Number of pages: 100 | Report Format: PDF | Published date: March 02, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global oligonucleotide synthesis market was valued at US$ 4.94 billion in 2022 and is expected to register a revenue CAGR of 12.4% to reach US$ 14.19 billion by 2031.
Oligonucleotide Synthesis Market Fundamentals
Oligonucleotides are single or double-stranded nucleic acid segments linked to form single-chain biological polymers. They can be synthesized enzymatically through the cleavage of larger biomolecules or chemically targeted synthesis. In the latter scenario, nucleoside phosphoramidites, a crucial monomeric component of oligonucleotides, are created through a chemical process known as organonucleotide synthesis. Nucleoside phosphoramidites themselves are derivatives of natural or synthetic nucleosides.
Oligonucleotide Synthesis Market Dynamics
The rising advancements in genomics sequencing, such as NGS technology, have helped to lower the overall price of sequencing, which is one of the major driving factors of the global oligonucleotide synthesis market. Moreover, the increased government initiatives to support genome sequencing projects and change the regulatory environment around genetic testing are also propelling global market growth. The demand for personalized gene sequences to determine the best treatment for patients has increased in the past few years. Similarly, there is an increase in the usage of oligonucleotides in therapies for different chronic diseases, including cancer, infection, and rare diseases, boosting the revenue growth of the global market. Additionally, a rise in the application of oligonucleotides in molecular diagnostics with fewer side effects of the oligonucleotide products increases the demand for oligonucleotide synthesis. Major companies are increasing their investment in research and development projects. Moreover, there has been an increase in the number of pipeline drugs. These factors are propelling revenue growth in the global oligonucleotide synthesis market.
However, the high cost of oligonucleotide synthesis is the major restriction of the global market. Moreover, a lack of skilled professionals and researchers in developing countries is hindering the development of the global market.
Oligonucleotide Synthesis Market Ecosystem
The global oligonucleotide synthesis market has been analyzed from four perspectives: product, application, end-user, and region.
Oligonucleotide Synthesis Market by Product
Based on the product, the global oligonucleotide synthesis market is segmented into oligonucleotides, equipment/synthesizer, reagents, and services.
The oligonucleotides segment dominates the global oligonucleotide synthesis market, with the largest revenue share in 2022. The oligonucleotides segment is further sub-segmented into product and nucleic acid types. The large revenue share of the oligonucleotides segment can be attributed to the rising application of oligonucleotides in research, disease diagnosis, and therapeutics. Moreover, oligonucleotides are used as primers in gene expression and disease processes, pivotal in segment growth. The increase in research and development in molecular biology and synthetic biology, where oligonucleotides are vastly used, is fueling the demand for oligonucleotides. The rising usage of oligonucleotides in genetic testing for forensic research is also anticipated to propel segment revenue growth during the forecast period.
Oligonucleotide Synthesis Market by Application
Based on the application, the global oligonucleotide synthesis market is segmented into PCR assays and panels, sequencing, PCR primers, DNA microarrays, fluorescence in situ hybridization (FISH), antisense oligonucleotides, and other applications.
The PCR primers segment accounted for the largest revenue share of the global oligonucleotide synthesis market in 2022. The dominating revenue share of the PCR primers segment can largely be attributed to the increased application of PCR in drug development. Oligonucleotides are the most commonly used primer in a PCR. Moreover, the research on gene expression and disease processes has been transformed by using oligonucleotides as primers, which propel segment revenue growth. In molecular biology, PCR is employed to help researchers clone and sequence genes to find mutations, increasing the demand for PCR primers. The rise in the research on oligonucleotide-based therapeutics, including antisense therapeutics, DNA vaccines, and anti-viral agents, is boosting segment revenue growth.
Oligonucleotide Synthesis Market by End-user
Based on the end-user, the global oligonucleotide synthesis market is segmented into pharmaceutical biotechnology companies, academic research institutes, and diagnostic laboratories.
