Oligonucleotide Synthesis Market worth $14.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 9, 2021 /PRNewswire/ -- According to the new market research report "Oligonucleotide Synthesis Market by Product (Drug, Synthesized Oligos (Primer, Probe), Reagents), Type (Custom, Predesign), Application (Therapeutic (ASO, siRNA), Research (PCR), Diagnostic), End User (Hospital, Pharma, CROs) - Global Forecast to 2026", published by MarketsandMarkets™, the Oligonucleotide Synthesis Market is projected to reach USD 14.1 billion by 2026 from USD 6.3 billion in 2021, at a CAGR of 17.6% during the forecast period.
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The major factors driving the growth of this market include the increasing use of synthesized oligos in therapeutic applications, increasing government funding, and the growing focus on personalized medicine.
The hospital segment accounted for the largest share of the end user segment in the market in 2020.
Based on end users, the oligonucleotide synthesis market is categorized into hospitals, pharmaceutical & biotechnology companies, diagnostic laboratories, contract manufacturing organizations (CMOs) & contract research organizations (CROs), and academic & government institutes. In 2020, Hospitals accounted for the largest share of the market. Growth in this market is largely driven by the significant number of inpatient & outpatient visits in hospitals and the high requirement of oligonucleotide drugs to cater to the growing demand of patients suffering from rare diseases, neurological disorders, and infectious diseases.
The PCR sub segment accounted for the largest share of the research application segment in the oligonucleotide synthesis market in 2020.
Based on application, the market is segmented into therapeutic, research and diagnostic applications. The research application segment is further segmented into, PCR, sequencing and other research applications. In 2020, PCR sub segment accounted for the largest share of the research application segment in the market. PCR technologies such as qPCR are highly sensitive and cost-effective which drive the market growth for PCR. These PCR applications utilize sequence-specific primers, thus boosting the market for oligos (which are used as probes and primers) in the PCR market.
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The Asia Pacific region is the fastest growing region of the oligonucleotide synthesis market in 2020.
In 2020, the Asia Pacific region accounted for the fasted growing region of the market. Factors such as growing R&D funding, rising product availability, lower outsourcing costs, increasing research activities, increasing applications of oligos in molecular diagnostics & therapeutics, and the rising awareness of oligonucleotides are expected to drive market growth.
Some of the leading players operating in the oligonucleotide synthesis market are Danaher Corporation (US), Thermo Fisher Scientific, Inc. (US), Merck KGaA (Germany), LGC Limited (UK), Maravai Life Sciences (US), and Agilent Technologies, Inc. (US). The leading players in the oligonucleotide therapeutics market are Biogen Inc. (US) and Sarepta Therapeutics, Inc. (US).
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