Based on product, the market is segmented into synthesized oligos, reagents, and equipment. The synthesized oligos segment held the largest share of the market in 2018 and is estimated to grow at the highest CAGR during the forecast period. Growth in this segment is attributed to the increasing applications of synthesized oligos in therapeutics, research, and diagnostics.
North America to dominate the market during the forecast period
Geographically, the oligonucleotide synthesis market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America was the largest regional market for oligonucleotide synthesis. The North American market is also estimated to grow at the highest CAGR during the forecast period owing to the growing availability of synthesized oligos, along with an increase in R&D funding and activities in the North American region.
Market Dynamics
Market Drivers
- Increasing Use of Synthesized Oligos in Molecular Diagnostics and Clinical Applications
- Increasing Government Investments and R&D Expenditure in Pharmaceutical and Biotechnology Companies
- Rise in Venture Capital Investments
Market Restraints
- Price Erosion of Synthesized Oligos
- Lack of A Unified Set of Regulations for therapeutic Oligos
Market Opportunities
- Emerging Asian Markets
Market Challenges
- Large-Scale Synthesis of Oligos
- Delivery of Oligonucleotide Drugs to Specific Targets
Companies Mentioned
- Adtbio
- Agilent Technologies
- Bio-Synthesis Inc
- Bioautomation (Acquired By LGC)
- Biogen
- Eurofins Genomics
- Eurogentec
- GE Healthcare
- Genedesign (Part of Ajinomoto)
- Genscript
- Integrated DNA Technologies (Acquired By Danaher Corporation)
- LGC Biosearch Technologies
- Maravai Lifesciences
- Merck Kgaa
- Nitto Denko Avecia
- Sarepta therapeutics
- Thermo Fisher Scientific
- Trilink Biotechnologies
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