Oligonucleotide Synthesis Market | Growing at a CAGR of 13.7 to Reach $8.2 billion by 2024

(IT-NEWSWIRE.COM, March 13, 2020 ) 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% during the forecast period. 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.

North America accounted for the largest share of the oligonucleotide synthesis market majorly due to the availability of funds for research from various public- and private-sector organizations in the region and the focus of various prominent players on strengthening their presence in North America through product launches and strategic acquisitions and collaborations & agreements. Europe was the second-largest regional market for oligonucleotide synthesis in 2018.

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Applications of Oligonucleotide Synthesis Market:

1. Therapeutic Applications
2. Diagnostic Applications
3. Research Applications

The therapeutic applications segment, which is further segmented into RNAi oligonucleotide-based therapies, DNA & antisense oligonucleotide-based therapies, and CpG oligonucleotide-based therapies, is estimated to witness the highest growth during the forecast period.

This can primarily be attributed to the investments made by companies to explore the therapeutic applications of oligos. Also, from 2016 to 2018, more than five oligonucleotide-based therapies were approved by the FDA. In 2018, these oligonucleotide-based drugs generated a revenue of ~USD 2 billion. Apart from this, there are a couple of oligonucleotide-based drugs in Phase III and FDA review, and these drugs might be launched in the next five years and may positively impact this market.

Segmentation of Oligonucleotide Synthesis Market:

1. Product
2. Type
3. Application
4. End User
5. Region

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Key Market Players:

The prominent players operating in the oligonucleotide synthesis market include BioAutomation Corporation (US), LGC Biosearch Technologies (US), Eurogentec (Belgium), GeneDesign, Inc. (Japan), Sarepta Therapeutics (US), Thermo Fisher Scientific, Inc. (US), Agilent Technologies, Inc. (US), GenScript, Inc. (US), Integrated DNA Technologies (IDT, US), Nitto Denko Avecia, Inc. (US), TriLink BioTechnologies (US), Biogen International (US), ATDBio Ltd. (UK), Bio-Synthesis, Inc. (US), Eurofins Genomics (Germany), GE Healthcare (US)

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Oligonucleotide Synthesis Market | Growing at a CAGR of 13.7 to Reach $8.2 billion by 2024