(PharmaNewsWire.Com, May 21, 2020 ) The oligonucleotide synthesis 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 market looks like?
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%.
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. Apart from this, there are a few oligonucleotide-based drugs in Phase III and FDA review, and these drugs might be launched over the next five years which will positively impact this market.
The growth of the global market for oligonucleotide synthesis is primarily influenced by the following factors:
1. Increasing Use of Synthesized Oligos in Molecular Diagnostics and Clinical Applications 2. Investments and R&D Expenditure in Pharmaceutical and Biotechnology 3. Rise in Venture Capital Investments 5. Emerging Markets
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.
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