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Oligonucleotide Synthesis Market Forecast Size will Observe Substantial Growth by 2027
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The oligonucleotide synthesis market size is estimated to reach US$ 3,971.72 million by 2027 from US$ 1,584.16 million in 2018; it is estimated to grow at a CAGR of 11.1% during 2019–2027.
The report highlights trends prevailing in the market and factors driving its growth. The oligonucleotide synthesis market trends are attributed to the rising applications of synthesized oligonucleotides, increasing investments for synthetic biology, and technological advancements in genome editing tools However, the growth of the market is restrained by factors such as renewed regulations for biotechnology.
North America held the largest share of the oligonucleotide synthesis market, with the US holding the largest market share, followed by Canada. The growth in North American oligonucleotide synthesis market is characterized by the presence of many biotechnology and pharmaceutical companies across the region, increasing focus of market players in the regional market, and rising prevalence of cancer in the region. Moreover, the US market is expected to witness growth opportunities owing to factors such as various government support initiatives for research and development. In addition, growth in the pharmaceutical & biopharmaceutical sector in the country is expected to support the market.
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The increasing investments and rising funds dedicated to the manufacturing companies as well as academic and research institutes for the development of gene synthesis-based end products such as precision medicine and other therapeutics is one of the major driving factors. In 2016, according to an annual industry growth update published by SynBioBeta, a leading community of investors, entrepreneurs, and others, more than US$ 1 billion was invested in synthetic biology by various companies in the US and worldwide. According to the National Center for Biotechnology Information (NCBI), the US government offers approximately US$ 220 million every year toward synthetic biology research and development. Moreover, Defense Advanced Research Projects Agency (DARPA) offers funds for research in synthetic biology funding. For instance, DARPA invested nearly US$ 110 million in synthetic biology in 2014.
The US also has a large base of market players operating in the market. The companies also have been involved in various inorganic strategies to offer better products and develop their customer base. For instance, in April 2016, Microsoft Corp purchased 10 million long oligonucleotides from Twist Bioscience, a company accelerating science and innovation through rapid, high-quality DNA synthesis to encode digital data. This strategy would be helpful to increase the durability and the density of data storage during the future years.
Thus, owing to the above-mentioned factors, the oligonucleotide synthesis market is expected to witness growth opportunities in North America. In the recent past, QIAGEN launched its novel therascreen FGFR RGQ RT-PCR Kit in the US as a companion diagnostic for Janssen Biotech’s Balversa (erdafitinib). Janssen is a Johnson & Johnson company. In 2018, QIAGEN’s NGS sales were $140 million, projected to hit $190 million this year.
Oligonucleotide Synthesis Market: Competitive Landscape and Key Developments
Thermo Fisher Scientific Inc; GenScript; Synthomics, Inc; Ansa Biotechnologies, Inc; Iridia, Inc; Helixworks; Keasling Lab; Molecular Assemblies; Twist Bioscience; Evonetix; DNA Script; Nuclera Nucleics Ltd; Camena Bio are among the leading companies in the market. The oligonucleotide synthesis market share is anticipated to flourish with the development of new innovative products by market players.
Oligonucleotide Synthesis Market Forecast to 2027 – Global Analysis – by Product (Synthesized Oligonucleotides, Reagents, and Equipment), Application (Research, Diagnostics, and Therapeutics), and End User (Academic Research Institutes, Pharmaceutical & Biotechnology Companies, Diagnostic Laboratories, and Other End Users)
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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Contact Person: Sameer Joshi
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