Published: February 2017
Report Code: LS10302
Category : Biotechnology
Oligonucleotide synthesis refers to the chemical synthesis of short fragments of single stranded deoxyribonucleic acid (DNA) and ribonucleic acid (RNA). These short fragments of single stranded DNA or RNA are called oligomers, which are characterized by sequence of nucleotides residues. These nucleotide residues make up entire oligomers or short DNA or RNA molecule. The global oligonucleotide synthesis market is segmented on the basis of product, application and end user.
The global market on the basis of product is further segmented into synthesized oligonucleotides, reagents and equipment. Synthesized oligonucleotide is the largest segment of the global oligonucleotide synthesis market.
The global market on the basis of application is further segmented into research, diagnostic and therapeutic, with research being the largest application of the market.
The global market on the basis of end user is further segmented into academic research institutes, diagnostic laboratories, pharmaceutical and biotechnology companies and others.
The global oligonucleotide synthesis market is expected to witness a CAGR of 10.5% during the forecast period, to reach $2,744.5 million by 2023. Recent technological advancements in oligonucleotide synthesis and increasing support from government organizations are the key drivers of the global oligonucleotide synthesis market. The market is faced by challenges such as stringent regulations and lack of techniques for large scale synthesis of oligonucleotide. Growing focus on personalized medicine will create enormous revenue generation opportunities for the manufacturers in this market.
The revenue of global market is expected to be positively impacted by growing focus on personalized medicine. Personalized medicine offers tailored medical treatment to individual characteristics, needs and preferences of patients. Oligonucleotide synthesis helps in offering personalized solutions to ill patients. With the advancement in oligonucleotide synthesis, patients can be treated and diagnosed more precisely and effectively, meeting their individual needs.
The increasing compliance for oligonucleotide synthesis in the emerging economies is expected to provide huge growth potential for the market during the forecast years. Countries, such as China and India, have a huge market potential, as the healthcare industry is witnessing significant growth in these countries. Moreover, manufacturing of oligonucleotide synthesis products in the developing regions tends to decrease the overall cost of manufacturing, thus, reducing the cost of the product without altering its quality. High research and development cost and increasing pressure from payers and providers for reducing healthcare cost are leading to shift of interest from developed regions to developing economies for exploration of new ways of drug discovery and development.
Technological advancements have led to the development of oligonucleotide synthesis products. The synthesis of oligonucleotides has gone under tremendous advancements, which leads to cost-effective and rapid synthesis of oligomers. Improvement in synthesis techniques such as development of high throughput synthesizers, new sets of protecting amino groups and better coupling reagents has revolutionized the chemistry for oligonucleotide synthesis. Along with efficient nucleotide assembly method and enzymatic error correction, these technologies are bolstering the global oligonucleotide synthesis market.
Increasing participation of public and private research entities in synthetic biology research activities poses a positive impact on the growth of the global synthetic biology market. The increasing number of public and private entities involved in synthetic biology research has fueled the demand for oligonucleotide synthesis technologies and related equipment. Another key driver for this market is the increasing burden of cancer and infectious diseases.
Some of the key players in the global 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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