The pharmaceutical-biotechnology companies segment led the global oligonucleotide synthesis market with the largest market revenue share in 2022. The pharma and biotech companies are focusing on developing novel drugs; thus, there is a rise in the utilization of oligonucleotides. Moreover, oligonucleotides provide an efficient drug administration route and effective treatment mode, boosting market growth. Additionally, the usage of oligonucleotides is reducing the overall price of the drug development procedure, increasing the demand for oligonucleotides in the pharma and biotech sectors.
Oligonucleotide Synthesis Market by Region
Based on region, the global oligonucleotide synthesis market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominated the global oligonucleotide synthesis market in 2022, followed by Europe. Asia Pacific is the fastest-growing regional market. The rise in the overall expenditure for regional research and development is boosting market growth. The presence of the top manufacturers and research institutes also propels the Asia Pacific market growth. Additionally, the rise in the initiatives by government organizations in the region to promote R&D for the treatment of genetic diseases is also anticipated to fuel regional growth.
The demand for oligonucleotide synthesis in Asia is high due to the increasing number of research and development activities in the pharmaceutical and biotechnology industries. Oligonucleotide synthesis is used to develop new drugs, diagnostics, and therapeutics. The growing demand for personalized medicine and gene therapy is also driving the growth of the market. In addition, the increasing prevalence of diseases, such as cancer, cardiovascular diseases, and neurological disorders, is also driving the demand for oligonucleotide synthesis in the Asia Pacific market. The increasing number of clinical trials for oligonucleotide synthesis also drives the demand for the process in the region. The increasing number of collaborations between key players also drives the demand for oligonucleotide synthesis in Asia Pacific. For instance, in 2020, Bio-Synthesis Inc. and DNA2.0 Inc. announced a collaboration to develop a new platform for oligonucleotide synthesis. The collaboration is expected to reduce the cost of oligonucleotide synthesis. Furthermore, the increasing investment in the healthcare sector also drives the demand for oligonucleotide synthesis in the region.
Governments in the Asia Pacific region are investing heavily in the healthcare sector to improve the quality of healthcare services. This is expected to create opportunities for developing new drugs and diagnostics, which is expected to drive the demand for oligonucleotide synthesis. In addition, the increasing number of mergers and acquisitions between key players is driving market development. For instance, in 2020, Eurofins Genomics acquired ATDBio Ltd. The acquisition was expected to strengthen Eurofins Genomics’ position in the oligonucleotide synthesis market. The increasing awareness about the applications of oligonucleotide synthesis is also driving the demand for the process in the region. For instance, oligonucleotide synthesis is used in the development of vaccines for the treatment of various diseases. This is expected to create opportunities for developing new vaccines, which in turn is expected to drive the demand for oligonucleotide synthesis in the region. The increasing demand for oligonucleotide synthesis in the Asia Pacific region is expected to create lucrative opportunities for the market. Key players in the market are focusing on developing innovative solutions for oligonucleotide synthesis. This is expected to fuel the growth of the market in the region.
Oligonucleotide Synthesis Market Competitive Landscape
The prominent players operating in the oligonucleotide synthesis market are:
Oligonucleotide Synthesis Market Strategic Developments
The global oligonucleotide synthesis market is estimated to reach US$ 14.19 billion by 2031.
Thermo Fisher Scientific Inc., Merck KGaA, GE Healthcare, Agilent Technologies, and Eurofins Scientific SE are among the top market players.
Oligonucleotides, or oligos, are single or double-stranded nucleic acid segments linked together to form single-chain biological polymers. Oligonucleotides can be synthesized enzymatically through the cleavage of larger biomolecules or chemically targeted synthesis.
The oligonucleotides segment dominates the global market with the largest revenue share of the global market.
Major market players are collaborating to develop novel products related to oligonucleotides.
*Insights on financial performance are subject to the availability of information in the public domain