(PharmaNewsWire.Com, December 12, 2020 ) 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.
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.
Based on end user, the 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.
Geographical Region Covered in oligonucleotide synthesis industry
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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