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(Medical-NewsWire.com, December 11, 2019 ) What is the future growth analysis of global Oligonucleotide Synthesis Market?
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%
What are key factors driving growth of global 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.
What the growth opportunities are in Oligonucleotide Synthesis Market?
1. Untapped Emerging Markets
2. Increasing Use of Synthesized Oligos in Molecular Diagnostics
3. Rise in Venture Capital Investments
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Global Market Segmentation:
In the current market scenario, there is a growing demand for Oligonucleotide Synthesis. The market has been categorized based on the product, type, application, and region.
The synthesized oligos market, by product, is segmented into oligonucleotide-based drugs, primers, probes, large-scale synthesized oligos, intermediate-scale synthesized oligos, and linkers and adaptors. Of these, oligonucleotide-based accounted for over 50% of the synthesized oligos market share in 2018. This segment is also estimated to grow at the highest CAGR during the forecast period due to the increasing demand for oligonucleotide-based drugs and the influx of new customers in the oligo drug development arena.
Based on end user, the oligonucleotide synthesis market is segmented into academic research institutes, diagnostic laboratories, pharmaceutical & biotechnology companies, and hospitals. Hospitals contributed to the highest revenue generated among these segments within the market in 2018. The significant number of inpatient and outpatient visits in hospitals coupled with the high requirement of oligonucleotide drugs to cater to the demand from the vast patient pool suffering from diseases such as Duchenne muscular dystrophy, spinal muscular atrophy, and hepatic veno-occlusive disease, is driving the market growth in the segment.
Geographic Growth Analysis:
The global oligonucleotide synthesis industry is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2018, North America was the largest market for share, followed by Europe. Moreover, North America is estimated to register the highest CAGR during the forecast period primarily due to the increasing R&D activities and the growing number of oligonucleotide-based drugs/therapies being approved by the FDA.
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Key Players In Global Oligonucleotide Synthesis Market:
The prominent players operating in oligonucleotide synthesis market include Agilent Technologies, Inc. (US), ATDBio Ltd. (UK), Bio-Synthesis, Inc. (US), BioAutomation Corporation (US), LGC Biosearch Technologies (US), Biogen International (US), Sarepta Therapeutics (US), Eurofins Genomics (Germany), Eurogentec (Belgium), GeneDesign, Inc. (Japan), GE Healthcare (US), GenScript, Inc. (US), Integrated DNA Technologies (IDT, US), Nitto Denko Avecia, Inc. (US), Sarepta Therapeutics (US), Thermo Fisher Scientific, Inc. (US), TriLink BioTechnologies (US), and Sigma-Aldrich Corporation (US) (a part of Merck KGAA).
Sigma-Aldrich Corporation (US) was one of the leading players in the oligonucleotide synthesis market in 2018. The company is innovation-centric and focuses on R&D to develop and introduce new enhanced products in the market. It is a leading supplier of custom DNA and RNA oligonucleotides for the life sciences research community in North America. Thermo Fisher Scientific is another leading player in the market. The company’s strong brand recognition and extensive product portfolio in this market are its key strengths. To maintain its leading position in the market, the company adopts organic as well as inorganic growth strategies such as expansions and acquisitions.
Mr. Shelly Singh