According to a new market research report “Global Oligonucleotide Synthesis Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insight by Product (Synthesized Oligonucleotides, Reagents, Equipment), by Application (Research, Diagnostic, Therapeutic), by End User (Academic Research Institutes, Diagnostic Laboratories, Pharmaceutical and Biotechnology Companies, Others)” published by P&S Market Research, the global oligonucleotide synthesis market is projected to reach $2,744.5 million by 2023, growing at a CAGR of 10.5% during 2017 - 2023.
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Global oligonucleotide synthesis market worth $1,368.1 million in 2016
According to the study, the global oligonucleotide synthesis market is likely to grow from $1.3 billion in 2016 to $2.7 billion by 2023. Recent technological and other advances, leading to cost effective and rapid synthesis of oligomers, increased government funding and other initiatives, have been driving the global oligonucleotide synthesis market. The market is further expected to gain revenue from increased focus on personalized medicine, offering tailored medical treatment to individual characteristics, needs and preferences of patients and rising compliance for oligonucleotide synthesis in the emerging economies.
Insights on market segments
As per the findings of research, globally synthesized oligonucleotide is the largest product of oligonucleotide synthesis market, followed by reagents and equipment. Based on application, synthesized oligonucleotide finds largest application in research, followed by diagnostic and therapeutic.
North America stands as the largest oligonucleotide synthesis market
Geographically, North America has been the largest market for oligonucleotide synthesis market, with the U.S. being the largest contributor to the regional market. In Europe, the U.K. has been the largest region contributing to oligonucleotide synthesis market, followed by Germany and France.
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Technological advancements expected to have high impact on the oligonucleotide synthesis market
Technological advancements are the key growth drivers for this market, as oligonucleotide synthesis is technology dependent. The various technological advancements such as microchip-based oligonucleotide synthesis offer the potential to increase throughput and decrease cost of oligonucleotide synthesis. With the efficient nucleotide assembly method and enzymatic error correction, these technologies are bolstering the global oligonucleotide synthesis market.
Key players in the oligonucleotide synthesis market actively seeking acquisitions
The oligonucleotide synthesis market has witnessed number of mergers and acquisitions and strategic alliances recently. The companies are actively seeking acquisitions to broaden their portfolio of life sciences products. In 2015, Merck completed the acquisition of Sigma-Aldrich Co. LLC that manufactures biochemical, organic chemical products, kits and services. In December 2016, Ajinomoto Co. Inc. announced the acquisition of GeneDesign, Inc. to tap the growing demand of CDMOs for nucleic acid drugs in the Japanese market. In December 2015, Integrated DNA Technologies Inc. announced acquisition of the oligonucleotide synthesis business of AITbiotech Pte. Ltd., based in Singapore. The company aims to widen its customer base in the Southeast Asian market through this acquisition.
The major players including GE healthcare, Thermo Fisher Scientific Inc., Integrated DNA Technologies, Inc., Trilink Biotechnologies LLC, Eurogentec S.A., and Merck KGaA offer products across all the segments of the market. Some of the other key players in the market include LGC Biosearch Technologies, Inc., Bioautomation Corporation, Integrated DNA Technologies, Inc., GeneDesign, Inc., Trilink Biotechnologies LLC, Merck KGaA, Eurofins Scientific SE, Thermo Fisher Scientific Inc., General Electric Company and Eurogentec S.A.
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