Oligonucleotide Synthesis Market to Witness Widespread Expansion by 2025
Transparency Market Research (TMR) observes that the global oligonucleotide synthesis market has a highly competitive vendor landscape. Key players such as Thermo Fisher Scientific, DNA Technologies, GE Healthcare, BioAutomation, and Applied Biosystems are operating in the global oligonucleotide synthesis market. The stiff competition in the market is resulting in a high level of competition in the market, which is likely to increase treat for entrants in the market. In order to account for a substantial share in the global market and attract customers, the key players are cutting down prices.
According to the report by Transparency Market Research, the oligonucleotide synthesis market stood at US$1.65 bn in 2016 and is projected to reach a value of US$4.189 bn by the end of 2025. The market is likely to expand with a stellar CAGR of 11.2% over the forecast period from 2017 and 2025.
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Based on the type, the synthesis oligonucleotides segment is expected to register the highest growth in the coming future owing to the high preference of pharmaceutical, research and diagnostics in the biotechnology sector. Based on the end user, the research institute segment is accounting for leading share over the forecast period. Based on the region, North America dominated the global oligonucleotides synthesis market and likely to dominate the market over the forecast period. However, Asia Pacific is likely to witness growth by clocking a healthy CAGR of 12.5% between 2017 and 2025. Of these, China is a major driver for growth in the region on the back of growing adoption from home to numerous small companies.
Growing Adoption of Genetic Testing to Propel Market Growth
The oligonucleotide synthesis market is gaining traction due to the declining cost of sequencing which is resulting in the customized nucleotides for the desired sequence across research and drug development. Additionally, the growing adoption of the oligonucleotide from genetic testing and forensic applications across various life science industries is propelling the growth of the global oligonucleotide synthesis market.
Oligonucleotide synthesis has a key role in several ongoing genetic research studies. Rising investments in genetic research are boosting demand for custom synthesis. The oligonucleotide synthesis is used for the manufacture of different classes of oligos such as decoys, immunostimulatory, aptamers, antisense, miRNA, and siRNA. Widening application of the oligonucleotide synthesis is propelling the growth of the global oligonucleotide synthesis market.
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Growing Approvals for Pipeline Drugs to Propel Market Growth
The largest share of the oligonucleotides is used across the phase clinical trials for targeting various diseases such as cancer, muscle dystrophies, cardiovascular diseases, and ocular disorders. Growing regulatory approvals on the multiple therapies especially based on the oligonucleotide are expected to drive the growth of the global oligonucleotide synthesis market.
Marketing focus and adoption of advanced strategies, which include enhancing direct selling, and distributors in specific countries especially developing countries. Additionally, benefits of the oligonucleotides and growing its synthesis are propelling the growth of the global oligonucleotides synthesis market.
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